Liquid / LBTC / Relationship map
Token keys and the Bitcoin exit are different controls.
Documented peg-out mechanism · not a statement that Liquid or any conversion service is operating now.
Start here
01 / Holder
LBTC wallet
Keys control Liquid outputs.
Member peg-out process
02 / Dependency
Member & federation
Authorized peg-out and Bitcoin signing.
Federation release
03 / Outcome
Bitcoin destination
BTC sent to the authorized address, if processed.
Read in order. A dashed box marks a dependency, not a risk score. Arrows explain a relationship; they are not live transfers.
An LBTC key does not sign for the federation’s Bitcoin wallet.
- 01 / Asset or claim
- LBTC on Liquid, distinct from BTC on Bitcoin.
- 02 / Who signs?
- The holder signs for their Liquid output. Federation functionaries sign the Bitcoin peg-out.
- 03 / Exit route
- A federation member initiates a peg-out to an authorized address. Non-members may use conversion services or swaps; those are separate paths.
- 04 / What must cooperate?
- Liquid processing, member authorization and federation signing for this route. Other routes depend on their own counterparties and liquidity.
- 05 / What this map cannot establish
- Service availability, current signer configuration, reserves, liabilities and incident resolution are not verified here. This is not a backing audit.