The burning sequence in BTC Proxy is given below:
The user connects their ETH wallet to the web3.js interface at btcpx.io.
The user confirms their receiving Bitcoin wallet address to map this address to their ETH wallet address for this transaction.
The user confirms how much BTCpx is to be redeemed.
The smart contract locks up the BTCpx tokens and burns them.
Proxy Relay verifies the transaction on-chain.
The custodian moves BTC from the custody wallet to the confirmed BTC wallet address of the user.