¶ What is the SOVRYN FastBTC Relay?
To simplify the bi-directional exchange between BTC and RBTC, Sovryn has developed the Fast BTC Relay. The FastBTC Relay is designed to provide quick and simple BTC/RBTC conversions directly within the SOVRYN dapp.
FastBTC allows the bi-directional exchange between BTC and RBTC. The FastBTC Relay is not fully decentralized. There is a very brief custodial process where the user entrusts the FastBTC operator to receive the user's BTC and exchange it for RBTC. The exchange is facilitated quickly.
Once the BTC deposit transaction has been confirmed, it takes roughly 12.5 minutes (25 blocks on the RSK network) to complete the exchange. The exchange process on RSK is comprised of the following:
- 10 RSK blocks for confirmation.
- A waiting period of 5 RSK blocks for batching.
- 10 RSK block period for Sovryn smart contract state update.
25 RSK blocks equals approximately 12.5 minutes on RSK, or roughly the time of a single Bitcoin block.
¶ FastBTC Fees & Limits
Currently, the fees associated with using the FastBTC Relay are 5000 sats + 0.2% per transaction. Additionally, FastBTC transactions have the following limits:
| Deposit | Withdraw |
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The limits are PER TRANSACTION. Users who wish to deposit more than the maximum limit may add more BTC by sending the max limit multiple times over multiple transactions. If you plan to send multiple FastBTC transactions, it is highly advisable to wait a period of time (half an hour) between transactions. This assures transactions are processed in different blocks.
¶ Supported BTC address formats:
P2PKH, P2SH, P2WPKH, P2WSH
*FastBTC supports all bitcoin addresses with the exception of P2TR addresses
¶ Bi-Directional FastBTC Video Tutorial
¶ Bi-Directional FastBTC Step-By-Step Guide:
Before Proceeding: A web3 wallet is required to connect to the SOVRYN dapp. Visit the Wallet Setup Guide for setup and configuration instructions.
¶ Deposit - Exchange BTC for RBTC
1.) Go to https://live.sovryn.app to access the dapp.
2.) Connect your wallet
3.) On the top-right of the screen, click Connect Wallet (A)
*Verify that you are connected to the RSK mainnet.
4.) Select Portfolio (B) in the navbar
5.) Within the portfolio page, locate the RBTC asset, then click Deposit
6.) Within the Deposit screen, be sure to read the instructions and verify your deposit is within the minimum and maximum limits, then click Generate deposit Address (see image below)
7.) A modal will display a uniquely generated BTC deposit address. This is the address where you send your BTC. The FastBTC Relay will send the converted BTC as RBTC (at a 1:1 ratio). The deposited BTC will be exchanged for RBTC and transferred to your connected wallet on the RSK network.
NOTE: The current fees will be displayed in your wallet while initiating a FastBTC transaction. Be sure to verify your transaction amount is within the minimum and maximum limits.
¶ Withdraw - Exchange RBTC for BTC
1.) Go to https://live.sovryn.app to access the dapp.
2.) Connect your wallet
3.) On the top-right of the screen, click Connect Wallet (see ‘A’ in image below)
*Verify that you are connected to the RSK mainnet.
4.) Select Portfolio (B) in the navbar
5.) Within the portfolio page, locate the RBTC asset, then click Withdraw
6.) Within the Withdraw screen, read the instructions carefully and verify your withdrawal is within the minimum and maximum limits, then click Continue (see image below).
7.) Enter the amount of RBTC you wish to convert and withdraw from your available balance. Verify the details then click Continue.
8.) You will be presented with the BTC Network Withdraw Address modal. Enter the BTC address where you wish to receive the BTC, then click Review Withdraw.
Be sure the receiving BTC address is one of the allowed BTC address formats: P2PKH/Legacy or Bech32 (segwit)
9.) After reviewing the details, Confirm the transaction.
The current fees will be displayed in your wallet while initiating a FastBTC transaction. Be sure to verify your transaction amount is within the minimum and maximum limits.
¶ Alternate Conversion Methods:
There are several other methods for converting between BTC and RBTC:
- RSK 2-way-peg protocol (trustless peg-out) View the step-by-step guide: RBTC to BTC Conversion (Peg-Out)
The RSK peg-out process is not as fast as the peg-in. RSK has provided a more convenient PowPeg app for this purpose. However, it currently only handles peg-in and only on Chrome desktop using a Ledger or Trezor wallet. - Liquality Atomic Swap
- Using KuCoin or Bitfinex to trade RBTC from your wallet.
- Or you can swap RBTC for ETH, XUSD, or BNB and withdraw cross-chain. (XUSD can be withdrawn as USDT.)
¶ Difference between pegged BTC and BTC-RBTC exchange using FastBTC
The "peg-in" and "peg-out" are terms that refer to :
- Locking BTC in the RSK PowPeg contract to mint RBTC.
- Burning RBTC to unlock BTC which is held in the PowPeg contract.
In contrast, FastBTC is a method for exchanging BTC for RBTC that has already been minted using the PowPeg.
¶ FastBTC Directly Within Liquality Wallet
¶ Disclaimer
DISCLAIMER: Nothing on this page should be taken as investment advice. The inclusion of a third-party app or service does not constitute an endorsement of the app or service by Sovryn developers or anyone else in the Sovryn community and is provided for informational purposes only. If you have any problems with the listed third-party apps or services, don't hesitate to get in touch with the maintainer of that app or service for help. Sovryn does not control your funds in any supported Web3 wallet -- you are responsible for your own wallet security. Please do your own research and ensure you understand and accept the risks before trading or using any apps or services to store your funds.