¶ What is FastBTC?
To simplify the bi-directional exchange between BTC and RBTC, Sovryn has developed FastBTC. FastBTC 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. FastBTC is a federated swap protocol. There is a very brief moment where the user entrusts the FastBTC federation to receive the user's funds (BTC or RBTC) and exchange it. The exchange is facilitated quickly.
¶ FastBTC Times
FastBTC in requires one BTC block (avg 10 minutes) to begin the process. Once that happens, 1 RSK block is required for an initiating transaction and then 2 more RSK blocks for confirmation, for a maximum of 3 RSK blocks (average 1.5 minutes).
FastBTC out requires roughly 12.5 minutes (25 blocks on the RSK network) to complete the exchange on the RSK side. 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.
Once this transaction is finished, a transfer must take place on the Bitcoin blockchain. Occasionally, if the mainchain traffic is congested, this can take a few hours.
¶ 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:
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The limits are PER TRANSACTION. Users who wish to transfer 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 for RBTC to BTC conversions:
P2PKH, P2SH, P2WPKH, P2WSH*
*FastBTC supports all bitcoin addresses with the exception of P2TR addresses
¶ FastBTC video tutorial
¶ 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.
¶ Receive 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
*Verify that you are connected to the RSK mainnet.
4.) Click your wallet address field with the dropdown arrow and select Portfolio
5.) Within the portfolio page, locate the RBTC asset, then click Receive
6.) Within the Deposit (Receive) 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 deposited BTC will be converted to RBTC by FastBTC 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.
¶ Send RBTC to 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
*Verify that you are connected to the RSK mainnet.
4.) Click your wallet address field with the dropdown arrow and select Portfolio
5.) Within the portfolio page, locate the RBTC asset, then click Send
6.) Within the Withdraw (Send) 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 send to a BTC address 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 supported BTC address formats. FastBTC supports all bitcoin address formats with the exception of P2TR addresses.
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
The RSK PowPeg process is much slower than FastBTC, taking about 17 hours to peg-in and 34 hours to peg-out. However it is the most secure and low-cost way to convert between BTC and RBTC. RSK has provided a convenient PowPeg app for this purpose. However, it currently only handles peg-in and only on Chrome and Brave desktop browsers using a Ledger or Trezor wallet. Peg-out can be done using any bitcoin wallet that accepts direct private key imports (e.g. Electrum). View the step-by-step guide: RBTC to BTC Conversion (Peg-Out) - Liquality Atomic Swap
- Move BTC to/from RBTC using the Lightning Network with Marduk.Exchange. Fees are 2%, and the maximum amount is limited.
- Use KuCoin or Bitfinex to trade BTC/RBTC from your wallet.
- Swap RBTC for ETH, XUSD, or BNB and withdraw cross-chain. (XUSD can be withdrawn as USDT.)
¶ Difference between PowPeg and FastBTC
The "peg-in" and "peg-out" are terms that refer to :
- Lock ("peg-in") BTC in the RSK PowPeg contract to mint RBTC.
- Burning RBTC to unlock ("peg-out") BTC which is held in the PowPeg contract.
In contrast, FastBTC is a method for quickly converting to BTC/RBTC that is held by the FastBTC federation, not 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.