¶ Get rBTC directly within the dApp
Sovryn provides the following quick, easy, and convenient methods for acquiring rBTC directly within the dApp.
- FastBTC Relay: A native method for configuring your existing BTC for use on the Sovryn platform
- Fiat Deposit: Make a fiat deposit and receive rBTC directly in your wallet
¶ What is the SOVRYN FastBTC Relay
The SOVRYN platform operates on the RSK Network, and utilizes rBTC for transactions, which is ultimately derived from Bitcoin. As such, obtaining rBTC it requires a peg to BTC.
To simplify the peg of BTC to rBTC, we have implemented the Fast BTC Relay to provide a hassle-free peg method directly in the SOVRYN dApp.
To use the FastBTC Relay and convert your BTC to rBTC, watch the video below or use this step-by-step process.
¶ FastBTC Fees & Limits
Currently the fees associated with using the FastBTC Relay are 5000 sats + 0.2% per transaction. Additionally, transactions have the following limits:
- MIN Transaction: 0.0004 BTC
- MAX Transaction: 1.00 BTC
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. See the “Top Up FastBTC” image below.
¶ How to use the SOVRYN Fast BTC Relay
To use the FastBTC Relay, you need to engage your Web3 wallet with the RSK Network. (Check out The Wallet Setup Guide for instructions of how to do this)
¶ BTC to rBTC
Use the FastBTC Relay to configure your existing Bitcoin from any exchange or wallet.
¶ 1. Go to the SOVRYN dApp.
¶ 2. Engage your Web3 wallet (be sure to have the RSK Mainnet selected)
¶ 3. Go to the “MY WALLET” tab and select “FastBTC” next to the BTC asset count.
¶ 4. Chose the option Get rBTC with BTC
¶ 5. Click on Generate deposit address
- This will generate a personal Bitcoin deposit address - to transfer BTC to the RSK Network and ultimately to your connected wallet.
- This will peg your BTC to rBTC at a 1:1 ratio.
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.
See the “Top Up FastBTC” image below.
¶ 6. After a short wait, the deposited BTC will be pegged to rBTC and transferred to your connected wallet on the RSK Mainnet.
¶ Fiat to rBTC
Use your credit card to purchase rBTC quickly and hassle-free via the Sovryn platform.
NOTE: Before proceeding, verify that your country is supported by the Transak credit-card payment service.
¶ 1. Go to the SOVRYN dApp.
¶ 2. Engage your Web3 wallet (be sure to have the RSK Mainnet selected)
¶ 3. Go to the “MY WALLET” tab and select “FastBTC” next to the BTC asset count.
¶ 4. Chose the option Get rBTC with fiat
- This will generate your personal Bitcoin deposit address, which is where your purchased BTC will be deposited to.
NOTE: Do not send anything other than BTC to this address. - From this address, your purchased BTC will be pegged through the RSK Network and ultimately land in your connected wallet in form of rBTC.
- Your purchased BTC to rBTC will be pegged at a ratio of 1:1
NOTE: Be sure to verify your transaction amount is within the minimum and maximum limits not only on our platform but also on the 0.005 BTC maximum limit of the Transak service. Save the personalized BTC Address provided on this message window aswell as your connected wallet address, in case of further complications.
¶ 5. Approve & Confirm your card-transaction
You will be prompted to set your payment parameters in a new popup window:
- Enter the fiat amount you want to convert to BTC (which will ultimately arrive in your wallet as rBTC)
- Select your fiat currency and payment method
- Check the fees and the BTC/fiat rate
- Verify the estimated amount of BTC (ultimately to rBTC) with the possible slippage percent
- Once you have verified the parameters, click Buy Now.
After the processing time (estimated time 1-2 days) your purchased Bitcoin will be deposited on the Sovryn platform in the form of rBTC and transferred to your connected wallet on the RSK Mainnet.
¶ Disclaimer
DISCLAIMER: Nothing on this page should be taken as investment advice. 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, please contact the maintainer of that app or service for help. Sovryn does not have any control of 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.