¶ 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
FastBTC is a centralized, custodial method for exchanging BTC for RBTC. The user will, for what is usually a short period of time, need to trust the FastBTC operator to accept the user's BTC and exchange it for RBTC. The exchange should complete within one Bitcoin block after the user's BTC deposit transaction has been confirmed.
To simplify the conversion of BTC to RBTC, we have implemented the Fast BTC Relay to provide a hassle-free conversion 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.
¶ 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 PowPeg contract to mint RBTC.
- Burning RBTC and unlocking BTC held in the PowPeg contract.
In contrast, FastBTC is merely a centralized method for exchanging BTC for RBTC that has already been created using the PowPeg.
¶ 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
These 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 are going to send multiple FastBTC transactions, make sure to wait a good length of time (half an hour) between them to ensure there is no possibility that the transactions are included in the same block.
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.
¶ FastBTC Directly Within Liquality Wallet
¶ FastBTC Using MetaMask
¶ Purchase RBTC using the SOVRYN FastBTC Relay
The following procedure provides a step-by-step guide for exchanging your BTC, stored on an exchange or hardware wallet, for the RSK-base RBTC equivalent.
¶ 1. Access the SOVRYN dApp
- Go to https://live.sovryn.app to access the dApp.
¶ 2. Engage your wallet
- On the top-right of the screen, engage your wallet by clicking the Engage Wallet button.
- Be sure your wallet is switched to the RSK mainnet.
If you have not already set up your wallet to engage with the SOVRYN dApp, visit the Wallet Setup Guide section before proceeding further.
¶ 3. Navigate to the Portfolio page
- Using the top-bar main navigation menu of the main Sovryn app page, select the Portfolio tab, or proceed with this link.
The Portfolio page is displayed. Look for the BTC dedicated row decorated with the BTC logo.
¶ 4. Click the FastBTC button next to the BTC asset count.
¶ 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 convert 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.
¶ 5. After a short wait, the deposited BTC will be exchanged for RBTC and transferred to your connected wallet on the RSK Mainnet.
¶ 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, 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.