Two-way FastBTC is live 🤩

Brought to you by Baas

February 1, 2022

We’re super excited to announce that two-way FastBTC is officially live on Sovryn!

Until now, users have been able to use FastBTC to swap-in, or exchange BTC for RBTC, in an efficient manner. However, the existing process of exchanging RBTC for BTC has been time-consuming and somewhat complex. The processing time could previously take up to 24 hours due to the large number of block confirmations required to use the RSK Powpeg.

Don’t blink or you’ll miss it

FastBTC now allows you to convert your BTC to RBTC, and RBTC to BTC, in a matter of minutes. When you use FastBTC, only one block confirmation is required when processing your request.

As you’re probably aware, Sovryn is built on the Rootstock (RSK) protocol. This means that you’ll need to use RBTC, the native token of RSK, to pay mining fees when using Sovryn.

To make the conversion of BTC to and from RBTC as frictionless as possible, FastBTC has been implemented directly in the Sovryn dapp.

Currently, the conversion fees for using FastBTC are 5000 sats plus 0.2% per transaction.

How to convert RBTC to BTC

  • Go to the Portfolio in Sovryn, click the Withdraw button and enter the amount of RBTC you want to withdraw to BTC
  • Specify the BTC address where you would like to receive your BTC, then click Review Withdraw and Confirm to send your RBTC to the FastBTC smart contract
  • The FastBTC nodes will listen for events on the FastBTC smart contract and see your incoming withdrawal request
  • The FastBTC nodes will create a transaction on the FastBTC bitcoin multisig and trigger a withdrawal of BTC to be sent to your specified BTC address (minus the conversion fee)

We know plenty of you have been eagerly awaiting this update and, as always, we’d love to hear your feedback.

So, head on over to the Sovryn app to get going!

That’s all for now.

Stay Sovryn folks! :)

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