By integrating Flyover, users can now transfer BTC to RBTC as close to native as possible, and as fast as 20 minutes instead of 17 hours.
At the beginning of 2024, core contributors to the Rootstock ecosystem proposed a roadmap that aims to make Rootstock and Bitcoin accessible to everyone.
The most recent development in this initiative is the introduction of Fast Mode, which makes getting RBTC via the native PowPeg easier, 98% faster, and more user-friendly.
In this article, we’re exploring how the integration of the Flyover into the PowPeg is making all of this possible
The challenge of the PowPeg
RBTC is the native token in the Rootstock ecosystem. It is pegged 1:1 to BTC, and is used to pay for transaction fees, execute smart contracts, and interact with dApps within the Rootstock ecosystem.
Accessing RBTC traditionally involved converting BTC through a process known as PowPeg, where users would lock their BTC on the Bitcoin blockchain and receive an equivalent amount of RBTC on the Rootstock chain.
Converting BTC to RBTC via the PowPeg, although efficient and completely decentralized, is slow, requiring 100 Bitcoin block confirmations (~17 hours), and can be quite complex for Web3 beginners.
The Fast Mode: Integrating Flyover
Flyover is a decentralized protocol that aims to address the challenges of the current native PowPeg.
Flyover works by introducing a trustless intermediary (liquidity provider) to the PowPeg protocol that advances the funds to the user — eliminating the current wait time. This is done using a smart contract, the Liquidity Bridge Contract (LBC), that is built into the Flyover protocol.
Key Features of Flyover
- Faster Transfers: Flyover significantly reduces the number of Bitcoin confirmations needed to move BTC to RBTC, down to 2 Bitcoin confirmation bocks (~20 mins), compared to the pure native method which is 100 Bitcoin block confirmations (~17 hours). This is accomplished by utilizing trust-minimized liquidity providers who facilitate quicker transactions by setting the number of confirmations required to complete a transaction.
- User-Friendly Experience: By simplifying the conversion process, Flyover makes it easier for users to get RBTC without needing to understand the technical intricacies of cross-chain transfers.
- High Security: Flyover maintains the high-security standards of the Bitcoin and Rootstock networks while introducing mechanisms to ensure that users’ funds are protected throughout the transfer process using the security guarantees of the PowPeg. LPs never have access to user’s funds.
- Scalability: As the Rootstock ecosystem expands, Flyover is designed to scale further by integrating multiple liquidity providers and dApps/wallets. This not only enhances its capacity to meet the growing demand for RBTC access but also adds redundancy, ensuring that efficiency and security remain uncompromised.
The introduction of Flyover in the PowPeg app as a ‘Fast Mode’ marks a significant milestone in making Rootstock more accessible to a broader audience.
Getting RBTC: Native Mode vs. Fast Mode
1 Based on the number of Bitcoin block confirmations configured by the LP (currently set at 2 Bitcoin block confirmations for amounts <= 0.1 BTC). Bitcoin blocks can take longer to confirm.
2 Based on the number of Rootstock block confirmations configured by the LP (currently set at 10 Rootstock confirmations for amounts <= 0.1 RBTC) + 1 Bitcoin block confirmation.
3 An LP can set their own fees. The initial LP In the PowPeg app has set its provider fee at 0.0001 RBTC so that the LP covers network fees when receiving and rebalancing funds from PowPeg.
4 There is no technical limit for transfers. It depends on the available liquidity and limitations set by the LP. The initial LP in the PowPeg app, has set the max transfer limits to 0.1 BTC/RBTC.
Recommended reading
Getting RBTC is the first step to dipping your toes in the Rootstock ecosystem, with a lot more to do once you’re there. So we believe you’ll find these resources important:
- Looking for alternative ways to get RBTC? There are numerous ways to get it, read this comprehensive article.
- Is your current wallet compatible with Rootstock? Explore this comprehensive list of Rootstock wallets.
- Dig deeper into the technical aspects and benefits of Flyover in this product overview.
Legal Disclaimer
This article is for general information purposes only. It does not constitute legal, financial, or other professional advice, and should not be relied upon as such. RootstockLabs accepts no responsibility for any loss or damage that may arise from reliance on information contained in this publication. Readers should do their own research or seek independent professional advice before making any decision based on the information contained in this publication.
