Bridging BTC in and out of Rootstock using the PowPeg App means converting between BTC and rBTC, a 1:1 representation of Bitcoin on the Rootstock network that enables you to pay gas in the network and interact with DeFi applications with your Bitcoin.
This article answers some of the frequently asked questions about using the PowPeg app to move your BTC. Let’s get started:
1. What is the PowPeg
The PowPeg (Proof-of-work Peg) is Rootstock’s native bridge to Bitcoin that lets you convert BTC into rBTC (and back) in a secure and decentralized way. The PowPeg’s security is unmatched, employing a Defense-in-Depth approach that combines multiple technologies, including merged mining, to ensure no single entity controls the bridge.
2. What is the PowPeg app?
The PowPeg app is the user-facing application of the PowPeg bridge that allows for simplified interaction with the PowPeg protocol by visualizing the status of transactions, connecting to a user wallet (both hardware wallets and software wallets), while also providing the highest possible level of security for transactions.
3. Is there a difference between the PowPeg’s Native Mode and Fast Mode?
The Native Mode offers a highly secure, decentralized method for BTC to rBTC conversion, suitable for users who prioritize trustlessness and can tolerate longer processing times.
On the other hand, Fast Mode provides a quicker, more convenient alternative by leveraging liquidity providers, making it ideal for users who value speed and ease of use, with a minimal trade-off in decentralization and a slight increase in fees.
| Feature | Native Mode | Fast Mode |
|---|---|---|
| Speed | ~17 hours (100 BTC confirmations) | ~20 minutes (2 BTC confirmations) |
| Trust Model | Fully trustless | Trust-minimized with LP involvement |
| Fees | Bitcoin network fees only | Bitcoin network fees + LP provider fee |
| User Experience | Requires technical knowledge | Simplified, user-friendly interface |
| Best For | Security-focused users | Users prioritizing speed and convenience |
Explore the differences in detail here.
4. Are there any limitations to using the PowPeg app?
There are a few things you need to pay attention to:
- Peg-in limits: The minimum amount to peg in is 0.005 BTC.
- Peg-out limits:
- The minimum amount to peg out using the PowPeg app (both using the Native and Fast Mode) is 0.004 rBTC.
- However, when using the Fast Mode there is a maximum amount to peg out of 5 rBTC, subject to liquidity providers’ configurations.
5. Why would I choose to move my BTC with the PowPeg?
The PowPeg is the native way to move your BTC into Rootstock due to it being:
- Secured by Bitcoin’s own proof-of-work through merged mining
- Permissionless, trust-minimzed, and non-custodial. Hence, no entity holds your BTC.
6. What do I need to use the PowPeg app?
You’ll need:
- A Bitcoin wallet (e.g. Trezor, Ledger, Xverse, Enkrypt, Leather)
- A Rootstock-compatible wallet (e.g. MetaMask with Rootstock network added)
- An address to receive your rBTC
7. How long does it take to receive rBTC after I send BTC with the PowPeg app?
The Peg in using the Fast Mode takes anywhere between 2-3 bitcoin blocks depending on the amount, therefore, you should expect to wait ~20-30 minutes.
8. Is there a fee for using the PowPeg app?
When using the Native Mode, there’s no fee charged by the PowPeg itself, but you’ll pay standard Bitcoin and Rootstock network fees for transactions.
When using the Fast Mode, there is a small fee due to the inclusion of liquidity providers in the process.
9. Can I reverse a peg-in once it’s started?
No. Once you send BTC to the PowPeg address and the transaction is confirmed, the process is irreversible. You will receive rBTC after the confirmations are completed.
10. What can I do with rBTC?
rBTC is a 1:1 representation of BTC on Rootstock. You can:
- Interact with DeFi apps
- Pay for gas on Rootstock
- Trade, lend, borrow, provide liquidity, and more using protocols on Rootstock
11. How do I get my BTC back (peg out) using the PowPeg app?
- Initiate a peg-out in your Rootstock wallet using the Fast Mode.
- Provide a Bitcoin address.
- If you’re using the native mode, it takes 33 hours (4000 rootstock blocks). And with the Fast Mode it is 2-3 bitcoin blocks (20-30 minutes), depending on the amount.
12. Is the PowPeg custodial?
No. It’s a decentralized system run by multiple organizations and secured by hardware (PowHSMs) and Bitcoin’s proof-of-work.
13. What if something goes wrong with PowPeg?
The PowPeg has had a 100% uptime with zero hacks since its launch in 2018. In addition to that, there’s a time-locked emergency multisig feature. If PowHSMs are unresponsive for over a year, funds can be recovered with cooperation from PowPeg participants.
14. Are there other ways to get rBTC?
Yes, of course. There are plenty of DEXs, CEXs, and onramps to get rBTC, and you can even buy it with fiat.
