This article is part of the “Journey in Rootstock” series, guiding users to access the Rootstock ecosystem. From compatible wallets to bridges, this series aims to simplify Rootstockers’ experience in the Bitcoin-powered DeFi world.
Rootstock is the first and biggest Layer 2 blockchain on Bitcoin — supercharging the network by delivering DeFi and smart contracts to a wider audience.
And within the ecosystem, there are several tokens that make all of this possible such as rBTC, RIF, USDRIF, DOC, SOV, and more. Each has been specifically designed to allow BTC owners the flexibility to access the DeFi ecosystem on Rootstock.
Here, we’ll explain some of the key digital assets within the Rootstock ecosystem.
rBTC
rBTC is Bitcoin on Rootstock, the native Bitcoin asset used across Rootstock’s smart contract and financial infrastructure. It is used to facilitate transactions, pay gas fees, and access decentralized applications built on the network.
A 2-way peg protocol ensures that one rBTC is always worth one BTC. This is done through a secure protocol known as the PowPeg.
The PowPeg secures locked Bitcoin using the same Bitcoin hash power that establishes consensus on the Bitcoin network through merge mining. This ensures that for every BTC locked, an equivalent amount of rBTC is issued, maintaining a strict 1:1 ratio.
By combining Bitcoin’s security with Ethereum-compatible smart contracts, Rootstock enables Bitcoin to be used across lending, stablecoins, trading, payments, and other decentralized financial applications, extending Bitcoin beyond a public global payment network into a platform for Bitcoin-secured finance.
Given thi process can be complicated for beginners, there are other bridges, apps and exchanges that allow users to access rBTC through other means.
Wallets:
rBTC is supported by many major wallets:
Metamask, Rabby, Ledger, Beexo, Bridge MTPelerin, Edge, Enkrypt, Exodus, Math Wallet, Portis, SafePal, Wallby, UniFi, D’Cent, Coope, rwallet, Tally, Block, Trezor, Torus, Bitget Wallet, SubWallet, Wigwam, MyCrypto, Gnosis Safe.
Chains – Where to find it:
Rootstock, Arbitrum One, Base, Ethereum and Solana (OFT)
Traded on:
- CEXs: Bitget, Gate.io, Mexc.com, BingX.com, XT.com, LBANK, Lemon Cash, Ripio, Buenbit
- Pairs: LBank (rBTC/BTC)
- Other (DEXs, aggregators, bridges): Mt Pelerin, Symbiosis, Changelly, Oku, SushiSwap, Jumper, Rubic, Sovryn, Stargate, SmolRefuel, Gas.zip, PowPeg, Boltz.
Explore the comprehensive list of ways to get RBTC here.
WrBTC
WRBTC is an ERC20 token that wraps rBTC. Both are on the same network, Rootstock. This is accomplished using a smart contract.
The reason you need WrBTC is to be able to trade rBTC for other ERC-20 tokens on decentralized platforms. Because decentralized platforms running on Rootstock use smart contracts to facilitate trades directly between users, every user needs to have the same standardized format for every token they trade. This ensures tokens don’t get lost in translation.
RIF
The Rootstock Infrastructure Framework (RIF) is an open-source set of tools and technologies developed by RootstockLabs focused on making it faster, easier and more rewarding for developers to build on Bitcoin using Rootstock.
The RIF token can be used to interact with a variety of protocols including acquiring RNS names from the RIF Name Service, minting USDRIF stablecoins through RIF on Chain. It can also be staked in the RootstockCollective DAO where it becomes stRIF. Stakers can then participate in governance and apply for project funding through a decentralized grants program.
RIF tokens can also be used to pay for gas fees via RIF Relay, without the need to hold Rootstock’s native token RBTC.
USDRIF (RIF dollar)
USDRIF is a stablecoin that is 1:1 pegged to USD, meaning each token is worth $1.
This is a fully decentralized digital asset that is backed by an over-collateralization of RIF. This means that the RIF held in reserve exceeds the number of USDRIF in circulation.
USDRIF is designed to offer an alternative to centralized stablecoin issuers who may lack transparency about the assets they hold in reserve, and how risky they are.
It also serves as a replacement for RIF Dollar on Chain (RDOC) — and anyone with RDOC tokens can exchange them for USDRIF on a 1:1 basis using the Swap feature found within the RIF On Chain dApp.
As well as making borderless payments more affordable and accessible — delivering a cheaper alternative to existing remittance services — USDRIF attends to address currency volatility, broaden access to dollars, and unlock a new range of lending products. There can also be advantages for merchants, who save money on processing fees paid to credit card giants.
A diverse ecosystem
Each of these tokens has a role to play in powering the plethora of fintech applications that have been built on top of the Rootstock blockchain.
Low fees prevent transactions from becoming prohibitively expensive for everyday users, all while providing developers with a scalable and practical environment for creating new dApps.
Recommended reading
To learn more about the Rootstock ecosystem, dive into:
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 seek independent professional advice before making any investment or financial decisions based on the information contained in this publication.
This publication is intended to provide an indication of stablecoins and potential scenarios in the finance industry and does not guarantee any particular outcome. Any reference to specific products, services, companies, or organizations does not imply endorsement or recommendation by RootstockLabs. Readers are advised to conduct their own research and due diligence before acting on any information contained in this publication.
