I did the BTC <> rBTC swap and I don't see my balance, what's happening?
Many users contact the support team after making the BTC <> rBTC swap. Unlike other exchanges, this swap requires some time to be completed and, for a period of time, the balance of the outgoing currency will be deducted without the incoming currency being credited. This is normal . Below is a more detailed explanation.
At the time when the exchange options for these two currencies were integrated into Defiant, there was a significant demand for a mechanism that would allow easy and reliable swapping between BTC and rBTC. At that time, the Defiant team came across two possibilities, both of which were incorporated into the application. First, the native bridge of the Rootstock (RSK) blockchain, the 2WayPeg or PowPeg, was integrated. Second, a exchange option with the provider KriptonMarket was integrated.
These are the two options that can currently be used to exchange between BTC and rBTC from Defiant, both working correctly, but with their respective waiting times.
Possibly, this is the most sought-after option by technology fundamentalists. The Rootstock blockchain relies on the security of this mechanism, which is the guarantee that 1 BTC = 1 rBTC.
Also known as 2WayPeg, this mechanism has 2 ways, as it serves for the conversion of BTC to rBTC and vice versa, from rBTC to BTC. The first of these is known as Peg-in —IN, since BTC is entered into the Rootstock network—, and the second is called Peg-out —OUT, since BTC is withdrawn from Rootstock—.
Peg-In (BTC > rBTC)
To use this mechanism, you will need a minimum exchange amount of 0.005 BTC + network fees —shouldn't exceed 0.0052 BTC—. Once your BTC has been sent to the Rootstock bridge address, the mechanism will wait for 100 confirmations from the Bitcoin network to continue the process —with a confirmation every 10 minutes, it will take about 17 hours to complete—. After this, an amount of rBTC equivalent to the amount sent in the first place will be credited to your Rootstock address.
If, after about 17-18 hours from the start of the swap, you still can't see your rBTC, you may need to follow these steps: 1️⃣ With your wallet's 12 recovery words, go to the menu → My Wallets → Import . 2️⃣ Once you have entered your 12 words, click on the ⚙️ button in the upper right corner and then check the ✔️'Powpeg' option. 3️⃣ Select the rBTC currency from the Rootstock network and click on Import . You will see that you have generated a new wallet in Defiant. It is very likely that you will be able to view the balance of your Peg-in operation there.
Peg-Out (rBTC > BTC)
In this case, the minimum amount to be exchanged will be 0.004 rBTC + network fees —0.00401 rBTC will suffice—. Once the rBTC has been sent to the bridge, there will be a waiting period corresponding to 4000 confirmed blocks in Rootstock + 1 Bitcoin block —approximately 34 hours of waiting—. After this time, an amount equivalent to the sent rBTC - network fees on the Bitcoin network will be credited to your wallet.
Again, if you encounter the unlikely scenario of not seeing your funds after 34-35 hours, try following the 1️⃣2️⃣3️⃣ steps described a few lines above.
So, the KriptonMarket Swap is a different mechanism compared to the PowPeg option, and it was integrated into Defiant to allow users to operate with smaller amounts than those established by the Peg and as a backup option in case of any interruptions in the PowPeg service.
Acting as a broker, KriptonMarket manually processes each of the exchange orders that are requested. Naturally, this involves a certain delay in completing each swap, especially during periods of high activity.
Considerations:
The "manual" nature of the mechanism may result in a delay of about 24 hours to complete the swap, during which time the amount of the original denomination will not be reflected in the wallet —since it has already been sent to KM— nor will the amount in the other denomination.
For either of the two directions of the BTC <> rBTC exchange, the minimum amount to be exchanged through the KM Swap will be 0.002 BTC/rBTC (+ network fees), while the maximum will be 0.25 BTC/rBTC (+ fees).
Within the calculation of the amount obtained after the exchange, there are concepts for fixed costs and variable costs, established by KM. In this sense, when making an exchange for a small amount, a greater impact on the amount obtained may be seen, and as the amount increases, the impact of the fixed cost on the total will be lower.
Having read and understood the above, if you still encounter any difficulties in the exchanges, do not hesitate to contact Support. We are here to help you!
The most requested swap!
At the time when the exchange options for these two currencies were integrated into Defiant, there was a significant demand for a mechanism that would allow easy and reliable swapping between BTC and rBTC. At that time, the Defiant team came across two possibilities, both of which were incorporated into the application. First, the native bridge of the Rootstock (RSK) blockchain, the 2WayPeg or PowPeg, was integrated. Second, a exchange option with the provider KriptonMarket was integrated.
These are the two options that can currently be used to exchange between BTC and rBTC from Defiant, both working correctly, but with their respective waiting times.
PowPeg
Possibly, this is the most sought-after option by technology fundamentalists. The Rootstock blockchain relies on the security of this mechanism, which is the guarantee that 1 BTC = 1 rBTC.
Also known as 2WayPeg, this mechanism has 2 ways, as it serves for the conversion of BTC to rBTC and vice versa, from rBTC to BTC. The first of these is known as Peg-in —IN, since BTC is entered into the Rootstock network—, and the second is called Peg-out —OUT, since BTC is withdrawn from Rootstock—.
Peg-In (BTC > rBTC)
To use this mechanism, you will need a minimum exchange amount of 0.005 BTC + network fees —shouldn't exceed 0.0052 BTC—. Once your BTC has been sent to the Rootstock bridge address, the mechanism will wait for 100 confirmations from the Bitcoin network to continue the process —with a confirmation every 10 minutes, it will take about 17 hours to complete—. After this, an amount of rBTC equivalent to the amount sent in the first place will be credited to your Rootstock address.
If, after about 17-18 hours from the start of the swap, you still can't see your rBTC, you may need to follow these steps: 1️⃣ With your wallet's 12 recovery words, go to the menu → My Wallets → Import . 2️⃣ Once you have entered your 12 words, click on the ⚙️ button in the upper right corner and then check the ✔️'Powpeg' option. 3️⃣ Select the rBTC currency from the Rootstock network and click on Import . You will see that you have generated a new wallet in Defiant. It is very likely that you will be able to view the balance of your Peg-in operation there.
Peg-Out (rBTC > BTC)
In this case, the minimum amount to be exchanged will be 0.004 rBTC + network fees —0.00401 rBTC will suffice—. Once the rBTC has been sent to the bridge, there will be a waiting period corresponding to 4000 confirmed blocks in Rootstock + 1 Bitcoin block —approximately 34 hours of waiting—. After this time, an amount equivalent to the sent rBTC - network fees on the Bitcoin network will be credited to your wallet.
Again, if you encounter the unlikely scenario of not seeing your funds after 34-35 hours, try following the 1️⃣2️⃣3️⃣ steps described a few lines above.
KriptonMarket Swap
So, the KriptonMarket Swap is a different mechanism compared to the PowPeg option, and it was integrated into Defiant to allow users to operate with smaller amounts than those established by the Peg and as a backup option in case of any interruptions in the PowPeg service.
Acting as a broker, KriptonMarket manually processes each of the exchange orders that are requested. Naturally, this involves a certain delay in completing each swap, especially during periods of high activity.
Considerations:
The "manual" nature of the mechanism may result in a delay of about 24 hours to complete the swap, during which time the amount of the original denomination will not be reflected in the wallet —since it has already been sent to KM— nor will the amount in the other denomination.
For either of the two directions of the BTC <> rBTC exchange, the minimum amount to be exchanged through the KM Swap will be 0.002 BTC/rBTC (+ network fees), while the maximum will be 0.25 BTC/rBTC (+ fees).
Within the calculation of the amount obtained after the exchange, there are concepts for fixed costs and variable costs, established by KM. In this sense, when making an exchange for a small amount, a greater impact on the amount obtained may be seen, and as the amount increases, the impact of the fixed cost on the total will be lower.
Having read and understood the above, if you still encounter any difficulties in the exchanges, do not hesitate to contact Support. We are here to help you!
Updated on: 28/03/2023
Thank you!