tl;dr
- ChainPort has integrated support for Rootstock, the first Bitcoin layer 2.
- Rootstock is the 22nd chain supported by ChainPort and leverages the robust hashing power that secures the Bitcoin network.
- This integration allows dApps and web3 projects to bridge tokens between Rootstock and other chains supported by ChainPort.
- Rootstock features a native token called "Smart BTC" or RBTC, used for gas fees and transactions within its ecosystem.
- ChainPort is supporting USDT bridging from an to Rootstock.
Bridge tokens to and from Rootstock via ChainPort
ChainPort has recently integrated support for Rootstock, the first Bitcoin sidechain, as a bridging path, expanding its accessibility for dApps and Web3 projects. Rootstock, being the 22nd chain supported by ChainPort, offers a unique advantage by leveraging the same robust hashing power that secures the Bitcoin network.
With this integration, dApps and web3 projects can easily bridge tokens between Rootstock and other chains supported by ChainPort.
One notable feature of Rootstock is its native token, "Smart BTC" or RBTC, which is used for gas fees and transactions within the Rootstock ecosystem. Users can easily convert Bitcoin to RBTC and vice versa using Rootstock's built-in two-way peg protocol, PowPeg, which maintains a 1:1 ratio between the two assets. Another feature is Rootstock's security, which is backed by Bitcoin's computational strength, and provides a reliable environment for transactions and smart contracts.
An additional benefit of Rootstock is the ability to merge mine RBTC simultaneously with Bitcoin, requiring no extra effort or resources from miners. This dual-mining capability enhances the overall utility and potential profitability for miners operating within the Rootstock network.
Integrating Rootstock into ChainPort's ecosystem enhances the platform's versatility and expands the options available for users seeking secure token-bridging solutions.
USDT or rUSDT on Rootstock via ChainPort
The first asset supported for bridging is USDT. ChainPort is facilitating the bridging of USDT to Rootstock via ChainPortX liquidity pools, enhancing its interoperability. The Rootstock native version of USDT is rUSDT. ChainPortX's liquidity pools are currently available on Ethereum, Arbitrum, BNB, Optimism, and now Rootstock, so it’s possible to port stablecoins between those chains and Rootstock.
xUSD is only used for bridging purposes and is collateralized with other stablecoins. As an example, the bridging process from Ethereum to Rootstock involves swapping USDT, USDC, or DAI with xUSD, which is then swapped back on the target chain and burned.
Users can add liquidity on Rootstock or any other pool, and receive xUSD, along with a portion of bridging fees.
How to Bridge USDT from ETH to Rootstock in 3 Steps
Below is a step-by-step guide on how to bridge USDT from Ethereum to Rootstock as an example. Please note that token holders can also bridge tokens in the opposite route, from Rootstock to Ethereum, by changing the source and target chains.
Step 1 - Connect Your Wallet
Go to ChainPort's bridge (https://app.chainport.io/) and connect your wallet. ChainPort supports all leading wallets, including Ledger, Trezor, Coinbase Wallet, Wallet Connect, and Metamask.
Step 2 - Select the Chains & Token
In the drop-down menu, select the source blockchain and the target blockchain. In our case, the source chain is Ethereum, and the target chain is Rootstock. Select USDT as the token you wish to bridge from the dropdown menu.
Step 3 - Confirm Tx & Get Tokens
Review all related information, including gas fees and the token, before confirming the transaction. Once you have confirmed all details, approve the transaction and wait a few minutes for it to be processed. Afterward, your USDT has been successfully bridged from Ethereum to Rootstock.
About Rootstock:
Rootstock is the first and biggest Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin's proof-of-work, with Ethereum's smart contract capabilities.
Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless.
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