Here are some quick solutions.
Money On Chain provides DeFi solutions built on the RSK platform. It offers:
- A fully bitcoin-collateralized stablecoin (DoC).
- A bitcoin conceived for the long term bitcoin holder (BPro).
- A bitcoin for leveraged trading (BTCx).
Money On Chain has implemented an integration of FastBTC Relay developed by Sovryn.
FastBTC is a quick and easy way to obtain the rBTC you are going to need to operate the Money On Chain protocol. It lets you exchange your BTC for rBTC inside Money On Chain's dApp to mint the token of your preference.
For more information, read: Getting rBTC with FastBTC
FastBTC transactions have the following limits:
| Deposit | Withdraw |
|---|---|
Min: 0.0004 BTC Max: 3 BTC Fees: 5k satoshis + 0.2% |
Min: 0.0004 BTC Max: 0.05 BTC Fees: 5k satoshis + 0.2% |
For the Peg-In and Peg-Out service of the FastBTC, Sovryn platform collects a fee of 5000 sats + 0.2%.
All these fees are destined to the distributed governance of the Sovryn platform.
The exchange process on RSK is comprised of the following:
- 10 RSK blocks for confirmation.
- A waiting period of 5 RSK blocks for batching.
- 10 RSK block period for Sovryn smart contract state update.
You will need to set up a Web3 or Mobile wallet that is compatible with the RSK chain.
For Web3 wallets, suggested are Liquality or Metamask. They work as an extension in Google Chrome. Remember that you should save both your password and the 12 recovery words and never share them with anyone.
For Mobile wallets, suggested are Defiant and D’Cent. Just get the chosen one from the store of your smartphone, install it and set it up paying special attention to the seed phrase which you should handwrite on paper and store it in a safe place. Then you can connect your wallet using WalletConnect, which is an open protocol for connecting Dapps to mobile Wallets using end-to-end encryption by scanning a QR code.
There are different ways to get tokens, both buying and minting them.
The difference between buy/sell and mint/redeem is that when you carry out a buy/sell operation, you do it with another subject, be it a person or an exchange (such as the TEX) and you exchange a token for another that already exists. On the other hand, when you mint/redeem, you do it directly with the smart contract through the Money on Chain app or a wallet like Defiant, and you are creating or destroying the token.
Also, as soon as you finish setting up your wallet you can receive Money On Chain's tokens from any user. The only thing you need to do is to share your public key with the other party.
You can access the TEX platform from: https://tex.moneyonchain.com/
To enter the TEX you have to connect to the app using your Web3 or Mobile wallet. As with other apps, when connecting for the first time the wallet will request to sign a message to connect to the application.
Money on Chain is based on four tokens:
- The DoC, a USD price pegged Stablecoin token.
- The BPro (Bitpro), a token designed for BTC hodlers, to earn a rent on Bitcoin and gain free leverage.
- The BTCx, a token that represents a leveraged long bitcoin holding position.
- The MoC token, designed to govern a decentralized autonomous organization (DAO) that will govern the Smart Contracts.