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RenBridge FAQ
General question about the RenBridge dApp
It’s a decentralized application (dApp) that allows individuals to mint real BTC, ZEC, and BCH on Ethereum as an ERC20 (renBTC, renZEC, renBCH). It also allows users to convert these ERC20s (renBTC, renZEC, renBCH) back to real BTC, BCH, and ZEC.
There are three (3) fees:
1) 20 BPS (0.2%) per mint and 10 BPS (0.1%) burn.
2) There is also a network fee that is required to pay the miners of the respective blockchain. This fee is set dynamically (in real-time) based on network congestion. It goes to Miners, not the Ren team or Darknodes.
3) ETH GAS. This varies depending on network congestion.
Yes, given the recent high TX fees of ETH and BTC, we encourage you to send no less than 10 USD worth of assets through RenBridge.
Sending less may cause you to lose the amount sent!
No, but Ren + RenBridge are new technologies and security audits don't eliminate risks completely. Please don’t supply assets you can’t afford to lose.
Yes.
Yes.
Metamask. This app is designed to work solely with Metamask. We’ll be expanding support for other wallets in the future.
Yes.
Ren waits for 6 confirmations, so about an hour (60 minutes). We use Kraken’s official deposit times as a reference: https://support.kraken.com/hc/en-us/articles/203325283-Cryptocurrency-deposit-processing-times
Ren waits for 24 confirmations, so about an hour (60 minutes). We use Kraken’s official deposit times as a reference: https://support.kraken.com/hc/en-us/articles/203325283-Cryptocurrency-deposit-processing-times
Ren waits for 15 confirmations, so about 2.5 hours (150 minutes). We use Kraken’s official deposit times as a reference: https://support.kraken.com/hc/en-us/articles/203325283-Cryptocurrency-deposit-processing-times
Ren waits for 30 Ethereum blocks, approximately 5 to 10 minutes, from the time your transaction first gets mined.
Yes you can close the browser and pick it up later. As long as you are connecting with the same wallet again, it will autodetect any pending minting transactions you are making.
Last modified 1yr ago