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I will teach you how to use RenBridge to convert BTC, BCH, ZEC, DODGE, FIL, LUNA tokens into Polygon, Arbitrium, Solana, Avalanche, Fantom, BINANCE Smart Chain Networks without paying outrageous withdrawal fees and conversion fees. Using centralized exchanges you only send very limited amount of tokens across networks. Into the Polygon network you can only send Matic tokens from other exchanges. Similarly Solana tokens for Solana network, AVAX token for Avalanche, BNB for Binance Smart Chain , and FTM on Fantom chain. You have to do multiple conversions and pay conversion fees to get to the token you need on each network. However, using RenBridge you can send token directly into any of those mention networks with lowest on-time fee. I will go over the fees in details later.
What is RenBridge?
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, renDOGE, renFIL, renLUNA) back to real BTC, BCH, ZEC, DOGE, FIL, and LUNA. In RenBridge you can convert those coin to appropriate token in Binance Smart Chain (BSC), Fantom, Polygon, Avalanche, Solana, Arbitrum (Ethereum Layer 2 used in Uniswap) and offcourse Ethereum.
What are the Fees for RenBridge?
There are three (3) fees: 1) 15 BPS (0.15%) per mint and 15 BPS (0.15%) 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.
As you can see from the video, if you are converting BTC to any network (my example was for Polygon network), you have to pay approcimately $1.77 as of shooting this video in Bitcoin Miner fee. RenVM fee is 0.3% from total amount of BTC you are sending. Matic fee is very low 1 cent. If you are sending BCH to any network the miner fee is non existant of below 1 cent. As with BTC on BCH the RenVM fee is 0.3% from total amount of BCH you are sending and Matic fee is less than a penny (or 1 cent). If you are sending BTC to Avalanch network, AVAX fee is like $2.5 while BTC miner fee is same as before at $1.77 besides same RenVM fee of 0.3%. If you are sending BTC to Binance Smart Chain, all fees are similar to Polygon except BSC fee is around $1.37 similar to Avalanch network fees. Give worst case you only pay $3 in fees to send BTC, BCH, ZEC, DODE, FIL to any above mentioned supported networks, I would use this buy zero fees lightning wallet like Strike and send it to network of your DEFI dabbling such as Polygon, BSC, Avalanch, Arbtrium, Solona, and Fantom.
RenBridge Minimums & Maximums Transaction Amounts
There is no minimum amount you can send but given the recent high TX fees of ETH and BTC, I encourage you to send no less than 10 USD worth of assets through RenBridge. Sending less may cause you to lose full amount send!
There is no maximum you can send but RenVM + RenBridge are new technologies and security audits don't eliminate risks completely. Do not supply assets you can’t afford to lose. You can burn (or release) your renBTC, renZEC, and renBCH at any time for real BTC, BCH, and ZEC.
This app is designed to work solely with Metamask. RenBridge is planning on supporting for other wallets in the future. On Ren you can send BTC, BCH, or ZEC from any wallet.
Time for RenBridge Transactions:
- Time it take for converting BTC to renBTC transaction is the time RenVM waits for 6 confirmations, so about an hour (60 minutes). Use Kraken’s official deposit times as a reference.
- Time it take for converting ZEC to renZEC is the time RenVM waits for 24 confirmations, so about an hour (60 minutes).
- Time it take for converting BCH to renBCH is the time RenVM waits for 15 confirmations, so about 2.5 hours (150 minutes).
- Time it takes to burn ( or release) your assets back to the original chain in RenVM waits for 30 Ethereum blocks, approximately 5 to 10 minutes, from the time your transaction first gets mined.
You can close the webpage or shut down my computer while as long as you are connecting with the same wallet again, it will autodetect any pending minting transactions you are making.
In Conclusion
I needed a cheapest way to purchase BTC via monthly fiat play money using a linked bank account and send those tokens to Polygon, Avalanch, BSC, Arbitrium, Solana, and Fantom based DEFI exchanges without paying outrages fees such as 26 Matic fees to withdraw from Binance centralized exchange. That is over $40 in fees to withdraw. This does not account for Swap fees after receiving MATIC token in Polygon where I need to swap into other tokens for investing in liquidity pairs. I am planning on using Strike app to purchase Bitcoins without fees. Using Strike apps Bitcoin Lighting Network I can send Bitcoins to RenVM without fees. I still have to pay $1.7 miner fees and 0.3% RenVM fees to send my renBTC into Polygon network for DEFI dabbling on liquidity mining pools such as dfyn.network's USDC vs UST stable coin pool.
Here is a video of how to use RenBridge for cryptocurrency conversion:
