Comparison with wBTC and Other Bridged Assets
rexBTC differs from wBTC and other bridged assets (such as tBTC and BTC.B) by eliminating the need for intermediaries or custodians, locking Bitcoin on-chain, and prioritizing user sovereignty. Protected by the entire hashrate of the Bitcoin network, rexBTC does not require users to send their Bitcoin to third-party deposit addresses.
Minting Mechanism
The process of minting rexBTC involves creating a DLC where the user's BTC is locked. This is accomplished through a two-step verification process:
Creation: Users lock BTC in a 2-of-2 multisig address, triggering DLC creation.
Confirmation: Upon confirmation of the locked BTC, rexBTC tokens are minted and delivered to the user's wallet, displaying the locked amount.
Last updated