This article is part of the RootstockCollective 101 series dedicated to guiding developers and community members through the ecosystem. From getting and staking RIF, to submitting and voting for proposals, you’ll find what you’re looking for in this series.
As RootstockCollective kicks off, innovators building on Rootstock are starting to actively take part in the Rootstock economy and value creation. To do that, it is important to understand what you’ll need in order to participate in this DAO, and that would be first to get your ecosystem tokens.
Understanding the Ecosystem Tokens
The first token is RBTC, which is Rootstock’s native token. It is pegged 1:1 with BTC and is primarily used to pay gas fees within Rootstock, unlocking access to DeFi protocols in the ecosystem.
And the other is RIF, which serves as this DAO’s governance token. Members of the community who hold this cryptocurrency can stake it in order to receive stRIF, which allows them to vote on proposals related to the future direction of the project.
What is RIF and How Is It Used?
RIF is the native token of the RIF ecosystem. It is a utility asset, used to consume RIF products and services. And with the launch of RootstockCollective, RIF is now also used as the main governance token of the DAO, with its staked version (stRIF) used to gain voting rights, influence proposals, and participate in governance.
The voting power you’ll have within RootstockCollective is directly related to the amount of stRIF in your wallet. Through this DAO, you can decide which grant applications should receive funding — and support projects you believe will have a positive contribution to the Rootstock ecosystem.
Every stRIF holder can also influence how assets within the DAO’s treasury are spent, as well as future changes to its governance system. And if you’ve got bright ideas on how RootstockCollective can evolve, holding stRIF entitles you to submit proposals of your own for the community’s consideration.
RIF gives you a role in Bitcoin’s evolution — all while incentivizing the development and adoption of other tokens within Rootstock. You’ll be able to convert stRIF back into RIF whenever you like — and once returned, staked tokens will be burned.
Where Can You Buy or Swap RIF?
RIF is available across a range of centralized and decentralized exchanges, along with meta-aggregators and cross-chain liquidity protocols, including:
Exchanges
Centralized Exchanges (CEX)
Decentralized Exchanges (DEX)
Ramps
On/off ramps are platforms that allow users to convert fiat to crypto. For RIF specifically, these include:
Bridges
Bridges work by locking and minting or transferring assets between blockchains. For RIF, these include:
How to Manage Your RIF
Whether you prefer to have a crypto wallet on your mobile, desktop, or through a Chrome extension, RIF is supported by several major providers. Some of these brands include MetaMask, Ledger, Trezor, and Exodus.
You can find a full list here — along with a comprehensive breakdown of features so you can find the wallet that’s right for you.
Adding RIF and stRIF to MetaMask
There are several ways to get RIF and stRIF displayed in MetaMask. It can either be done by clicking on the button or manually.
Add Token to MetaMask Button:
The first step is to connect by clicking on the “Add Token to MetaMask” button within the explorer.
Manually:
Alternatively, one can add RIF and stRIF to MetaMask manually by clicking on the extension icon, then choosing the Rootstock mainnet chain, and in the Tokens menu pressing on the “Import Tokens,” which will allow adding a token by its contract address.
Token Contract Addresses
| RIF | 0x2AcC95758f8b5F583470ba265EB685a8F45fC9D5 | Explorer Link |
| stRIF | 0x5Db91E24BD32059584bbDb831A901f1199f3D459 | Explorer Link |
Some Insights from RootstockCollective – Empowering Bitcoin Builders
The launch of RootstockCollective is an exciting new chapter for Bitcoin’s biggest and longest-lasting sidechain. Just 24 hours after making its debut, RIF worth more than $500,000 was staked.
With $10 million in funding secured for the first year of its operation — and your votes — this DAO will play a starring role in strengthening and expanding the Rootstock ecosystem.