The on-chain transaction is your peg-in to the federation?
Discussion
yes, BUT! (someone has to do)
you dont need to peg-in.
you can just join a federation and receive sats!
no need for any big setup.
What are you exchanging for the sats that you received from the Federation? I thought you would get e-cash tokens in exchange for bitcoin/sats that you “peg-in”