Swapping Bitcoin for RSK Bitcoin lending a taxable event?

I'd like to know if swapping BTC for pegged rBTC to be used on it's layer 2 blockchain a taxable event?

Basically what happens when exchanging BTC for RBTC (RSK BTC), is that the Federation nodes receive some BTC and block their use within the network. Upon receiving these BTCs, the Federation authorizes the issuance of the same amount of RBTCs on the RSK network. When RBTC needs to be converted back to BTC, RBTC is blocked on the RSK network and the same amount of BTC is unlocked on the Bitcoin network. A swap structure that allows RSK participation securely.

I plan to swap from BTC to rBTC to lend and once done I will be swapping back, unlocking and returning the originally swapped Bitcoin to my wallet.

I understand any gains I made from lending will be taxable but is the swap that will lock up my bitcoin for rBTC taxable as well? This isn't clear to me as I'm not doing a permanent exchange of Bitcoin. The Bitcoin is held or locked in a contract until I return the exact same amount in rBTC.