Sovryn (SOV) - DeFi for Bitcoin

[Mella 3680]

 

We always expect a DeFi project to be running on Ethereum. We know that Tron, Polkadot, EOS and more platforms are pushing developments to grab a piece of the competition, but above all, perhaps 99% today, DeFi is with Ethereum. ETH, USDT, ERC20 tokens even a latest mix of NFTs with DeFi is 99% with Ethereum. 

 

But here comes the difference with Sovryn. This is the first DeFi that uses the RSK Mainnet which is a secure smart contracts platform connected to Bitcoin with a process of "merged contracts mining" and provides a bridge to open the smart contracts property for Bitcoin.

Sovryn platform can be accessed by Bitcoin owners by sending BTC and swapping to RBTC which is the RSK Smart Bitcoin implementation in token form.

It works exactly as other DeFi with Ethereum but for Bitcoin. And one of the best parts is that users of this platform can use their Metamask wallet. Metamask has support for RSK Mainnet and anyone can access it. It needs time to study how it works but it all ended up working very well for me. The Sovryn Wiki explains everything but it will take a few hours to understand it how it works.

Other wallets to connect with Sovryn except Metamask are Brave Wallet, Nifty and Portis.

https://wiki.sovryn.app/en/getting-started/wallet-setup

 

 

There is trading with leverage available up to 5X for longing and shorting bitcoin, swap between assets of rBTC and native tokens of the RSK Mainnet.

And there is the native Sovryn token called SOV. It started trading days ago and the image above is the price action. Also it has a form of USDT as a RSK token named rUSD. rBTC and rUSD are trading in other exchanges too and are allowed to transfer between them and Sovryn. The gas fees for RSK Mainnet are taken by rBTC in the same form as with Ethereum gas, but only a lot cheaper. Although the fees to send rBTC or BTC from exchanges are on an average $10 for a one time transfer. Then the fees are counted in a few cents for every transaction. Rewards in the platform for providing rBTC and other tokens liquidity will be in SOV in the similar way of other DeFi with the native tokens.

 

Very important the fact that Sovryn has received 9 million funding from a consortium of investors containing Bitmex funds and Antony Pompliano. Having such backing helps with the retention of the price of SOV at high levels and can increase demand, since the circulating supply is 2.5 million and price of SOV at the time of writing is $25.

 

 

 

Edited April 14, 2021 by Mella