January 28, 2021: Sovryn, the Bitcoin-based Decentralized Funding Protocol (DeFi), announces the success of its Genesis community-only reserve sale that allowed participants to reserve their right to purchase the SOV token, which will go on sale in early February 2021 The event generated the equivalent of $ 2.5 million in just 18 minutes.
The reservation presale was oversubscribed by a factor of x2, with 800 community members reserving between 0.03 and 2 BTC from SOV. To participate, participants had to have been active Sovryn users before January 8, when the Genesis booking event was announced, and membership allocation depended on the length and depth of their engagement with the Sovryn protocol. The aim was to ensure fewer speculators and a prioritization of those who wish to support the Sovryn project in the long term. Unlike other token sales or ICOs, users who participated in Sovryn’s Reservation Sale have committed to a 10-month token lockout, as part of their long-term commitment to the project.
In 2020, the combined locked-in value of DeFi markets increased by 982%, but crypto’s main asset, Bitcoin, has been largely excluded from these first-generation DeFi protocols, forcing them to use a centralized and encapsulated token. Until now, Bitcoin investors had no way to access financial services without handing over their Bitcoin assets to centralized intermediaries.
Sovryn solves this challenge by creating a native Bitcoin financial operating system that allows people to use their Bitcoin in decentralized applications, without having to give up their assets, trade through a centralized entity, or lose their privacy and trust. financial sovereignty. The Sovryn protocol provides an infrastructure using Layer 2 technologies, where Bitcoin is the reserve asset and stablecoins and Bitcoin-backed sidechain technologies offer low fees and secure scalability. Sovryn provides the financial operating system that connects blockchains, extends the level of decentralization, and maintains Bitcoin as the sovereign currency, with users controlling their keys, even when used in financial applications.
Co-founder of Sovryn Edan Yago commented : “The success of the Genesis presale booking event has been extremely encouraging, as has the feedback we’ve received from members of the community, and that bodes well for the upcoming Origin presale. Sovryn’s vision is to create a truly decentralized protocol and trading community; the success of this reservation sales event is an important step on our path to achieving it. “
What is DeFi missing?
Crypto’s major asset, Bitcoin, has been largely excluded from these first-generation DeFi protocols. Why is that?
- There is no challenge for Bitcoin
- Many Bitcoiners are unwilling to use the Ethereum network or have to pay fees in ETH.
- Along with the growing popularity of DeFi, gasoline fees for transactions have increased rapidly, limiting the number of users who can participate. As a result, some of these DeFi protocols have become less decentralized and more suitable for larger players.
Sovryn addresses these challenges by creating a native Bitcoin financial operating system that allows people to use their Bitcoin in decentralized applications:
- Without having to part with it.
- Without having to touch a centralized entity.
- Without giving up financial confidentiality and sovereignty.
Bridging Ethereum and Beyond: The Sovryn Protocol provides an infrastructure using Layer 2 technologies for the next generation of DeFi. In this new era:
- Bitcoin is the reserve asset.
- Bitcoin-backed stablecoins and sidechain technologies offer low fees and secure scalability.
- Sovryn provides the financial operating system that connects blockchains, extends the level of decentralization, and keeps Bitcoin the sovereign money it is, even when used in financial applications.
- Sovryn brings DeFi to Bitcoin and Bitcoin to DeFi
Learn more about Sovryn’s Fullstack OS for Bitcoin Native DeFi in the Black Book
Sovryn protocol use case
- Unauthorized trading tools for secure swaps, leveraged exchanges, and crypto lending.
- EVM-enabled smart contracts are integrated to provide a bridge between the Ethereum development community and Bitcoin Layer 2.
- Daily payments using Bitcoin-backed stablecoins as collateral.
- Scalability obtained thanks to side chains.
- Zero-knowledge cryptography to ensure that verifications take place in confidence with the confidentiality of both ends of secure transactions.
Sovryn Today and Tomorrow: The Sovryn protocol already provides tools for native Bitcoin trading, lending, and leverage. Each of these financial applications is performed without authorization and secured by the Bitcoin Blockchain through Rootstock Fusion Extraction (RSK).
Soon, Sovryn Bitocracy will allow anyone to create EVM-enabled smart contracts that are secured by Bitcoin Proof of Work (PoW). Users will be able to transmit the value of their Bitcoin for use in daily payments, without having to sell their digital gold. With an operating system specifically designed for Bitcoin’s native DeFi, the sky is the limit for building a truly decentralized financial system.
Anyone wishing join the Sovryn Bitocracy will benefit from Bitcoin-class security, privacy-enhancing zk-proof-protected transactions, and DeFi products that allow them full financial sovereignty while putting their Bitcoin to work.
For more details on the Sovryn technology stack, its use cases, and the SOV token, see the Sovryn black paper.
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