[ANN] Sovryn - Brings DeFi to Bitcoin

[sukoyomi]

Yes, it was pleasant to see how Sov started on Uniswap. Of corse, now price is lower then in the beginning, but it's normal, I think. Considering current market situation, the SOV price could have declined even further.

Currently I see -33%, even though it's a common thing, I don't think it should go any deeper, Sovryn is impressive newcomer. We both know that only shit tokens have experienced decreasing by 80% since its release. I hope we can see this eSOV token hit the stable price as soon as possible.

[argakiig]

News Discord !

Regarding Margin Traders not being able to exit positions:

Some users are experiencing issues with closing margin trading positions, because the AMM price diverges more than 5% from the oracle rate. In such cases the protocol refuses to close the position to protect the user from price manipulation attacks.

Now, because we are encouraging users to convert their stable coins into XUSD, a huge chunk of liquidity was removed from the system over the weekend. This means that the AMM gets out of balance much faster and trades are being closed with higher slippage.

We are aware of the situation and already in the process of transferring rUSDT to the system to serve as liquidity in the AMM pool and allow all users to exit their positions.

However, this means we cannot use the Sovryn token bridge, but the IOV token bridge, which takes 24h for a transfer.

============

Additional information for users seeing a difference in asset values in their portfolio in comparison to the the swap interface:

The portfolio takes the asset rate from the oracle and multiplies that rate by how much a user has in his wallet to show the approximate value of usd.

When the user goes to swap page and wants to swap his entire balance he may see a different usd value for bigger asset amounts because swaps has slightly different rate than the  global rate because of actual pool liquidity at that time.


@Ororo shared the Sovryn  backstory with defi prime, and explained how we are building a bitcoin-based DeFi platform in this article:

https://defiprime.com/sovryn
For assets that doesn't have price oracle, the portfolio page converts assets to RBTC and RBTC to USDT to get an approximate usd amount, while the swap contract may pick another liquidity path for swapping assets which may have impact on the actual price.

[argakiig]

The BNB/BTC pool is officially live and trading is open for the token pair on Sovryn. 35K SOV valued at over $1.27M Yield Farming rewards are available for the first week.

https://sovryn.app/blog/bnb-btc-pool-is-live

[JeffBrad12]

So it is, now the main thing is not to stop and continue developing.I honestly thought that listing on uniswap would cause much more growth maybe it will be in the future or other exchanges will list the token.

The uniswap didn't give a lot of contribution to the price increase but this brings more liquidity to the sovryn and people who wanna try to sell it for ethereum can do that easily through converting their sov to the esov.
I think that the main key to pump the price of sovryn must from the centralized exchange listing. I don't know whether there's an estimation time for this to happen but we can see that from the market activities.
So many coins can make more than 50x after getting listed on binance especially.

[argakiig]

The Bridge is now directly available in the Menubar of https://live.sovryn.app making it easier than ever to bring stablecoins from the ethereum and binance chains over to use them on the platform.

Bring over your stablecoins via https://bridge.sovryn.app and swap em for the lowest fees in #DeFi  on https://live.sovryn.app/spot to spreadem  across the rBTC, ETHs & xUSD pools to earn your percentage of sweet $SOV reward alpha in 30 second block intervals at https://live.sovryn.app/yield-farm



#SOV is now listed on @CoinMarketCap
 
https://coinmarketcap.com/currencies/sovryn/

[argakiig]

Mintlayer has it's own category on the Sovryn Forum now, for community collaboration on this awesome project.

https://forum.sovryn.app/c/adoption-hive/mintlayer/25

They also have a new discord server y'all can join!

https://discord.com/invite/xWTVgKB6

[Dron Pelya]

I don't like today's SOV price. Maybe so decreasing is normal because of all crypto market falling. But, anyway, tokens of project which develops and has huge potential, must be cost more, I think.

[ChrisPop]

I don't like today's SOV price. Maybe so decreasing is normal because of all crypto market falling. But, anyway, tokens of project which develops and has huge potential, must be cost more, I think.

I'm sure that once SOV stakers will have greater incentives, a much bigger percentage of the supply will get locked up, thus relieving from the selling pressure on the market. So far the only benefits of SOV stakers is the ability to participate in token sales at preferential rates and periods, plus the fees from margin trading on the platform. That's not much taking into consideration that most of the volume on the platform is generated by spot trades/swaps and not margin trades.

Hopefully the Bitocracy will prove itself efficient and better incentives will be created. On the more positive side the platform development is solid and at a pretty fast rates. Looking forward to Babel Fish and Mintlayer origins sales.

[argakiig]

I don't like today's SOV price. Maybe so decreasing is normal because of all crypto market falling. But, anyway, tokens of project which develops and has huge potential, must be cost more, I think.

While everyone is reacting to the same old China Bitcoin news, you can be taking advantage of the four recalibrated yield farming offers on https://live.sovryn.app/yield-farm totalling just over $1,000,000 in $SOV for the next seven days, before rewards are recalibrated again on June 28th



Whats more, the new yield farming AER charts are now live - the figures used are daily averages, calculated at 1am UTC each day

[argakiig]

Today also marks another step forward for XUSD - the aggregated stablecoin on Sovryn.

XUSD margin trading, lending and borrowing are now live. As such, you can now use XUSD as collateral when borrowing other tokens. You can now also convert some or all of your rUSDT to XUSD directly within the portfolio page, making it even easier to move funds freely onto, within and off of Sovryn.

As of today, users will no longer be able to open new margin positions, lend or borrow using rUSDT, or use rUSDT as collateral when borrowing other tokens. The interface will remain live to allow for positions to be closed. This does not mean rUSDT is being removed from Sovryn, but only from opening new margin/lending positions.

Full release details: https://www.sovryn.app/blog/the-rise-of-xusd

XUSD Overview: https://wiki.sovryn.app/en/technical-documents/xusd-overview

Let the world know: https://twitter.com/SovrynBTC/status/1407006035282378764?s=20

[argakiig]

A little quality of life update:

You traders can now save your charts and indicator setups between sessions with the new 'save' button. Just load the Sovryn app on the same browser, et voilà.

https://live.sovryn.app/trade

[NotHatinJustTrollin]

Another week, another $SOV loot drop

This week's yield farming offers, totalling ~$1,000,000 in $SOV will run for the next seven days, before rewards are recalibrated again on July 5th.

https://live.sovryn.app/yield-farm

[NotHatinJustTrollin]

Sneak peek: The new detailed Lending pools UI is almost ready and will release after testing completes in the next few days.

To prepare for upcoming SOV loot drops on lending pools (stay tuned), the lending page re-work is inspired by the current yield-farming page. Example:

[NotHatinJustTrollin]

Please note that as the lending page upgrade continues to be deployed to mainnet, the reading of lend balances in the UI may result in incorrect figures. Please do not be alarmed, it is simply an incorrectly displayed reading of the contract balances in this time between old & new lending pages

It's $SOV loot drop time again ⏰

This week's yield farming offer: 15k $SOV per pool totalling a value of ~$900,000 will be dropped over the next seven days, before rewards are recalibrated again on July 12th.

https://live.sovryn.app/yield-farm

[terciduk123]

SOV token price has corrected quite deep from the highest price. I hope the price doesn't fall any further. did you guys take this opportunity to buy more, or have you run out of money to buy?

[NotHatinJustTrollin]

The nodes that Sovryn uses for the site (live.sovryn.app etc) have been running slowly causing site performance issues.

Therefore, we're placing the site into maintenance mode shortly while we rebuild the nodes, after which we will test site performance and will either re-open the site or continue further triage. This has not impacted the protocol, only the Sovryn site. As always, funds are safu.

We have re-opened the site and all features are now accessible again. Keep in mind, the back-end continues to be slow and will undergo refactoring tomorrow. Trade and yield-farm history and charts may not load for some time - degraded chart/history performance is to be expected until further fixes tomorrow.

There has been a smart-contract rollback, reverting to yesterday's condition, Therefore lending has been reverted to V1 (before the upgrade process) and is functional again.

There will be a full post-mortem of these events tomorrow. Thank you all for your patience.

[irfan_pak10]

The latest news at Telegram: https://t.me/SovrynBitcoin

SIP 0021 Liquid SOV Incentive Rewards for Staking By Choice

I am introducing this SIP on behalf of Sovryn Protocol Stewards and The Sovryn Exchequer Committee, in order to address issues raised by community members regarding the imbalance between rewards paid out by the protocol for staking and rewards paid for providing liquidity to the AMM pools.

https://forum.sovryn.app/t/sip-0021-liquid-sov-incentive-rewards-for-staking-by-choice/1510

[777Jolami]

The latest news at Telegram: https://t.me/SovrynBitcoin

SIP 0021 Liquid SOV Incentive Rewards for Staking By Choice

I am introducing this SIP on behalf of Sovryn Protocol Stewards and The Sovryn Exchequer Committee, in order to address issues raised by community members regarding the imbalance between rewards paid out by the protocol for staking and rewards paid for providing liquidity to the AMM pools.

https://forum.sovryn.app/t/sip-0021-liquid-sov-incentive-rewards-for-staking-by-choice/1510

Yes, the voting process for SiP 00024 has been delayed a bit.  SoV needs a slight adjustment to the staker balance.  But the lending/borrow interface has been upgraded, it's great ) I will vote YES!

Voting on SIP 24 - Liquid SOV rewards for stakers - has been delayed to address clarity in the language and economic calculations of the SIP before going to a vote.

[iram3130]

From 80$, the price has been dropped to 10.6$ right now. Even after making worthy developments, we are seeing a steep decline in the price. The team was adamant in the beginning for not listing Sov anywhere else other than its own platform. Is it going to be the same now also..? I feel we need more users to know about SOV, so it will be a good thing to list it somewhere.

[bitkanu]

Is it going to be the same now also..? I feel we need more users to know about SOV, so it will be a good thing to list it somewhere.

Some people in the telegram group were saying they have been seeing yago was calling for the cex but it's not clear about what will be the time for sov to be listed on the centralized exchange site.
I do agree with you can we can't do deny the fact that if cex will be bringing more users to use SOV. These days the competition of bitcoin defi is really strict.
A centralized exchange site like binance will give massive token holders and exposure