Sovryn - Brings DeFi to Bitcoin

[Sovryn]

The first decentralised Bitcoin Trading and Lending Platform[/url]

Governed by its community of self sovereign individuals.

Why DeFi for Bitcoin?
Bitcoin has the deepest liquidity pool in the world but has been cut out of DeFi.
Digital finance has not been accessible to Bitcoiners on the Native Bitcoin Blockchain. Until Now.

DeFi on Ethereum has run into extremely high transaction fees due to network congestion, making DeFi more of an exclusive club for whales and less a decentralized financial system available to all.

Now, Bitcoin Layer 2 provides all the tools to build DeFi for Bitcoin. With clearer security assurances, lower fees and without competing altcoins.


Sovryn launched 2 months ago and is already the biggest DEFI platform on Bitcoin.

Sovryn offers fast, easy to use and a complete suite of tools, including
margin trading and swaps, borrowing and lending and deep liquidity

Click HERE to learn more.

Why Sovryn?
Sovryn is Bitcoin Native.
90% of crypto liquidity is on Bitcoin.
The largest crypto user base is in Bitcoin.
Bitcoin is the most secure network.
Bitcoin will soon be the reserve currency of the world.


CLAIM YOUR SOVRYNTY

All of this and much more is possible at just a fraction of the transaction fees of Ethereum and is infinitely upgradable and scalable.
Most importantly, Sovryn achieves all this without requiring any changes to Bitcoin's code.

WHY IS OUR USER-BASE GROWING SO QUICKLY?

Sovryn is the leading protocol for creating decentralised finance for Bitcoin

RISE OF DEFI The crypto-community has leapt into DeFi, making it the fastest growing sector of the economy.
MASSIVE INFLOWS OF FUNDS TO BITCOIN. Everyone needs a decentralized financial layer for Bitcoin.
ETHEREUM SCALABILITY ISSUES. Ethereum has exceeded its current carrying capacity and is facing scalability issues.
REGULATORY PRESSURE. Regulatory crackdown on centralised exchanges like Bitmex mean that crypto is retro-fitting inequality of access to finance.

OUR SOVRYN FUTURE IS HERE…

We live in a digital world,
we don't need thousands of different financial institutions,
we need one open-source financial operating system.
Sovryn will be that financial operating system.

Sovryn will replace banks, stock exchanges,
pension funds, and insurance companies.
Bitcoin is the open-source money,
Sovryn is the financial operating system for Bitcoin.

VIEW OUR BLACKPAPER

THE SOVRYN TEAM:
The Sovryn team is made up of OG Bitcoiners and a global mix of dedicated developers, entrepreneurs and creators who believe in full financial sovereignty.
Our mission is to expand on Satoshi Nakamoto’s vision of a financial system free from corruption and hard coded to be secure, private, and beneficial for all.

Come in and say hello:

•   DISCORD

•   TELEGRAM

•   TWITTER

•   GITHUB


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HOW WILL SOVRYN SUCCEED

Massive interest in first generation DeFi platforms took the markets by storm last year. But to scale, layer-2 technologies are needed to ease the costs of transactions, remove the friction between blockchains, and establish Bitcoin as the reserve asset that underpins this new type of financial OS. Many people already understand this and it's why Sovryn has one of the fastest growing communities in crypto today.



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SOVRYN IN THE NEWS

   •   Yahoo Finance

   •   NewsBTC

   •   Coindesk

   •   Investing.com  

   •   Cointelegraph

   •   The Block Crypto

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[posi]

I like the fact that you guys make digital finance accessible to bitcoiners rather than others DeFi which purposely want to enrich their pocket but how do you guys intent to get the fund to manage the project cause my research now shows that Collider Ventures, Greenfield One, and Monday Capital investment firm are your major investors which explain the reason why Sovryn raised $2.1M in a short time. Every wants to make a profit how will make that happen? How secure are your borrowing/lend service? How do you integrate BTC since you guys use ETH supported wallet?

[dkbit98]

I checked out what wallets you support on live.sovryn.app and most of them for web like Liquality, Portis and Nifty are used for ethereum and not for bitcoin.
And I guess we can't expect any support for well know Bitcoin wallets like Electrum or mobile Blue wallet because you are using solidity smart contracts and rsk network.
How exactly will hardware wallets work?

[soullyG]

Wow this is incredible, looking forward to trying this out!

[pooya87]

I have some questions/suggestions
- I suggest adding TestNet support, I personally am not going to use something like this in its alpha stage with real bitcoins specially since I'm not really familiar with RSK either. RSK already supports testnet bitcoin and there are already 1482 tbtc circulating there
- The "browser wallets" are a terrible choice, they are all browser extensions that are not safe at all to install on your browser. The project should support regular desktop wallets such as Electrum.
- If this is "decentralized" then why should users pay "you" 0.15% fee?!
- The Swapping page is currently empty. I'm curious about how it works. Is it P2P or is there again centralization involved and what are the fees?

[hugeblack]

Will Bitcoin be traded or some tokens like WBTC? If we were talking about WBTC, that is a bad news.
If you can build on the second layer of Bitcoin, then I believe that the contract must be closed and then trust in the second party (not the Bitcoin network,) in general if you can, why not be a gateway to most altcoins and not ETH.

I also did not like the design of the site, as it is closer to magazines and not trading platforms.

[Maus0728]

- The "browser wallets" are a terrible choice, they are all browser extensions that are not safe at all to install on your browser. The project should support regular desktop wallets such as Electrum.

I think it is really safer if they at least have their own wallet makers per user. Yet, the trading platform^[1] also states that they only run in alpha version, so we should expect a constant upgrade soon, and hopefully they would take the suggestions in this thread a consideration to those upgrades.

Will Bitcoin be traded or some tokens like WBTC? If we were talking about WBTC, that is a bad news.
If you can build on the second layer of Bitcoin, then I believe that the contract must be closed and then trust in the second party (not the Bitcoin network,) in general if you can, why not be a gateway to most altcoins and not ETH.

I also did not like the design of the site, as it is closer to magazines and not trading platforms.

Indeed. I think they haven't really done a successful DeFi-ed Bitcoin bridge and might end up only be using WBTC. And yes, their overall design doesn't really fit to what they wanted to portray on the users. My first thought was it is a comic book website or morelikely to be an art platform. Hopefully, they fix everything well according to their main purpose and idea.

[Hinisalnnn]

Really hopes Defi comes to bitcoin soon its such a breakthrough that it will most likely benefit bitcoin in the long run

[juliomoros]

I like the fact that you guys make digital finance accessible to bitcoiners rather than others DeFi which purposely want to enrich their pocket but how do you guys intent to get the fund to manage the project cause my research now shows that Collider Ventures, Greenfield One, and Monday Capital investment firm are your major investors which explain the reason why Sovryn raised $2.1M in a short time. Every wants to make a profit how will make that happen? How secure are your borrowing/lend service? How do you integrate BTC since you guys use ETH supported wallet?

#1: The main way to obtain funds is through the bitocracy platform: By owning SOV tokens (buying them or earning them as collaborator, becoming in stakeholder) you are providing liquidity to the platform, you are participating in the profits and you are participating in Sovryn's decision making. There is no central authority in Sovryn and no board of directors hogging the revenue. Our presale was a week ago, and ran out in 10 minutes, and we raise JUST FROM USERS $2.5M.

The initial raise of funds (That $2.1M) came from these whales, but they are not participating directly in the bitocracy system, but in an specially designed plan of return of the investment of a minimum of two years.

#2: How secure is the service. Our code is open source. Is a mutant from bZx code, and you are free to inspect it:
      solidity main contracts:   https://github.com/DistributedCollective/Sovryn-smart-contracts
      AMMs:   https://github.com/DistributedCollective/oracle-based-amm
There are bug bounties if you help us to catch bugs: https://discord.com/channels/729675474665603133/745677005286015037
We're totally open to improvement requests, and we have a motto: DON'T TRUST ME... VERIFY!

#3: Bitcoin is integrated to a side chain called RSK, which is Turing-Complete (like ethereum), and by using a Hardware Security Module architecture, up to 40% of the biotcoin miners lock the bitcoins to be issued in the side of RSK, in an algorithm called "the bridge", you can retrieve your bitcoin through this bridge by the smart contract by the RSK side. For more info take a look on the technical documentation about RSK: https://developers.rsk.co/rsk/rbtc/conversion/networks/mainnet/

In a gist: Bitcoin in the side of RSK (rBTC) is taking the place of the ethereum, so you pay gas in the RSK net with Bitcoins!

Hope it helped you

[juliomoros]

I checked out what wallets you support on live.sovryn.app and most of them for web like Liquality, Portis and Nifty are used for ethereum and not for bitcoin.
And I guess we can't expect any support for well know Bitcoin wallets like Electrum or mobile Blue wallet because you are using solidity smart contracts and rsk network.
How exactly will hardware wallets work?

#1: You can add to the list Metamask. Of course, this wallets do not operate over the Bitcoin network, they operate over the RSK network if you configure them properly, using as native coin rootstock-Bitcoin= rBTC (PLEASE, DO NOT CONFUSE with REN-BTC!). You can see this guides:

https://sovryn.app/blog/metamask-wallet-for-sovryn.html

https://sovryn.app/blog/using-nifty-wallet-for-sovryn.html

#2: Electrum, Mobile Blue and so one, works only on Bitcoin native network, not in RSK network, where Sovryn contracts operate.

#3: Metamask and Nifty have a feature to let them connect your hardware wallet.

[juliomoros]

I have some questions/suggestions
- I suggest adding TestNet support, I personally am not going to use something like this in its alpha stage with real bitcoins specially since I'm not really familiar with RSK either. RSK already supports testnet bitcoin and there are already 1482 tbtc circulating there
- The "browser wallets" are a terrible choice, they are all browser extensions that are not safe at all to install on your browser. The project should support regular desktop wallets such as Electrum.
- If this is "decentralized" then why should users pay "you" 0.15% fee?!
- The Swapping page is currently empty. I'm curious about how it works. Is it P2P or is there again centralization involved and what are the fees?

#1: Testnet, we got it: https://test.sovryn.app/ <--- use it and test it, we agree you shouldn't put real money until you have DYOR

#2: Browser wallets are by now the only option, our developers had have a lot of work, and we barely have started to consider the dseign of our own wallet. ¡You're right! we need a regular desktop wallet. If you're a developer your're very werlcome to help us to develop it... We're desperately hiring, and we have a bounty program for innovation.

#3: Those 0.15% fees goes to the community treasury, and our bitocracy system will distribute dividends to stakeholders, developers and to keep the platform alive... anyone who buy/earn SOV tokens will participate! There are no "board of sharks" eating the earnings...

#4: Our project has been initially financed by some whales, $2.1M, and some of our resources has been destin to a platform to help the users. We're actually working on the improvement of a gitbook with FAQ about the platform. If you like to ontribute to our community you can write your own guide and propose it in our Sovryn-Improvement-Proposal system.

[juliomoros]

Will Bitcoin be traded or some tokens like WBTC? If we were talking about WBTC, that is a bad news.
If you can build on the second layer of Bitcoin, then I believe that the contract must be closed and then trust in the second party (not the Bitcoin network,) in general if you can, why not be a gateway to most altcoins and not ETH.

I also did not like the design of the site, as it is closer to magazines and not trading platforms.

#1: The Wrapped-rootstok-Bitcoin: WRBTC is a token part of the protool of AMM's, you need to convert rBTC into WRBTC to be able to automatically trade dollars for bitcoins under AMM protocol. You're free to don't like the AMM (Uniswap solution) protocol, or you are wellcome to help to improve it.

#2: Is RSK trustless?... we can debate the subject by hours; the RSK protocol depends on an algorithm, not on a "second party"... But you can do your own research and decide if it is trustless enough to you (https://developers.rsk.co/) . Anyway we're actively looking for new ways to make our platform more and more trustless. And you're welcome to provide your ideas.

#3: Indeed, the RSK bridge has a project to bring to RSK almost any token from the Ethereum side... and other blockchains.

#4: I love the design of the site, you can find some of the reasons behind our design... https://twitter.com/EdanYago/status/1358194752915709953

[EdanYago]

#3: Bitcoin is integrated to a side chain called RSK, which is Turing-Complete (like ethereum), and by using a Hardware Security Module architecture, up to 40% of the biotcoin miners lock the bitcoins to be issued in the side of RSK, in an algorithm called "the bridge", you can retrieve your bitcoin through this bridge by the smart contract by the RSK side. For more info take a look on the technical documentation about RSK: https://developers.rsk.co/rsk/rbtc/conversion/networks/mainnet/

Just to clarify, the miners secure the chain via Bitcoin poW. There is no hardware module involved. Also, its much more than 40% of the miners. Right now, its between 60-70%.

[juliomoros]

- The "browser wallets" are a terrible choice, they are all browser extensions that are not safe at all to install on your browser. The project should support regular desktop wallets such as Electrum.

I think it is really safer if they at least have their own wallet makers per user. Yet, the trading platform^[1] also states that they only run in alpha version, so we should expect a constant upgrade soon, and hopefully they would take the suggestions in this thread a consideration to those upgrades.

Will Bitcoin be traded or some tokens like WBTC? If we were talking about WBTC, that is a bad news.
If you can build on the second layer of Bitcoin, then I believe that the contract must be closed and then trust in the second party (not the Bitcoin network,) in general if you can, why not be a gateway to most altcoins and not ETH.

I also did not like the design of the site, as it is closer to magazines and not trading platforms.

Indeed. I think they haven't really done a successful DeFi-ed Bitcoin bridge and might end up only be using WBTC. And yes, their overall design doesn't really fit to what they wanted to portray on the users. My first thought was it is a comic book website or morelikely to be an art platform. Hopefully, they fix everything well according to their main purpose and idea.

I have the slight impression, I may be wrong, that there is a big misunderstanding here with the "WBTC" token. Just to let the subject clear:

NO NO NO.... We have not ANY TOKEN "WBTC" in Sovryn (or in RSK);

The system does not use WBTC (wrapped BTC). It is not centralised!

Sovryn is the original sidechain vision for Bitcoin. Merge-mined security with a 2-way Bitcoin peg.

The peg is a method of transacting withBTC off-chain, like the lightening network.

[Sovryn]

Sovryn launches one of the largest bug bounties in crypto today.

Check us out in Coindesk:

https://www.coindesk.com/bitcoin-based-defi-protocol-sovryn-raises-10m-offers-1-2m-bug-bounty

[mrfckumn]

how and where to buy SOV token? there is only BSOV token on uniswap

[Zemomtum]

how and where to buy SOV token? there is only BSOV token on uniswap

I did want to ask a similar question as I have the same observation as you do. The project looks good but it all depends on the team if they can maintain the roadmap

[Ucy]

Trying to understand how truely Decentralized Soveryn is... Does it run on Bitcoin Blockchain or something? And do you have to download the application to use it? Does it allow users to easily control their data preferably on full Nodes?

[TryNinja]

Trying to understand how truely Decentralized Soveryn is... Does it run on Bitcoin Blockchain or something? And do you have to download the application to use it? Does it allow users to easily control their data preferably on full Nodes?

You should take a look at their docs: https://sovryn-1.gitbook.io/sovryn/

Sovryn is built on the Rootstock Bitcoin-sidechain, which is validated by Bitcoin PoW miners, while also compatible with the Ethereum Virtual Machine. Sovryn has the best of both worlds- Bitcoin’s security, with solidity smart contracts. Transactions are swift, and low-gas (typically in the $1 range).

You can basically use any Ethereum wallet by connecting to their custom RPC network (the same as BSC, if you know how Binance's network works). This is actually pretty neat and the first time I heard about the "Rootstock" sidechain, but it doesn't look like it's 100% decentralized and totally risky-free, since you still need to use RKS' Bitcoins, which are pegged and controlled by "respected members of the community (Ex: Xapo, Bitpay, Jaxx, BitGo, OKCoin, Zeppelin and etc)"[1].

[1] https://medium.com/coinmonks/rsk-bitcoin-smart-contracts-en-5b474ce87cd6

[cheezcarls]

Speaking of Sovryn, I'm having a pre-recorded podcast next week with community manager Gimp and to be uploaded on my Youtube channel. Bringing DeFi into Bitcoin is indeed huge and out of the box for me.

Looking forward for Sovryn's ongoing developments and future plans!