Bitocracy 2.0 Has Landed: SIP-0006 Voting Commences

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February 19, 2021

allots in the Sovryn Bitocracy 2.0.

All Sovryn community members, whether they are OGs or brand new Sovryn Individuals, may now vote with their new SOV tokens. As a community led protocol, we encourage all to participate every step of the way.

SIP-0006 pertains to the release of 2,000,000 SOV tokens in a presale for protocol supporters before the tokens become tradeable. Additionally, due to the full subscription of the Origins pre-sale by waitlist community members, the Dutch Auction as previously outlined by SIP-0006 will not be necessary, since 200 BTC were raised without the need to instigate the auction. As such, the SIP also addresses the opening price of the Origins presale at 10,000 satoshis.

SIP-0006 was originally introduced on February 2nd and the community has been discussing the details and evaluating all feedback since its introduction in the Sovryn forum. When we say community governance, we really mean community governance and each Sovryn contributor is committed to forwarding a truly decentralized governance system, with all community members at the very center of every decision-making process.

What is SIP-0006?

This 6th Sovryn Improvement Proposal (SIP-0006) will allow the community to vote on the Origins presale price point: 10,000 satoshis. This differs from previous sales, as the community has grown and learned from each previous sale experience. For the Origins presale, there will be no cSOV to claim as we had with the Genesis sale. Instead, tokens will be distributed directly to participants upon approval of SIP-0006.

SIP-0006 Abstract:

“To provide funds for the Sovryn protocol treasury, it is proposed to approve a sale of SOV tokens to protocol supporters prior to SOV tokens becoming transferable and liquid. 2,000,000 SOV would be tendered. The Origins pre-deposit process collected deposits in the total of 200 BTC. It is proposed to forgo the Dutch Auction process as outlined in in the SIP-0006 Draft which can be referenced here, and approve the sale at the proposed opening price of 10,000 satoshis per SOV tendered.”

Upon approval by Sovryn community members, SIP-0006 will trigger the following actions:

  1. Provide for the sale of up-to 2,000,000 SOV to participants that deposisting BTC in the Origins pre-deposit, at a clearing price of 10,000 sats per SOV.
  2. SOV tendered under the Origins pre-sale will be non-transferable for a period of six weeks after TGE, to allow for completion of any further sales.
  3. The 2,000,000 SOV allocated to the Origins presale will be transferred from the Governance Vault (0x05f4f068df59a5aa7911f57ce4f41ebfbcb8e247) to the Exchequer multisig (0x924f5ad34698fd20c90fe5d5a8a0abd3b42dc711) to be held until the technical preparations for allowing Origins participants to claim their SOV have been completed. The Exchequer multisig will transfer the SOV to the SOV Origins pre-sale claiming smart contract immediately after deployment.

This is the 6th Sovryn Improvement Proposal to go before the members of the Sovryn Bitocracy. Development is happening at a rapid pace as the community advances towards the realization of a permissionless, censorship-resistant, PoW-secured infrastructure for Bitcoin-native DeFi.

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