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Sovryn’s Bitcoin-native DeFi platform is live, offering trading, leveraging and lending Bitcoin. Sovryn.app follows a different path, offering decentralized trading and lending solutions for Bitcoiners, by Bitcoiners. It is a decentralized finance platform that requires no permissions and will never take custody of your coins. Instead, it offers core features that can elevate decentralized finance for Bitcoin to a whole new level.
Users can trade long or short with up to five times leverage and enable holders of BTC, USDT and the Dollar on Chain (DOC) stablecoin to earn interest by lending their assets. They can also take advantage of low-cost, low-slippage swaps between BTC, USDT and DOC using the Sovryn decentralized exchange with automated market-makers.
The launch of Sovryn is a significant step forward in DeFi for Bitcoin. Sovryn uses Bitcoin Layer 2 technology, developed on RSK - a sidechain of the Bitcoin blockchain which is powered by Bitcoin Proof-of-Work merge-mining and governed by Sovryn’s stakeholders. RSK benefits from faster block times of around 30 seconds compared to the Bitcoin network’s 10 minutes. At the same time, RSK is merge-mined with BTC with over 50% of the Bitcoin network hash rate, making it the most secure smart contract platform for DeFi applications, and exponentially more secure than Ethereum.
The Sovryn launch (of which community and core developers spent three months testing and auditing the platform’s functionality) comes after Sovryn successfully raised $2.1 million in funding in a round that was oversubscribed by $1 million. Nevertheless, Sovryn’s founders capped the funding at $2.1 million as the value is symbolic of Bitcoin’s 21,000,000 maximum supply. The lead investor in the project is Greenfield One, with participation from Collider Ventures and Monday Capital, along with other investors holding significant amounts of Bitcoin. Collider Labs and BlockVenture were among the first to join Sovryn, contributing initial capital and close support.
Sovryn will deploy its decentralized governance platform following the full product launch.
In 2009, Bitcoin created a decentralized monetary system. Now at the dawn of 2021, Sovryn is equipping Bitcoin with a decentralized financial system via a decentralized exchange, putting users in full control of their funds. By offering native and non-custodial trading and lending of BTC, Sovryn provides users the opportunity to trade Bitcoin in a permissionless, noncustodial, and censorship-resistant way.
Sovryn - for those who value self-sovereignty and who want to maintain control of their keys and their private data.
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