18 Feb 2021

This proposal SIP 0005 has passed allowing participants of the Genesis Reservation system to redeem their reserved cSOV tokens for SOV. They will also have the choice to redeem cSOV for RBTC if they decide to exit the system.

Genesis participants can now access the redeem function in “My Wallet” on the Sovryn app. There, they can easily choose to redeem their cSOV for SOV or RBTC.

The Genesis Reservation

Launched on January 25, 2021 and ending in just minutes, the Genesis Reservation system issued specialized NFTs to OG users of the Sovryn protocol. Each NFT unlocked access for these OGs to stake BTC or RBTC to reserve cSOV tokens at 2500 sats per cSOV.

A series of Sovryn Improvement Proposals (SIPs) were developed and voted on by the Sovryn governance system in order to initiate, process and complete the Genesis Reservation system presale:

The Genesis Reservation system was a great success, seamlessly processing massive demand with over 1000 participants using the system at once. It also officially kicked off the world’s first Bitocracy. Those users who redeem their Genesis cSOV fo SOV will become the newest members of the Bitocracy.

Participation in the Bitocracy governance model requires only a browser wallet with zero verification, providing a completely permissionless way to help steer the protocol as well as its revenues.

Welcome to DeFi for Bitcoin.

Stay Sovryn!