15 Feb 2021

Sovryn is taking another step in its journey to decentralized financial sovereignty with the vote on SIP 0005. This proposal will enable 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, it is completely their choice. The vote will complete on Tuesday 16th February at 11:30am UTC.

**It is expected that cSOV holders will be able to redeem SOV from 3pm UTC on Thursday 18th February

Users will be able to access the redeem function in “My Wallet” on the Sovryn app. There, they can easily choose to redeem their cSOV for SOV or RBTC.**


SOV Governance Token Features**

The SOV token is the key to Sovryn’s on chain governance system, the Bitocracy.

Participation in the Bitrocracy governance model requires only a browser wallet and a small amount of rBTC to cover gas fees, providing a completely permissionless way to help steer the protocol as well as its revenues.

Welcome to DeFi for Bitcoin.

Stay Sovryn!