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It’s a busy week at the Sovryn HQ with a second SIP now preparing for launch on Bitocracy. SIP 17 proposes the launch of a decentralized governance token for Money on Chain, a fellow DeFi platform on RSK. The governance token, called MoC, is designed to empower the community and reward participation. SIP 17 was proposed by Nico, a well known Argentine Bitcoiner and supporter of Sovryn and Money on Chain. In the proposal he outlines plans to list MoC on Sovryn.app, along with a loot drop of $75K of promotional incentives to Sovryn users.
Like Sovryn, Money on Chain has decentralization at its core. The MoC token is a DAO token that will allow holders to vote on platform developments, stake for rewards and platform fees and receive discounts on fees paid in MoC. The platform’s bitcoin-backed stablecoin Dollar on Chain [DoC] and speculative coin [BPro] are both already live and available to users on Sovryn.app. Bringing MoC into the Sovryn ecosystem will further increase the number of DeFi products on offer to Sovryn users. In order to bring MoC onto the Sovryn ecosystem, Money on Chain and Sovryn will initiate a MoC/rBTC AMM pool and share initial liquidity provision.
In celebration of the event Money on Chain will offer $37,500 of MoC rewards to liquidity providers depositing to the DoC/rBTC AMM pool plus an additional $37,500 worth of SOV to DoC lenders. Rewards will be distributed after a 30 day period.
The proposal has been shaped through community feedback over the past weeks and the final SIP can be viewed here along with the Token contract address and audit. We encourage you to DYOR and prepare to exercise your right to Bitocracy.
The SIP is scheduled for voting on Thursday 13th May. Get your tokens ready Sovryns, and let’s change the future.
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