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We at Sovryn have been working closely with the BabelFish project over the last few months, firstly bringing the aggregated stablecoin $XUSD into the Sovryn ecosystem to provide deeper liquidity and reduced systemic risk. Then, BabelFish kickstarted their own governance and revenue-generating ecosystem through a pre-sale launch on the Origins launchpad in August. Now, BabelFish is powering a new cross-chain bridge interface in the Sovryn dapp!
Today the Sovryn dapp entered maintenance mode whilst a series of smart-contract and front-end improvements were deployed and tested. One of these improvements is a new bridge interface, powered by BabelFish.
Situated within the Portfolio page, the new bridge flow sees the addition of Deposit and Withdraw buttons under the $XUSD, $ETHs and $BNBs tokens. Providing a simpler on and off-boarding flow for users, these buttons navigate to the new BabelFish cross-chain bridge interface. This interface provides a simpler step-by-step process to bridging funds in and out of Rootstock with the Ethereum and Binance Smart chains.
The BabelFish Bridge allows easy and permissionless transfers of your tokens from one chain/sidechain to another through audited smart-contracts. There are currently 3 networks included in the Cross-Chain Bridge: Rootstock, Ethereum, and Binance Smart Chain.
The new bridge leverages BabelFish’s stablecoin aggregator, allowing users to transfer multiple stablecoins from Ethereum and BSC to Rootstock $XUSD. The $XUSD tokens on Rootstock can be bridged out to Ethereum or BSC back into any of the supported stablecoins (DAI, USDT, USDC and BUSD) at a 1:1 ratio.
Originally created as a standalone system at https://bridge.sovryn.app, there have been many requests to integrate the bridge into the main Sovryn dapp; there are a few advantages of doing so. Integrating the bridge with https://live.sovryn.app means hardware wallet connections can use the same UI and logic as the main dapp, allowing users to directly connect to the bridge using their hardware wallets. This resolves inconsistencies we have observed for wallet support between the old Bridge interface and main dapp. Whilst this new interface is an improvement on the old bridge system, https://bridge.sovryn.app will remain online and functional for the foreseeable future until the community is familiarized with the new flow.
Find the full guide to using the new bridge flow on the Sovryn Wiki here.
This release also includes the implementation of Bitocracy instruction to add $SOV as an option for collateral when taking out a loan. SIP-28 passed with 99.95% of Bitocracy stakers voting in favor on September 7th.
This means that users can now provide $SOV tokens as collateral when taking out loans from the Sovryn protocol.
Loans opened with $SOV as collateral will require 300% over-collateralization.
Additional improvements to the functionality of margin trading include the ability to manually adjust and fix slippage percentage rates when executing a trade. Slippage refers to the difference between the expected price of a trade and the price at which the trade is executed. Slippage can occur at any time but is most prevalent during periods of higher volatility.
The tolerance rate of slippage can now be set between 0% and 1%. This means a trade that would see you lose more than your set slippage amount would fail, saving you the majority of the trade execution gas fee and the loss of a large spread in requested vs actual trade execution price.
Further improving the margin trading experience on Sovryn, half of the fees of opening a margin trade will be refunded in the form of $SOV tokens. The rebate amount will come in the form of 90% liquid $SOV and 10% vesting $SOV (vesting linearly for 10 months).
This rebate of trading fees, combined with other improvements to margin trading, will make Sovryn even easier to trade bitcoin and other assets with up to 5x leverage at relatively no cost.
Whilst the rebate logic and functionality has been deployed with this release, claiming the rebates accrued by margin trading on Sovryn is not yet available. The claiming of rebates will be released with a new Reward page which is currently undergoing thorough testing. this new reward page will allow you to see all of your $SOV earned by providing liquidity, staking and rebates, and claim them, all in one place. Here is a sneak peek at what it will look like!
Remember, Sovryn is non-custodial, meaning we as an entity/project never hold control of your funds. You retain the keys to your coins and control over your financial sovrynty. By margin trading (or performing other activities) on Sovryn, you interact directly with smart-contracts that are programmed to answer to your direction alone. No third party can access or control your funds whilst they are being used by the contract. Only you can remove funds from the smart-contracts by executing a transaction from your wallet address.
Our goal at Sovryn is to bring financial primitives and additional uses to the masses, without having to rely on a single centralized entity or government. Today’s release is one of many to come. As ever, the Sovryn community and the feedback and support it offers is fundamental to our success. Join our channels below to raise ideas with the team and wider community:
Discord Community - https://discord.gg/EdSAs5qzEm
Telegram Community - https://t.me/SovrynBitcoin
Telegram Announcements - https://t.me/SovrynAnnouncements
Twitter - https://twitter.com/SovrynBTC
Reddit - https://www.reddit.com/r/Sovryn/