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Votes on both SIP-17 and SIP-18 are officially open and available to voters for the next 24 hours. To cast your vote please visit Bitocracy app.
SIP-17 welcomes the decentralized governance token (MoC) for Money on Chain, a fellow DeFi platform on RSK, making it available for purchase directly in Sovryn. Users will be able to stake MoC in the Money on Chain platform in return of voting/veto power and staking rewards. Users will also be entitled to a discount on Money on Chain platform fees when paying with MoC. To achieve this, Money on Chain and Sovryn will initiate and share initial liquidity provision in a MOC/rBTC AMM pool.
If the SIP were to pass, 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. We invite you to DYOR and read the SIP-17 Proposal here. You can read more about the MoC token here.
SIP-18 proposes a solution of deep stablecoin liquidity to Sovryn through BabelFish, the cross-chain stablecoin aggregator. Users will be able to send different stablecoins to the BabelFish protocol in return for xUSD, BabelFish’s universal stablecoin, and FISH tokens. The funds deposited will be invested through various DeFi platforms to earn a yield, which will then fund governance and a bitcoin layer 2 insurance pool. The yield will be re-invested weekly into a community-owned insurance pool of bitcoin - the ultimate asset for insurance. xUSD will be convertible 1:1 with various established stablecoins across multiple chains. You can read the full SIP-18 Proposal here.
The governance of the BabelFish protocol is community controlled. FISH is the governance token upon which voting power is attributed. Therefore, users can vote in the direction of the protocol using these FISH tokens. As part of this SIP, the FISH governance token will be up for grabs via a token sale on Sovryn’s Origin launchpad.If the SIP were to pass, this would mark the first external token sale on the Sovryn platform!
You can read more about BabelFish here.
Where and how to vote
Head over to the Bitocracy app and exercise your voting power. Cast your votes on SIP-0017 and SIP-0018. You can use our wiki guide on how to cast your votes here. Voting will close on May 14th at approximately 4:30pm UTC.
Happy voting and stay Sovryn!