SOV holders, prepare to cast your votes!

brought to you by Sovryn

February 25, 2021

Starting today, votes on SIP-0006 (A1) and SIP-0008 will be open for 24 hours in the Bitocracy app,

SIP-0006 (A1): Origin Pre-Sale

Voting open from February 25th 21:18pm UTC until February 26th 21:18pm UTC.

In a historic first for the Sovryn Bitocracy, SOV holders will be voting on an amendment to a previously approved SIP. SIP-0006 (A1) proposes to amend SIP-0006 to offer SOV to Origin sale participants at a price of 9736 sats per SOV rather than the 10,000 sats per SOV approved in SIP-0006. This price difference is due to a small difference between the amount of BTC that was expected to be collected when SIP-0006 was approved and the final amount of BTC collected after Origin pre-deposit reimbursements were processed. The dev team proposes that instead of spending time to reopen deposits, the time would be better spent building more kick-ass tech. Onwards!

You can read SIP-0006 (A1) here for the full details and find the discussion about SIP-0006 (A1) in the Sovryn forum here.

What happens next?

If SIP-0006 (A1) is approved, SOV token distribution will begin sometime between next Monday March 1st and Tuesday March 2nd. SOV holders will receive an email informing them that their SOV is claimable as soon as it is available, and a button will become visible in the Sovryn dapp to claim the SOV. Note that you will need to have RBTC in your RSK wallet to be able to pay the mining fee to claim your SOV. Upon claiming your SOV, your RSK address will also be whitelisted to use the Sovryn dapp.

Origin presale claimed SOV will remain non-transferable until the vesting period ends on March 26th, after which they will become transferable / liquid. Although the SOV will be non-transferable until March 26th, you will be able to use your SOV to vote on SIPs using the Bitocracy app at any time after you have claimed your SOV.

SIP-0008: Sovryn Bug Bounty Program

Voting from February 25th 22:04 pm UTC until February 26th 22:04pm UTC.

In SIP-0008, we have another historic first as a company from outside the core Sovryn development team proposes to provide a paid service to the Sovryn protocol. Bug bounty platform Immunefi proposes to create and help manage a bug bounty program for Sovryn. Immunefi seeks the approval of a bug bounty program covering the most critical and sensitive parts of the Sovryn dapp and smart contract system, as well as an offer to provide ongoing maintenance work reviewing and triaging bug reports in collaboration with Sovryn developers.

You can read SIP-0008 here for the full details and find the discussion about SIP-0008 in the Sovryn forum here.

Where and how to vote

Visit the Bitocracy app and use your SOV to cast your votes on SIP-0006 (A1) and SIP-0008 once the proposals have been submitted onchain at the scheduled time. You can watch a video tutorial showing how to cast your votes here.

You can also join the conversation about these and other SIPs in the #Bitocracy channel on the Sovryn Discord and the Bitocracy category in the Sovryn forum.

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