The Sovryn Community Summary

brought to you by Sovryn

Helloooooo everyone!

How was this last week for you? For us, it was very productive. Here is what we have accomplished and what we have been working on.

Governance

The past week we conducted several votings:

SIP6-A1

You voted favourably on our proposal to amend the SIP6. You agreed 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 the initial proposal.

SIP 8: Sovryn Bug Bounty Program

Immunefi proposed to create and help manage a bug bounty program for Sovryn, as well as ongoing review and triaging of bug reports.

With 100% consensus, you approved a massive bug bounty reward of up to $1,25M - the largest in the DeFi space so far - for whoever discovers a critical weakness in our system.

This decision also helped Sovryn to be mentioned on a number of famous crypto news-related platforms. That boosted the awareness around Sovryn and you will see more and more supporters joining our community.

Thank you for that.

During the first month of the bug bounty, a bonus payment program will incentivise an intensified search for bugs in the protocol.

You can submit any bug reports here - https://immunefi.com/bounty/sovryn/

SIP 10

With SIP 10 it was approved to make all the SOV tokens from Origin available for claiming on the 5th of March.

Whitelist

Upon claiming SOV, your RSK address will be whitelisted to use the Sovryn dapp. You will be able to trade, lend and top-up your rBTC.

Ensure you have rBTC in your RSK wallet address and get ready to claim your SOV. You can check the instructions on our Wiki: https://wiki.sovryn.app/en/getting-started/wallet-setup#how-do-you-get-rbtc-on-your-rsk-mainnet-wallet

*Origin SOVs will be non-transferable until March 26th

Development

Fast BTC

This week we will launch the Fast BTC integration. That will give you guys an even faster and hassle-free way of getting rBTC directly on the Sovryn app. We will soon post additional information on how that works. The main advantage for you guys is that you can get up to 3 rBTC in only one BTC confirmation.

TBTC

You will be happy to find out that the TBTC bridge development is also on our list of soon to be released deliverables. Actually, the dev team had a massive breakthrough during the testing phase this week. That makes us believe that pretty soon this new BTC pegg option will be available to you guys.

ETH bridge

The dev team also is working diligently on the ETH bridge integration. As you know from last week, this is on the test net and all kinds of scenarios are being conducted to ensure that no errors are left within the code prior to deployment. The launch of the ETH bridge on the main-net will be an amazing milestone. This will support the exponential growth of the Sovryn ecosystem once all the ETH supporters will have straight-forward access to our products. We plan to make it available for community testing this week - stay tuned.

Additionally, the dev team is improving the user interface for the Swap and the AMM section of the Dapp, fixing UI bugs and getting ready to launch the Staking UI.

Creative and Design

In addition to the above-mentioned, we will launch the new website soon. We have been working on it for the last few weeks and we are almost done. We believe it will be a nice surprise for the community.

We have also kicked off the design for the Staking option, the ETH bridge interface and the arbitrage interface. Some time is still needed to deliver them but we hope to have some of them ready by the next Community meeting.

Liquidity

Following the Origin SOVs claim kick-off, users from Origin will have access to the Sovryn exchange. Naturally, we expect a lot of traffic and trading volume from your side. Therefore, the Sovryn team is actively working towards ensuring good liquidity. We are talking with a number of partners that will support and bring liquidity onto the platform. Lastly, we have a special surprise prepared just for you guys. Stay tuned…

Thank you, once again, for making Sovryn real on a daily basis.

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