Margin Trading Updates
Thanks to you Margin Trading just got a whole lot better!Read More
ello Sovryns and Bitcoin Mutants,
The 26th of March is an important day for the Sovryn ecosystem. It is when the Origin tokens become unlocked and can be transferred.
To celebrate that, Sovryn is looking to create an SOV/BTC pool on its own platform. Even though it is expected that other 3rd party platforms will make the token available in the upcoming months, we know that you are super keen to get going.
The development team is working as we speak on the script for the SOV/BTC pool. In the next few days, the pool will be deployed internally and properly tested to ensure all the right parameters are right.
The pool will be open to everyone - we will lift the restricted whitelist access ahead of the launch. The SOV/BTC pool will initially be the only pool open without a whitelist. The rest of Sovryn products will remain accessible only for the previously whitelisted addresses. As the FastBTC bridge is already up and running, obtaining rBTC for pool interaction will be straightforward. As a reminder, FastBTC allows users to swap BTC for rBTC with only one blockchain confirmation.
We plan to launch the pool within 2 weeks time. Development is not a straight path so delays might appear, but - rest assured - you guys will be the first to know when the pool is ready.
Additional On-going Work
Sovryn Crosschain bridge (ETH and BNB SmartChain)
The ETH bridge is already on the public test-net. The community have had the chance to analyse the flow and the way the bridge responds. Our internal goal is to deploy it on the main net in the first week of April. Shortly after the main net launch of the bridge, SOV will become live on Ethereum as well. SOV on Ethereum - the mirrored native SOV on the ETH blockchain - will foster increased adoption as it will act as a gate for the ETH Defi supporters.
A similar architecture is built for the Binance chain and it will soon be made available for public testing.
Arbitrum layer 2
This is live on the RSK test-net. For now, we are testing it internally. When we are satisfied with it, we will offer the testing possibility to the community as well. At the end of April, we will launch a number of tutorials to show you how Layer 2 works, what are its strong points and how can it be used within the Sovryn platform. Although the Layer 2 development is quite intricate, we expect to launch it sometime in the month of May.
As you know, one of Sovryn’s main objectives is ensuring that users have smooth and easy access to peg-in options (peg-in describes the process of converting BTC to mirrored BTC). For now, we’ve launched the FastBTC option, but Sovryn is also working on its own pegged BTC. The purpose of the Sovryn BTC is to give users as many options as possible to use the dapp and thus increase the ecosystem liquidity.
While still in the testing phase, the results are encouraging and we are confident that this new BTC peg option will be made available in relatively short order.
Please know that BTC counter-market price movements (especially on the upside) will still be seen within the dapp in the next few weeks. This happens because Sovryn is still in its early days and the required liquidity is not quite there yet. While that might be seen as a downside, it is still a great opportunity for arbitrage.
Increased liquidity and lower slippage is the expected outcome of the Sovryn BTC and roll-ups implementations. We are very focused on liquidity and this will be solved very soon. Please bear with us.
Expected project roadmap for the next few weeks