Decentralized Finance Platform Sovryn Launches On The RSK Bitcoin Sidechain
Decentralized Finance Platform Sovryn Launches On The RSK Bitcoin Sidechain
December 17, 2020
Decentralized Finance Platform Sovryn Launches On The RSK Bitcoin Sidechain
Decentralized Finance Platform Sovryn Launches On The RSK Bitcoin Sidechain
December 17, 2020

Sovryn, a decentralized finance platform, has announced its public launch on the RSK Bitcoin sidechain.

It has been reported that users can now access a full suite for trading Bitcoin (BTC) in a trustless, noncustodial environment, benefiting from powerful leverage and yield opportunities.

However, the platform presents a mix of major DeFi building blocks, including a collateralized lending protocol and automated market maker exchange. Users can trade long or short with up to five-time leverage, while holders of Bitcoin (BTC), Tether (USDT), and the Dollar on Chain (DOC) stablecoin can earn interest by lending their assets.

The report said that later in December, the project plans to launch decentralized governance forked from Compound’s contracts.

RSK is compatible with the Ethereum Virtual Machine by supporting Ethereum’s Solidity smart contract language.

It has been analyzed that Sovryn users who join early will have exclusive access to the sale of its governance tokens, planned for the first quarter of 2021. The tokens will allow holders to participate in governance, though the team introduced a staking requirement: The longer the tokens are staked, the more voting power they acquire.

ALSO READ :  Indian Man Arrested On Charges Of Operating A Crypto Scam

Before launch, Sovryn held an oversubscribed investment round for $2.1 million by choosing the figure for its symbolic significance for Bitcoin. The round was led by Greenfield One and included Collider Ventures, Monday Capital, and other undisclosed investors. Collider Labs and BlockVenture provided initial capital and development support.

Likewise, the RSK sidechain recently saw a slew of upgrades and projects building on it. The project offers a faster, smart contract-enabled blockchain secured by merge-mining with Bitcoin. Its native token is rBTC, a wrapped version of Bitcoin.

The project, recently, announced that it upgraded the bridge to allow trustless Bitcoin transfers to the sidechain.

The RSK ecosystem is also gradually building out DeFi protocol building blocks, already featuring a stablecoin-generating protocol in Dollar on Chain. 

Thus, it has also developed an alternative type of decentralized exchange platform, which uses a hybrid model between order books and automated market makers.

Source: Cointelegraph


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.