¶ What is Sovryn?
- Pioneering force behind BitcoinOS—a bitcoin compute superlayer
- The most feature-rich DeFi platform for bitcoin
- A noncustodial and permissionless smart-contract system for bitcoin swapping, borrowing, lending, and margin trading
- A protocol for the Sovryn Dollar (DLLR)—an aggregated, non-custodial, bitcoin-backed stablecoin
- A DAO (distributed autonomous organization) built on Rootstock, a bitcoin sidechain, that provides the bitcoin ecosystem with EVM superpowers
- A multichain dapp currently operating on Rootstock and BOB (Build on Bitcoin)
- A project to facilitate a full-stack financial operating system on bitcoin using rollup technology, open and available to all
Sovryn runs on Rootstock, which derives its security from the bitcoin network. The native token of Rootstock is RBTC, an exact 1:1 BTC peg. When you transfer bitcoin into Rootstock, your bitcoin is locked and the equivalent amount is released as RBTC on Rootstock. Using RBTC, your bitcoin takes on new capabilities. You can borrow, lend, and trade on Sovryn. In addition, all fees are paid in RBTC, so you don't need a separate asset just for transaction fees.
The Sovryn dapp also runs on BOB (Build on Bitcoin), a hybrid Layer 2 rollup that combines bitcoin security with the programmability of Ethereum and a roadmap to tie the rollup more closely to bitcoin. BOB gives native support to ERC-20 tokens, access to DeFi liquidity, and easy on- and off-ramps with major exchanges.
¶ Currently available features
- 0%-interest loans on bitcoin that issue a USD-pegged stablecoin
- Bitcoin-backed stablecoin
- A decentralized, USD-pegged token backed by overcollateralized bitcoin
- FastBTC relay
- A simple and quick method to bi-directionally exchange between BTC and RBTC
- Bridge between Rootstock (BTC) and Ethereum, BSC networks
- Spot exchange with limit orders
- Low-cost, low-slippage, instant trading between tokens allowed by Sovryn AMM
- Margin trading - Up to 5X long/short trades
- Lending pools/yield farming
- Earn fees by lending tokens to margin traders and borrowers
- Borrowing
- Borrow tokens from the lending pool (all lending is overcollateralized)
- Portfolio management
- SOV staking for fee sharing, voting power, platform rewards, and airdrops
- Bitocracy
- Sovryn-specific Incentive-aligned protocol governance where Sovryn Improvement Protocols (SIPs) are openly discussed on Sovryn’s social channels, then moved to the official Bitocracy forum, then moved to the Sovryn dApp governance reconciliation. Each staker has voting rights to participate in decisions that determine the course of platform development.