SOV is an ERC-20 token minted on Rootstock. SOV itself does not grant governance rights. Instead, SOV gives the option for the token holder to stake in the Sovryn protocol, which then provides the token holder with governance rights.
SOV is not an “altcoin” i.e. a cryptocurrency alternative to BTC. The purpose of SOV is to provide a pseudonymous, censorship-resistant mechanism for governing the parameters of the Sovryn protocol, while aligning the incentives of protocol governors with the long-term success of the protocol. For more information on SOV and its role in Bitocracy governance, see here.
External SOV tokens (eSOV) are tokens that exist on an alternative network to Rootstock (RSK), where native SOV tokens and the Sovryn dapp reside.
These tokens are not new supply or alternative implementations of the SOV coordination token. Instead, they are wrapped SOV tokens designed to enable trading of SOV on other networks, such as eSOV used on Uniswap and Gate.io exchanges.
These tokens are created by locking Rootstock-native SOV tokens in a bridge contract and minting them on the alternative network.
Ensure your eSOV is within a wallet that you control and that can be engaged by the Sovryn dapp, such as MetaMask or a hardware wallet. See the full wallet compatibility guide here. If you have purchased eSOV from an exchange such as Gate.io, you will need to withdraw to your personal wallet before progressing.
On the right top, connect your wallet by clicking the Get Started or Connect Wallet button. If you have not already set up your wallet to connect with the Sovryn alpha dapp, visit the Wallet Setup Guide section before proceeding further.
Ensure your wallet with SOV is one that you control and that can be engaged by the Sovryn dapp, such as MetaMask or a hardware wallet that can engage both Rootstock and Ethereum. See the full wallet compatibility guide here.
On the right top, connect your wallet by clicking the Get Started or Connect Wallet button. If you have not already set up your wallet to connect with the Sovryn alpha dapp, visit the Wallet Setup Guide section before proceeding further.