The Sovryn community published the Black Paper v.1 to outline the details of their infrastructure solution for the next generation of DeFi.
The paper summarizes the work that Sovryn contributors accomplished as of the release date of the paper (19 Jan 2021). It explains how the Sovryn protocol takes the monetary sovereignty that Bitcoin offers and builds a layer-2 operating system to ensure complete financial sovereignty to users worldwide.
DeFi has made massive strides in the past few years with the introduction of multiple, technological innovations, including:
In 2020, the combined locked-in value of DeFi markets grew by 2100%, cementing the industry’s place with massive interest in the first round of DeFi expansion.
The fact remains that the apex crypto asset, Bitcoin, has been largely left out of these first generation DeFi protocols. Why is that?
Sovryn solves these challenges by creating a Bitcoin-native financial operating system that allows people to utilize their bitcoin in decentralized applications:
The Sovryn protocol provides an infrastructure using layer-2 technologies for the next generation of DeFi. In this new era:
Learn about Sovryn’s Fullstack Operating System for Bitcoin-native DeFi in the Black Paper
The Sovryn protocol already provides tools for Bitcoin-native trading, lending, and leverage. Each of these financial applications are carried out in a permissionless manner and secured by the Bitcoin Blockchain through merge-mining on the Rootstock (RSK) sidechain.
Soon, the Sovryn Bitocracy will enable anyone to build EVM-compatible smart contracts that are secured by Bitcoin Proof of Work (PoW). Users will be able to transmit the value of their Bitcoin for use in day-to-day payments, without having to sell their digital gold. With an operating system built specifically for Bitcoin-native DeFi, the sky is the limit for building a truly decentralized financial system.
Anyone wishing to join the Sovryn Bitrocracy will enjoy Bitcoin-class security, privacy-enhancing zk-proof shielded transactions, and DeFi products that allow them complete financial sovereignty while putting their Bitcoin to work.
Learn more details about the Sovryn tech stack, its use cases, and the SOV token in the Sovryn Black Paper.