Sovryn to Roll Out Full RSK-based Suite For Bitcoin DeFi

By Warren Hayes | December 24, 2020

Sovryn – a DeFi network utilizing the RSK Bitcoin sidechain to run its operation – has reportedly disclosed details of its public release, offering a full suite for Bitcoin (BTC) trading to users. 

Specifically, the platform – providing a trustless, noncustodial environment, taking advantage from powerful leverage and yield opportunities – reportedly comes with numerous major DeFi building blocks, nominally a collateralized lending protocol and automated market maker exchange.

Long or short trading will reportedly be facilitated, with a five-fold leverage, at the same time allowing for interest generating for Bitcoin (BTC), Tether (USDT) and the Dollar on Chain (DOC) stablecoin holders, via carrying out lending activities for their assets. 

In December 2020, the network reportedly has plans to roll out decentralized governance forked from Compound’s contracts. 

RSK is reportedly in full sync with the Ethereum Virtual Machine, hence comes with supporting features for Ethereum’s Solidity smart contract language.

Any Sovryn user who has early participation will reportedly be offered exclusive access to the sale of its governance tokens, tentatively planned to be rolled out in the first quarter of next year. 

The tokens will reportedly give access right to its holders, governance-wise, via  the team introduced a staking requirement: The longer the tokens are staked, the more voting power they obtain.

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