Sovryn Trading Goes Very Live!
$SOV is trading exclusively on the Sovryn app right now and the price isn't even being tracked on Coingecko or Coinmarketcap yet. I haven't written much about Sovryn yet here on the blog. I've mentioned the project once or twice, but I think it's a good time to get into a bit more depth with Sovryn because the $SOV token went live for trading today. The Sovryn project has been generating a lot of enthusiasm within the Bitcoin & blockchain community for a few reasons. The team is riddled with legit crypto OGs such as Exiled Surfer and Edan Yago. The branding is super fun and the messaging is very clear... SCREW KYC! In addition to those things, the interest in Sovryn is partially about timing.
With the crippling Ethereum network gas fees of late, as well as the explosive growth of (even more) centralized networks like Binance Smart Chain, cryptocurrency is actually in real danger of losing its core values. I remember vividly how I felt a couple of months ago when I noticed that BNB had climbed to the #3 position on Coinmarketcap for the first time. That was the day I finally decided to start using BSC for myself. It wasn't because I was so excited about exploring the DeFi ecosystem over there, although I do truly value and appreciate the crypto incubator environment that BSC is providing. It was because I was terrified that something being referred to as "centralized decentralized finance", which was built and controlled by a centralized exchange, had lifted Binance Coin (BNB) to the third highest crypto by market cap.
I needed to know if BSC was likely to swallow up the whole DeFi market on Ethereum. I wondered if Binance would eventually be compelled by US regulators to begin locking US users out with KYC... maybe then we could have a “Binance Smart Chain.US” that would be slower, remove 90% of the markets, and have zero customer support. Is this how decentralization dies... by adding the word “centralized” in front of it? Never. Sovryn comes along precisely at the perfect time to save humanity from the tyranny of KYC, centralization, and ridiculous Ethereum gas fees! Yay for Sovryn! But how are they doing thiFor starters, they're building on the RSK Network.
As a decentralized platform for decentralized leveraged Bitcoin trading, borrowing & lending, liquidity mining, and swaps, Sovryn is taking on a very large scope. However, it's also pioneering DeFi on the lesser-known RSK Network, which is a Bitcoin parallel chain enabling dual-mining of rBTC (Rootstock aka "Smart Bitcoin") & Bitcoin (BTC). I might be describing that incorrectly, so I welcome your comments and discussion below. I've been trying to understand RSK Network better for a few weeks since I decided to participate in Sovryn's Origin presale. There are several videos of Sovryn's founder, Edan Yago, describing several of the advantages of building the Sovryn platform on the RSK Network. It's well worth researching in more detail.
Sovryn is much than a crypto trading and lending platform. Sovryn is the beginning of a new chapter for DeFi and Bitcoin. Bitcoin alone represents half of all of the cryptocurrency market cap. It has been so exiting to see Bitcoin pegs like renBTC & wBTC brought to the Ethereum network for use in the world of DeFi. When I really began to understand the utility of wBTC as an ERC-20 token, I wondered if "the flippening" might even still have a shot of happening. Now that I'm seeing how Sovryn is working on RSK Network, I'm pretty hopeful that RSK Network will absorb billions in market capitalization from the Ethereum and Binance Smart Chain networks over the next few months.
I participated in the Origin presale (read more about it in this article on cryptoninjas.net), so I bought my SOV for 9,736 Satoshis each. I contributed 0.022 BTC and received 225 $SOV. I don't usually participate in ICOs, IPOs, or token presales. I'm interested in buying Coinbase ($COIN) stock this week as soon as I can figure out how to do that. But I've never participated in a conventional stock IPO. However, all of the ICOs and token presales I've ever contributed to were flops or scams. I've never had good experiences investing this way, so I was acting against my general policy when I decided to participate in the Sovryn presale a few weeks ago.
$SOV trading went live on the Sovryn trading platform today, launching at 15,000 Sats and quickly climbing above 50,000 Sats.... before chilling out to catch its breath and run the satoshis through the satoshi counting machines while you guys read this post and figure out how to buy some $SOV for yourselves! It was so rewarding to see my $1,000 USD investment into the $SOV Origin presale immediately climb nearly 7x to a value of $6,692. I knew that Sovryn wasn't a scam or a flop project. However, I prepared for the possibility that the price would dump on the first day of trading, even if just due to anticipated price discovery and normalization as a new token's theoretical value is forged into a real world value by the furnace of the market. So I held back some USD in case I needed to lower my average token price and buy the dip. But there was definitely no dip today. $SOV hit the ground running!
Having some understanding of RSK Network and the role of Sovryn in pioneering DeFi in a Bitcoin native environment helps to explain the tsunami of interest in Sovryn. The market cap of SOV is still very low. The fully diluted cap is quite a bit higher than the circulating supply because there's a lot of SOV locked up in vesting periods for buyers of the first presale round called Genesis. Nonetheless, I anticipate that the price accumulation of $SOV is currently still being slowed by the fact that even most relatively experienced crypto users haven't used RSK Network and don't yet have an RSK Network wallet like Liquality. So, anyone who takes the time now to become acquainted with the Sovryn platform and using RSK Network now, will be among the first $SOV holders. It's really exciting to me because I'm fairly certain that my ~$7,000 USD in SOV (from a $1,000 USD investment) will soon be worth over $70,000 USD. 10x gains from here seems like a modest projection for Sovryn.
I'm going to be writing a few more posts about Sovryn in the coming days, so I'll keep this one short so we can go a little deeper each time. I've been participating in the Sovryn bitocracy and forum. The community is incredible bright and experienced. This is not a project filled with "when moon" noobs. The participation in the governance has been amazing. I've seen other people feel the way I feel right now about Sovryn with other projects. I've envied them and wondered when my ship might come in. I think this could end up being a big one folks. But it will depend a great deal on the reliability and success of the RSK Network in general. So there are some critical challenges to solve for future growth. However, RSK Network should always retain some advantage over Ethereum and can benefits from the same scaling solutions.
In my next Sovryn post, I plan to discuss staking $SOV as well as some of the awesome incentives that Sovryn is offering to attract liquidity this month. But for now, let's wrap it up by pointing you to a wallet solution and a place where you can get some rBTC. The Sovryn wiki shows a few wallet options for using the RSK Network. Liquality works well or you can also set-up Metamask to work with RSK Network. I'm using Liquality and I like it a lot. I don't mind having to disable Metamask and enable Liquality when switching between using Ethereum dApps and using Sovryn on RSK Network.
Setting up Metamask for use with RSK Network is really simple. You've probably done something similar if you're using Binance Smart Chain at all. However, I didn't want to have to worry about setting my gas limits correctly while using Metmask on three different networks. I decided to use Liquality to try something new and to keep things a little more straightforward for myself. But here's the Metamask setup instructions below. It's really easy to set-up. It's mostly a matter of preference partially determined by how often you may switch between networks.
Alright, now you're aware of Sovryn and you have the basic tools you need to start getting involved immediately. However, in order to buy $SOV, you will need some rBTC in your Liquality or Metamask wallet. You can send BTC to your Liquality wallet and swap it for rBTC from within the wallet. I believe the swap features requires $500 minimum per swap FYI. I sent some BTC to my Liquality wallet and didn't realize there was such a high minimum to swap for rBTC. The fee is really low, however, the minimum amount required to initiate the swap is relatively high for that feature in Liquality. I ended up buying some rBTC on Kucoin and sending that to my Liquality wallet so that I could deposit it for the Origin presale to buy my SOV. I'll probably do the same thing this week in order to take advantage of the liquidity mining incentives to earn some more $SOV.
Hopefully this post has begun preparing you to get involved with Sovryn and the RSK Network. I'll be writing an update shortly with some information about the liquidity mining incentives and how to participate in that money printing party. Thank you for reading! Please remember to demolish that thumbs up, leave a 150% tip, and subscribe for more #BlockToTheFuture! We've got the 2050 crypto almanac and we only place winning bets (except for that one time on Goose Finance). I look forward to reading and responding to your comments :D
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