TL;DR:

• Focus on growing the Bitcoin ecosystem and attracting developers.

• Consistent SOV staking yield above 12% APR.

• Updated Roadmap

• Recent releases include bridge updates, email alerts, and improved Tor compatibility; upcoming Zero stability pool subsidies and claiming fee fixes.

• Reduced operating costs and new budget proposal; focus on extending the runway and pursuing project objectives.

• FameGuild developing a marketplace for NFTs and ordinals in the Sovryn ecosystem, with a planned revenue share for SOV stakers.

Introduction

This report offers a comprehensive overview of the recent Sovryn community call, which covers topics such as the project roadmap, product and development updates, financial updates, and partnerships. The information is organized into sections with clear headings and summaries to help those who were unable to attend the call stay up-to-date with the latest developments.

Roadmap and Strategic Update:

Sovryn is focusing on growing the Bitcoin ecosystem and attracting more developers. The project is in a strong position to take a leadership role in developing new technologies, such as Bitcoin with Ordinals. Over the past six months, SOV staking yield has not dipped below 12% APR, demonstrating the sustainability of the project.

Updated Roadmap

• Bitocracy 3.0: Taking control over smart contracts from the exchequer to Bitocracy.

• Sovryn SDK: Enabling developers to build front-end applications.

• Multichain Integration: New stablecoin bridging.

• Improvements on Lightning Integration, Sovryn Layer, and oracles research and development.

Product Update

Sovryn has successfully launched the new web app, Mynt, and DLLR in Q1. The team experimented with zero governance, leading to the decision to sunset the Mynt token. Upcoming features include better navigation between sovryn.app and live.sovryn.app, as well as smart routing for token swaps, which will scan for the cheapest way to perform swaps and automatically execute them in the background.

Development Update

Recent releases include updates on bridges to respect pauses on Babelfish to prevent the loss of funds, email alerts for important events like approaching liquidation, and improved Tor compatibility. The legacy backend has been sunset for better scalability and easier maintenance.

Upcoming Features:

• Zero stability pool subsidies starting at 5% APR.

• Risk checkpoints to be agreed upon before opening a line of credit on Zero.

• Fixes for claiming fees, which affected a small percentage of users.

Work in Progress:

• Sunsetting Mynt: Swaps will migrate from the legacy app.

• Improving multisig wallet management to help with liquidity issues.

• Developing the Sovryn Developer Portal and SDK: A single source of documentation for the entire Sovryn ecosystem to enable third parties to connect their products and services.

Financial Update

A full financial report has been published in the forums, and a new budget will be proposed in a SIP. Operating costs have been reduced by over 50% from 2.7 million in Q2 2021 to 1.2 million. The unrealized loss is over 8.7 million due to the market crash and the exchequer's rule to not sell Bitcoin. The last funding round was conducted in stablecoins, which helped mitigate the impact of the bear market.

Budget Objectives

• Secure a runway through August 2024 while pursuing project objectives.

• Base budget assumptions on a Bitcoin price of $16,500, with no additional funding raised and no profits taken from the platform.

• The proposed budget shifts from $448,154 per month to $284,633, providing a 24-month runway at current prices or a 19-month runway with the assumption of a $16,500 Bitcoin price.

Budget Allocation

• 77% to headcount and 23% to other expenses.

• 56% development, 20% adoption, and 24% operations.

Funding and Treasury Balances:

• A reduction in USD holdings and an increase in BTC, while other assets mostly remained the same.

• A separate SOV report will be published regarding issuance and how the exchequer has been deploying funds in each pool.

Partnerships and Projects

FameGuild, led by Stan the Great, is developing a marketplace for NFTs and ordinals in the Sovryn ecosystem. The project aims to capitalize on the 137% increase in NFT trading volume during 2023 and the growing interest in Ordinals. FameGuild is also building a wallet for ordinals and NFTs. The first collection will feature characters and villains with unique stories, offering discounted fees, token shares, and other benefits.

Partnership with Sovryn:

• A deep partnership involves a revenue share of approximately 30% for SOV stakers.

• The beta marketplace is set to launch next month, with the wallet for ordinals and NFTs planned for the last quarter of the year.

• Future plans include bridges to bring other NFTs into the ecosystem.

• Initially, the platform will be permissioned but will transition to a permissionless system over time.

Conclusion

The Sovryn community call covered an extensive range of topics, highlighting the project's progress, upcoming developments, and new partnerships. This detailed report provides a thorough overview of the key points discussed during the call, ensuring that the community remains informed and engaged with Sovryn's latest initiatives.

Call to Action

To help us reach more people and grow our community, please consider subscribing to our updates, liking, and sharing this report with your network. Your support is invaluable in helping us expand the Sovryn ecosystem. Additionally, we encourage you to provide any feedback you may have, as your input helps us improve our services and better serve the community.

Stay Sovryn, and remember: We are Bitcoin!