Renowned DeFi platform operating on the RSK Bitcoin sidechain, Sovryn, recently officially announced its public launch. Users can now access a full suite for trading Bitcoin [BTC] within a trustless, noncustodial environment, taking advantage of powerful leverage and yield opportunities.
The platform presents a mixture of leading DeFi building blocks, along with the collateralized lending protocol and automatic market maker exchange. Users can trade long or short with up to 5x leverage, while holders of Bitcoin [BTC], Tether [USDT], and Dollar on Chain [DOC] stablecoin can earn interest by lending their assets.
Within this month in December, the project plans to launch decentralized governance forked from Compound’s contracts for soon. RSK is compatible with the Ethereum Virtual Machine, thus supporting Ethereum’s Solidity smart contract language.
Sovryn users who join early will have exclusive access to the sale of its governance tokens, planned for the primary quarter by next year. The tokens will permit holders to participate in governance, via the team introduced a staking requirement: The longer the tokens are staked, the more voting power they acquire.
Just prior to the launch, Sovryn held an oversubscribed investment round for $2.1 Mln, choosing the figure for its symbolic significance for BTC. The round was led by Greenfield One as well as included Collider Ventures, Monday Capital, and other undisclosed investors. Collider Labs and BlockVenture provided initial capital and development support.
The RSK sidechain recently observed a slew of upgrades and projects building thereon. The project provides a faster, smart contract-enabled blockchain secured by merge-mining with Bitcoin. Its native token is rBTC, a wrapped version of BTC. Earlier also, the project announced that it upgraded the bridge to permit trustless Bitcoin transfers to the sidechain.
The RSK ecosystem is additionally gradually building out DeFi protocol building blocks, already featuring a stablecoin-generating protocol in Dollar on Chain. It’s also developed an alternate sort of decentralized exchange platform, that employes a hybrid model between order books and automatic market makers.