Sovryn Launches DeFi Platform on RSK Bitcoin Sidechain; Decentralized Lending And Trading Tools

2020-12-17 00:07

New decentralized lending and trading platform launches with a focus on the top cryptocurrency, Bitcoin (BTC), rather than the conventional Ethereum-based applications.

Sovryn, a decentralized platform built and operating on Bitcoin’s RSK sidechain, announced the launch of its public chain this Tuesday, aiming to bring a full Bitcoin suite to the DeFi world. Users on the platform can now access a suite of DeFi tools, including lending, borrowing, and trading using Bitcoin.

The platform incorporates a decentralized exchange and a derivatives platform, where users can place future bets on assets (either long or short) with up to 5X leverage. In addition to borrowing and lending services on the platform, users can also stake (provide liquidity) on Bitcoin (BTC), Tether stablecoin (USDT), and Dollar on Chain (DOC) tokens and earn interest rewards by lending out the assets.

RSK is a Bitcoin sidechain type that offloads some of the transactions from the layer 1 chain to another public network. As a sidechain, RSK gives Bitcoin similar smart contract capabilities to Ethereum-based applications allowing new features to be integrated using Bitcoin.

In a statement to the press Edan Yago, Sovryn project lead, praised RSK as a “natural fit” for his project, allowing the development of a censorship-resistant digital currency. He further stated,

“Now, with the addition of a smart contract layer, deploying on RSK has meant we can provide the same or better functionality than centralized services, but in a decentralized way.”

The statement from Sovryn further confirmed a planned launch of its decentralized governance protocol later this month, similar to a lending protocol, Compound token launch in May. The governance smart contracts will be forked from Compound, with the early investors and users of Sovryn having the exclusive sale rights at the launch of the Sovryn governance tokens, which are expected to launch in Q1 2021.

To participate in voting on the platform, users must stake their tokens, where the longer you stake your tokens, the higher your voting power will be.

Sovryn completed a symbolic $2.1 million funding round led by Greenfield One and joined by other investors, including Collider Ventures, Monday Capital, and BlockVentures, who also provided development support. The funding value is a representation of the 21 million BTC coins that will be mined.

The post Sovryn Launches DeFi Platform on RSK Bitcoin Sidechain; Decentralized Lending And Trading Tools first appeared on BitcoinExchangeGuide.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 66166.46 (-0.27%)
Îáúåì 24H $41.658b
Èçìåíåèÿ 24h: 5.32 %, 7d: 8.35 %
Cåãîäíÿ L: $65723.56 - H: $66367.17
Êàïèòàëèçàöèÿ $1303.262b Rank 1
Öåíà â ÷àñ íîâîñòè $ 22694.92 (191.55%)

bitcoin decentralized platform sovryn trading lending launches

Èñòî÷íèê: bitcoinexchangeguide.com

bitcoin decentralized → Ðåçóëüòàòîâ: 126


Jack Dorsey is Building a KYC-Complaint DEX for Bitcoin with a Decentralized Identity Solution

Twitter CEO and co-founder Jack Dorsey have shared more details about his project that revolves around Bitcoin. Last month, Dorsey had said that decentralized finance (DeFi) on Bitcoin is his new goal — “an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services” and that […] The post Jack Dorsey is Building a KYC-Complaint DEX for Bitcoin with a Decentralized Identity Solution first appeared on BitcoinExchangeGuide.

2021-8-30 16:12


Bitcoin’s decentralized nature will render military superiority, economic sanctions irrelevant

A lot has been debated about whether Bitcoin would eventually disrupt traditional systems, or whether the latter would just embrace the technology. The decentralized ledger technology has undoubtedly garnered the attention of skeptics, as industry giants are looking forward to revolutionizing the existing system by leveraging the underlying tech or jumping into the cryptocurrency ecosystem […] The post Bitcoin’s decentralized nature will render military superiority, economic sanctions irrelevant appeared first on AMBCrypto.

2019-7-2 01:30


Is XRP Really More Decentralized Than Bitcoin And Ethereum, as Ripple CEO Brad Garlinghouse claims

Brad Garlinghouse, the CEO of San Francisco based startup Ripple, has focused a lot of his efforts in the past to defend the cryptocurrency his company made, XRP. Many critics pointed out in the past that XRP is a heavily centralized cryptocurrency, mostly due to the way its validator network is structured and due to […] The post Is XRP Really More Decentralized Than Bitcoin And Ethereum, as Ripple CEO Brad Garlinghouse claims appeared first on CaptainAltcoin.

2018-12-26 07:08


Electricity Consumption of Bitcoin is a Non-Issue: Solar Energy is Free in Some Regions

Bitcoin and its trustless, decentralized design requires a unique process called mining that validates each transaction being added to its underlying blockchain. The process involves solving complex mathematical equations, and typically requires some serious computer processing power, and even specially-designed hardware, to validate each block.

2018-12-18 20:01


“We probably only go to $150k BTC and people start panic selling houses to get a Bitcoin”, says “The Serial Forker”

Rhett Creighton was the man behind Bitcoin Private, the fork of Zclassic and Bitcoin. He has suddenly abandoned the project and announced another fork called “Bitcoin Prime”. The Bitcoin Private team later announced that they were firing him and would continue the project with other developers.

2018-12-17 01:00


Ôîòî:

Bear-Resistant: Blockstack Reaches “Milestone 1,” Unlocks $25 Million

Despite red water market conditions, Blockstack announced on December 13, 2018, that they had “unlocked” $25 million in resources to continue their blockchain development. In a company blog post, co-founder Muneeb Ali described the necessity of an advisory board, reviewed the firm’s milestones, and explained how the newly released funds would be put to use.

2018-12-15 00:00


Membrana.io – A Trust Management of Digital Assets Platform Announces Start of Token Sale

Bitcoin Press Release: The Membrana Blockchain Platform is intended to bring investors and traders together for concluding mutually beneficial blockchain-protected contracts for the trust management of cryptocurrency assets December 11th, 2018, Saint Petersburg – Membrana provides investors and traders with a transparent, decentralized and secure system, which controls the process of concluding and executing a […] The post Membrana.

2018-12-11 13:11


Ôîòî:

0x Launches Instant, a One-Click Solution to buy ERC Tokens from dApps

The 0x blockchain project has launched Instant, a modular software library that allows users to buy digital tokens from within a decentralized application (dApp) or website. In a blog post published December 6, 2018, the project’s marketing lead Matt Taylor explained that the service will present users with only the best prices for each token, streamlining the user experience.

2018-12-10 06:00


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero

While layer 1 solutions like Solana (SOL), Avalanche (AVAX), Binance Smart Chain (BSC), Polkadot (DOT), and Cardano (ADA) are trying to compete with Ethereum, layer 2 solutions like Arbitrum and Optimism are here to solve the issue of high fees and congestion on Ethereum network and have been gaining traction.

Jump Trading Group formally introduces Jump Crypto

Jump Trading Group, a data and research-driven trading business in operation for more than twenty years, today announced the formal launch of Jump Crypto, a dedicated unit focused on the development of blockchain ecosystems and cryptocurrency.