The protocol offers leverage trading, lending and an internal decentralised exchange and plans to launch a governance token soon.
Sovryn, a decentralized financial platform operating on the RSK Bitcoin side channel, announced its public launch on Tuesday. Users can now access a full suite of Bitcoin trading in a trustless, non-custodial environment, benefiting from powerful leverage and performance opportunities.
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The platform features a combination of DeFi’s core components, including a secured lending protocol and an automated market maker exchange. Users can trade long or short term with up to five times the leverage, while holders of Bitcoin (BTC), Tether (USDT) and the Stablecoin Dollar on Chain (DOC) can earn interest by lending their assets.
Later in December, the project plans to launch a bifurcated decentralised governance of Compound contracts. RSK is compatible with the Ethereum virtual machine, so it supports the Ethereum’s intelligent Solidity contract language.
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The first Sovryn users to join will have exclusive access to the sale of their governance tokens, planned for the first quarter of 2020. The tokens will allow holders to participate in governance, although the team introduced a participation requirement: the longer they staked their tokens, the more voting power they would gain.
Prior to the launch, Sovryn held a $2.1 million subscription investment round, choosing the figure for its significance to Bitcoin. The round was led by Greenfield One and included Collider Ventures, Monday Capital and other undisclosed investors. Collider Labs and BlockVenture provided seed capital and development support.
The RSK side chain has recently had a number of updates and projects based on it. The project offers a faster and smarter contract-enabled blockchain network secured through combined mining with Bitcoin. Its native token is rBTC, a wrapped Bitcoin version. The project recently announced that it has updated the bridge to allow trustless Bitcoin transfers to the side chain.
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The RSK ecosystem is also gradually building the building blocks of the DeFi protocol, which already has a protocol for generating stablecoins in Dollar on Chain. It has also developed an alternative type of decentralised exchange platform, which uses a hybrid model between order books and automated market makers.