Sovryn, a decentralized financial platform backed by the RSK Bitcoin side chain, announced its public launch on Tuesday. Users can now access the full suite of Bitcoin (BTC) trading in an unreliable and unguarded environment, and take advantage of strong leverage and profit opportunities.
The platform is a combination of DeFi’s most important building blocks, including secured lending protocol and automated market maker exchanges. Users can trade long or short with five times leverage, while holders of Bitcoin (BTC), Tether (USDT), and dollar on the stable chain (DOC) can earn interest by lending their assets.
Later in December, the project plans to start decentralized management on the basis of complex contracts. RSK is compatible with Ethereum virtual machine, and thus supports the Ethereum Solidity smart contract language.
Sovryn users who joined earlier will have exclusive access to the sale of tokens for the board, scheduled for the first quarter of 2021. The tokens will allow their holders to participate in management, even if the team makes a requirement for the game: the longer the tokens are deferred the more votes That they got.
Prior to the launch, Sovryn managed an acquired $ 2.1 million round of investment, choosing this number due to its symbolic importance in Bitcoin. The tour was led by Greenfield One, and featured Collider Ventures, Monday Capital and other unknown investors. Collider Labs and BlockVenture provided support for capital and development.
RSK side chain recently has received several updates and projects based on it. The project offers a faster blockchain with support for smart contracts, protected by combining mining with bitcoins. Its token is rBTC, which is a shell version of Bitcoin. The project recently announced that it had upgraded the bridge to enable reliable transfer of Bitcoin to the side chain.
The RSK ecosystem is also gradually building the building blocks of the DeFi protocol, which already includes the dollar coin stack creation protocol on the chain. It also developed an alternative type of decentralized exchange that uses a hybrid model between order books and automated market producers.