Sovryn Raises $2.1M and Launches Bitcoin-Native DeFi Platform on RSK

GIBRALTER / ACCESSWIRE / December 15, 2020 / Sovryn, a decentralized platform for trading and lending Bitcoin, has launched and is fully open to the public today. Users can trade Bitcoin in a permissionless, noncustodial, and censorship-resistant way using the Sovryn application. Sovryn is developed on RSK, the Bitcoin-powered smart contract platform. Soon, Sovryn is expected to launch its decentralized governance platform as well.

The launch comes after Sovryn successfully raised $2.1 million in funding in a round that was oversubscribed by $1 million. Nevertheless, Sovryn’s founders capped the funding at $2.1 million as the value is symbolic of Bitcoin’s total maximum supply. The lead investor in the project is Greenfield One, with participation from Collider Ventures and Monday Capital, along with other funding supplied by investors holding significant value in bitcoin. Collider Labs and BlockVenture were among the first to join Sovryn, contributing initial capital and close support.

The insatiable appetite for decentralized finance among the cryptocurrency community has been one of the defining trends of 2020. However, until now, opportunities to cash in on the considerable value of Bitcoin, cryptocurrency’s most valuable asset, have been limited within the DeFi sector.

Sovryn is a Bitcoin Layer 2 technology, leveraging the capabilities of the RSK Bitcoin sidechain. Sovryn provides native and noncustodial trading and lending of BTC. Users can trade long or short with up to five times leverage and enable holders of BTC, USDT and the Dollar on Chain (DOC) stablecoin to earn interest by lending their assets. They can also take advantage of low-cost, low slippage swaps between BTC, USDT and DOC using the Sovryn decentralized exchange with automated market-makers.

Prior to the launch, the Sovryn community and core developers have spent three months testing and auditing the platform’s functionality.

In contrast to centralized platforms, which have been beset by issues this year, including hacks and criminal charges, Sovryn is completely noncustodial, censorship-resistant, with none of the counterparty risk of centralized alternatives.

The launch of Sovryn is a significant step forward in decentralized finance based on Bitcoin. RSK benefits from faster block times of around 30 seconds compared to the Bitcoin network’s 10 minutes. At the same time, RSK is merge-mined with BTC, it has over 50% of the Bitcoin network hash rate, making it the most secure smart contract platform for DeFi applications, and exponentially more secure than Ethereum.

Edan Yago, one of the Sovryn community founders commented: “Bitcoin created a decentralized monetary system. With Sovryn we are providing Bitcoin with a decentralized financial system as well. Sovryn is for those who value self-sovereignty and who want to maintain control of their keys and their private data. With Sovryn, lending, trading and leverage are permissionless and censorship resistant.”

Diego…