• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Company News

Sovryn Launches Bitcoin Trading Platform on RSK After Raising $2.1 Million

Thomas Delahunty by Thomas Delahunty
4 months ago
in Company News
Reading Time: 3min read
Sovryn
Advertisement

A new platform has launched for decentralized margin trading – and it’s not on Ethereum. Sovryn has debuted its options trading platform on Bitcoin smart contract network RSK, bringing decentralized swaps straight to the Bitcoin community. The move signals a shift in the pendulum that has seen much of the onchain BTC trading gravitate to Ethereum, where assets like WBTC are swapped and staked onchain.

Trading and lending are the primary use cases for Sovryn, which is poised to open its virtual doors to the public after completing a $2.1 million raise led by Greenfield One, Collider Ventures and Monday Capital. Collider Labs and BlockVenture have also contributed initial capital and close support. The platform is scheduled to go live today, allowing BTC traders to experience DEX swaps and DeFi tools in a scalable, low-fee environment.

Margin Trading and Liquid Swaps

The product of intensive development followed by three months of rigorous auditing, Sovryn is now ready for public consumption. BTC, USDT, and DOC, the Money on Chain stablecoin, can be traded with up to 5x leverage, all conducted onchain. The platform will also enable holders of these assets to earn interest by lending them. Sovryn promises to provide a liquid environment for token swaps, implemented through its custom AMM.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

While the platform’s core products are non-custodial, there is also support for custodial trading. The advantages of building the platform on RSK are that it anchors Sovryn closer to Bitcoin, the hub around which the crypto world revolves. It also mitigates the issues with high fees and slow transactions that are endemic to Ethereum.

Handing Control to the Community

One of the next tasks on Sovryn’s roadmap will be rolling out a governance framework, based on the model pioneered by Compound. This system is widely used by DeFi projects and has been extensively battle-tested. Token holders will be able to submit proposals according to the number of SOV they own. Proposals that are passed by the community, once the minimum number of votes have been met, will be scheduled using a timelock contract.

The Sovryn platform packs in many of the features that DeFi users will be accustomed to from a year spent chasing yield, liquidity mining, and DEX trading. Decentralized oracles are used for tamper-proof pricing, an insurance fund protects against undercollateralized loans, and the open-source software has been subjected to meticulous security audits.

A New Era for Bitcoin Defi

Commenting on the launch of Sovryn, Diego Gutierrez Zaldivar of RSK parent company IOVlabs said: “Bitcoin provides the biggest addressable market for DeFi. RSK built on top of Bitcoin is the most secure smart contract platform in the world and enables greater scalability and low transaction costs. We are very excited about Sovryn trading and lending platform launch which provides a very strong offering to keep building momentum on the  DeFi for Bitcoin space.”

When Bitcoin first launched, there were no block explorers or wallets and coins could only be sent by command-line interaction. The first tools for sending, receiving, and storing coins soon followed, though, including the BitcoinQt wallet created by Satoshi himself. By summer 2010, the first bitcoin exchange had launched, followed by Mt. Gox a year later.

A decade on and Bitcoin has transcended the blockchain and community that launched it. From big banks to solo DeFi traders, BTC is now everywhere, it seems, wrapped, tokenized, collateralized, and staked. The launch of Sovryn on RSK’s Bitcoin sidechain brings BTC full circle while bolstering the ways in which bitcoin can be used to enrich its holders.

TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Thomas Delahunty

Thomas Delahunty

I’m Thomas J. Delahunty, born in Lancashire, England, but raised and currently residing in Columbus, Ohio where I attended The Ohio State University studying English and History. After writing in the Fintech and Forex spaces, I began to focus on blockchain and cryptocurrencies — Bitcoin in particular — in 2016. Aside from being part of NewsBTC’s journalism team, I am a writer and analyst for Ohio State’s Risk Institute at the Fisher College of Business, and run operations for two local, independent online businesses.

Related Posts

nexo

Earning Interest on Crypto & Fiat Has Never Been Easier as Nexo Offers Passive Income of up to 12%

1 day ago
State Street Cryptoccurrencies Bitcoin BTC Ethereum

Will the U.S. second oldest bank State Street start trading crypto?

2 days ago
HARD Version 2 Upgrade: Institutions Can Now Earn +25% APY On Bitcoin With Cross-chain Money Market

HARD Version 2 Upgrade: Institutions Can Now Earn +25% APY On Bitcoin With Cross-chain Money Market

2 days ago
phemex

Phemex Launches OTC Trading, Enables Crypto Purchase with Bank Transfers

2 days ago
AC Ventures Backed NFT Art Collectible “God Temple” Announces Project with Renowned Comics Artist Pat Lee

AC Ventures Backed NFT Art Collectible “God Temple” Announces Project with Renowned Comics Artist Pat Lee

3 days ago
Bitcoin BTC

This is why Coinbase $1.8B Q1 earnings are bullish for Bitcoin

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Two Leading Russian Media and PR Agencies United Into One Full Cycle Advertising Agency

April 9, 2021

Southampton FC Extend Partnership Deal with Blockchain Leader the Coingaming Group

April 9, 2021

Omni.ai Releases Whitepaper for Alternative All-Inclusive and Revenue-Sharing Social Media Platform

April 9, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.