Sovryn Origins Harnesses The Power Of Community Engagement With New Token

The Bitcoin network debuted in 2009 and introduced an asset class the world had never before seen, and some have branded bitcoin’s launch as the beginning of decentralized finance (DeFi). But, DeFi’s most prominent decentralized apps (dApps), were created on other chains.

Bitcoin was a major breakthrough for technology, but its programming didn’t allow for the possibility of running dApps on its network when it first launched. The integration of Rootstock, a sidechain, has made Bitcoin smarter and has enabled dApp functionality. This has been a huge game changer for DeFi.

DeFi protocols such as Sovryn are built on Rootstock and allow native bitcoins to be used within DeFi dApps. This means that the world’s first blockchain, supporting the crypto world’s deepest liquidity, is witnessing a growth spurt in the number of projects emerging on its network.

Sovryn Origins Launchpad Encourages Bitcoin DeFi Development

Multi-service Bitcoin DeFi protocol, Sovryn, facilitates lending, borrowing and yield farming. The protocol is governed as a Bitocracy where its users stake SOV to vote on Sovryn’s future direction, and this makes Sovryn a community-centered protocol that is guided by its users as it moves forward.

This protocol encourages new project development through Sovryn Origins. It is a launchpad for independent projects that support projects that are part of the Bitcoin or Sovryn ecosystem.

Sovryn Origins also serves as an opportunity for Sovryn to review new projects and eliminate any bad actors. It supports the best projects in their initial steps toward development and launch.

These early funds can help projects launch more successfully. It gives community members a chance to receive the project’s tokens at an early, discounted price, which is a win-win situation for everyone involved.

After the Sovryn community approved the listing, Babelfish raised 46 BTC within 30 minutes. During the sale, 1,022 community wallets participated in the launchpad event, and a total of four projects have now furthered their development with the cooperation of Sovryn’s users.

Sovryn Origins is now a self-governing Subprotocol

Sovryn’s users vote on Sovryn Improvement Proposals (SIPs) in order to make changes to the protocol. SIPs are subject to several stages before finally being approved. Community forums allow for many ideas and discussions about the process.

Recently, SIP0035 passed the staked SOV with sufficient votes to allow Sovryn Origins’ launch as a subprotocol governed solely by OG tokens. The first four projects to launch on the Sovryn Origins launchpad were whitelisted through votes cast in SOV, and in the future, these votes will be held by OG holders instead.As described in one of Sovryn’s blog posts, the creation of a new ecosystem for Sovryn Origins means that OG holders will receive the lion’s share of benefits from the success of projects they choose to launch.

How Community Involvement Ensures Sovryn Origin’s Success

Rewarding its community of supporters is one purpose for launching Sovryn Origins’ own token, and rightly so since the protocol owes much of its success to the community behind it. In order to encourage more SOV holders and improve Sovryn, the value will also be linked to OG via a bonding curvature.

This bonding curve was first suggested by a Sovryn community member in a forum posting. The implementation of this idea shows how power can be used to achieve a common goal. Future subprotocols of Sovryn will be supported by an eager base as they grow and develop new projects via the Sovryn Origins eco-system.

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