There’s some good stuff in here. Yago’s vision for Sovryn is important to understand for our BabelFish team. Sovryn will be listed on CEXs soon which will bring network traffic to RSK and attention to BabelFish. Sovryn is planning to deploy a rBTC-backed stablecoin that will trade against XUSD and help keep the pegs stable. Some discussion of FISH airdrop to SOV stakers as well. Worth the time to see the big picture.
SOV was listed on Ascendex yesterday already. It is paired to USDT and BTC. That should improve the adoption for SOVRYN and also would allow SOV to be listed on CMC, Coingecko and similar platforms.
For sure worth watching what Yago has to say - there is more interesting stuff to be found on Sovryn Wiki Library.
1 Like
Yesterday - approx. 1 hour before Trading of SOV went live on Ascendex - Yago had another AMA on their TG Channel. That was also very interesting.
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Mary Zheng | AscendEX - MKT, [15.09.21 14:02]
Yago, if you don’t mind, could you please tell us a little bit about yourself and the Sovryn project? -
Yago, [15.09.21 14:04]
Sure thing. My background is in machine learning and neuroscience but I come from a very politically active background and think freedom and self-sovrynty is something we all should have. So when I first learned about Bitcoin in 2011 I switched everything to working on that. -
Yago, [15.09.21 14:05]
Sovryn was started by a number of brilliant Bitcoin devs last year. They showed me what they were working on and I was “finally”! -
Yago, [15.09.21 14:05]
Finally a way to use my Bitcoin with no middle men, no KYC, and full control. -
Yago, [15.09.21 14:06]
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Yago, [15.09.21 14:07]
Sure thing -
Mary Zheng | AscendEX - MKT, [15.09.21 14:08]
Thank you for your detailed elaboration here! -
Mary Zheng | AscendEX - MKT, [15.09.21 14:08]
There is no doubt that DeFi is the hottest field in the cryptocurrency market right now. However, in this huge ecosystem, Bitcoin, the King of crypto assets, seems to be absent. What do you think is the reason for this situation? -
Yago, [15.09.21 14:09]
Until now, there was no way to do it on Bitcoin. It’s not like people didn’t want to… nobody wants decentralization probably more than Bitcoiners. But the tech wasn’t there. -
Yago, [15.09.21 14:11]
One reason Sovryn is exciting is it wraps together tech like LN and rootstock and makes it possible now to do on Bitcoin anything that is valuable. -
Yago, [15.09.21 14:11]
There is a huge opportunity to build DeFi now on the most reliable and secure system: Bitcoin -
Mary Zheng | AscendEX - MKT, [15.09.21 14:13]
Cool! What is your opinion on the current blockchain financial ecology? -
Yago, [15.09.21 14:14]
I think that we will have many chains
but only a few coins. -
Yago, [15.09.21 14:16]
People think that L1 systems like Solana, Ethereum and The Bitcoin chain have network effects. But what we are seeing is that they don’t. Usage always moves to the cheapest chains - except fir Bitcoin because it is the most secure. -
Yago, [15.09.21 14:17]
What has network effects is the asset: Bitcoin or USD and the systems built around those assets. -
Yago, [15.09.21 14:18]
In the long run, for this reason, everything will be absorbed into the Bitcoin system and I think Sovryn is at the forefront of this. -
Mary Zheng | AscendEX - MKT, [15.09.21 14:19]
Going back to the project itself, why did Sovryn choose to build based on bitcoin side-chain RSK? How could this solution benefit Sovryn? -
Yago, [15.09.21 14:21]
Rootstock is part of the Sovryn tech stack. But Sovryn will combine the entire Bitcoin Layer 2 system - like Lightening, Stacks and RGB. Sovryn is an operating system for the Bitcoin smart contract layer. -
Yago, [15.09.21 14:22]
We started with Rootstock because it is EVM compatible, can port anything from Ethereum, is secure and has low cost transactions. Over. -
Mary Zheng | AscendEX - MKT, [15.09.21 14:23]
Great -
Mary Zheng | AscendEX - MKT, [15.09.21 14:24]
Why do you think Sovryn will lead the new Bitcoin revolution? -
Yago, [15.09.21 14:25]
Sovryn is kickstarting this new stage for Bitcoin. It’s a super young project but is already the fastest growing part of the ecosystem. Sovryn has changed the way many Bitcoin Maxis think - and it has a super dedicated and excited community of builders. -
Yago, [15.09.21 14:26]
Sovryn combines the best parts of other DeFi systems into one system and is the bridge that connects Bitcoin to all the other chains. -
Yago, [15.09.21 14:27]
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Yago, [15.09.21 14:28]
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Yago, [15.09.21 14:29]
Because of this, even though it is only live fir 5 months, it is already the most complete DeFi system anywhere. Lending, trading, stablecoins, NFTs, launchpad, etc… -
Mary Zheng | AscendEX - MKT, [15.09.21 14:30]
Cool, that is very thoughful. -
Mary Zheng | AscendEX - MKT, [15.09.21 14:30]
Security is a lot of users’ concern. As a financial platform, how does Sovryn guarantee the transaction quality and security to users? -
Yago, [15.09.21 14:31]
Sovryn is built for security and reliability. We are trying to build something that will last for generations into the future. That’s why we are building on the most solid system: Bitcoin -
Yago, [15.09.21 14:32]
We have also brought the security-first culture of Bitcoin to DeFi. Every code push is audited. Every small change. Every line of code. Nothing is ever
but that is our goal. -
Yago, [15.09.21 14:33]
This is a system that individuals, institutions and even countries can use- that’s the level of reliability Sovryn works to maintain. -
Mary Zheng | AscendEX - MKT, [15.09.21 14:34]
How does Sovryn achieve decentralized governance? -
Yago, [15.09.21 14:37]
A huge amount of thought has gone into that. Sovryn has very unique governance called Bitocracy:
- bitocracy was created first, before the token
- users are rewarded fir staking for long periods of time, to encourage long term thinking
- sub-protocols each have a vote in the governance. So Bitocracy is always becoming MORE decentralized.
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Mary Zheng | AscendEX - MKT, [15.09.21 14:38]
Great. -
Mary Zheng | AscendEX - MKT, [15.09.21 14:38]
What new technologies are Sovryn using? What are the highlights and advantages of Sovryn compared to other similar platforms on the market? -
Yago, [15.09.21 14:38]
BTW, each new product can become a sub protocol, another unique feature of Sovryn -
Yago, [15.09.21 14:40]
Sovryn is technology agnostic. We will adopt any tech that is promising. The only things we care about when it comes to tech are:
-Security
-Bitcoin is the main asset
-it needs to be able to work forever -
Yago, [15.09.21 14:41]
That’s part of the new philosophy we bring to Bitcoin. Not Bitcoin maximalism. Bitcoin super-mutants. Sovryn is Bitcoin with superpowers. -
Yago, [15.09.21 14:42]
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Yago, [15.09.21 14:43]
Ok, really over this time
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Owlbe [ will not message you first ], [15.09.21 14:44]
[In reply to Yago]
Thanks for the explanation, our community is waiting to ask some questions! -
Mary Zheng | AscendEX - MKT, [15.09.21 14:44]
Appreciate your detailed explanation! -
Yago, [15.09.21 14:44]
Sure thing! -
Mary Zheng | AscendEX - MKT, [15.09.21 14:44]
What functions does the Sovryn platform implement? What kind of application value does Sovryn have? -
Yago, [15.09.21 14:45]
EVERYTHING -
Yago, [15.09.21 14:45]
I’m only partly kidding -
Mary Zheng | AscendEX - MKT, [15.09.21 14:45]
haha -
Yago, [15.09.21 14:46]
The idea really is to allow everything to be built on Bitcoin
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Yago, [15.09.21 14:46]
Like this
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Yago, [15.09.21 14:47]
Maker + Aave + Uni + more is already implemented -
Owlbe [ will not message you first ], [15.09.21 14:47]
[In reply to Yago]
Including all three in one.
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Yago, [15.09.21 14:47]
And more is being developed all the time
Never Over! -
Mary Zheng | AscendEX - MKT, [15.09.21 14:48]
Great, one last question from my end: could you tell us what strategic layout and planning does Sovryn have next? Will Sovryn launch more bitcoin DeFi services and application scenarios? -
Yago, [15.09.21 14:52]
Sovryn has no company, so there isn’t really a strategic plan. Instead there is a whole community of contributors developing new things:
-Bankless mortgages
-0 interest rate loans
-decentralized pensions
The strategy is to copy any good idea, create an environment of innovation to invent new stuff, place the community n control and BUILD the future operating system of finance and personal freedom. -
Mary Zheng | AscendEX - MKT, [15.09.21 14:53]
Great. -
Mary Zheng | AscendEX - MKT, [15.09.21 14:53]
Congratulations on the success thus far! I know our community is eager to ask more questions. Let’s open it up to everyone. -
Crypto Fan, [15.09.21 14:53]
This time 4/5 of investors only focus on short-term token price instead of understanding the real value of the project? Can you tell us the motivations and benefits for investors to hold your tokens in the long-term? -
Oğuz Ceylan, [15.09.21 14:54]
Can you tell us what are the main role of Sovryn in defi and real life usecase? -
MD.Ramjan Hossain, [15.09.21 14:54]
Hello Sir…
Q. Can you please give on overview of your tokenomics?
Also share your future plans to make the project successful for the world…?
$SOVRYN -
Mert Doğan, [15.09.21 14:54]
There are recently some of the projects did rug pulls and took people’s money so how can we know for sure that Sovryn will not do this? -
Telegram Code, [15.09.21 14:54]
Q. Where does the name of your project come from and what plans do you have for the future? -
Crypto Airdrop Teacher (AMA
QUEEN )
, [15.09.21 14:54]
Hi Sir…
Q. Nowadays NFT, DeFi, yield farming and governance are too popular so do you plan to venture into any of these if not then what is your plan to gain popularity and more mass adoption…?
$SOV -
Yago, [15.09.21 14:55]
[In reply to Crypto Fan]
Sovryn is built fir the long term. The system earns fees in Bitcoin and pays them out to stakers. You earn BTC via SOV. -
Yago, [15.09.21 14:56]
[In reply to Oğuz Ceylan]
For example, only Sovryn can provide DeFi real world irises cases in El Salvador because only Sovryn is Bitcoin native -
Yago, [15.09.21 14:57]
[In reply to Ahmet Karademir]
Sovryn is nothing like those projects. There is nobody who can rug pull because there is nobody who controls the contracts. Only the community ha control. -
Yago, [15.09.21 14:57]
[In reply to Crypto Airdrop Teacher (AMA QUEEN )]
All of these things exist or are coming soon to Sovryn. -
Yago, [15.09.21 14:58]
[In reply to Telegram Code]
Sovryn means to be in control. That’s what Sovryn is for- to put you in control. -
Yago, [15.09.21 14:59]
[In reply to MD.Ramjan Hossain]
The project has all this info and more at: wiki.sovryn.app -
Mary Zheng | AscendEX - MKT, [15.09.21 15:00]
Thank you very much Yago @YagoBTC for being here today and providing us with insights into Sovryn. Best of luck with the project! -
Yago, [15.09.21 15:00]
Thanks everyone! -
Yago, [15.09.21 15:00]
Stay Sovryn!
