Sovryn

Sovryn

SOV
$2.02%-0.66

Key Metrics

Price$2.02
Real Volume (24H)$252,940.83
Marketcap$120,543,520.53
Fully Diluted Valuation$17,550,501
ATH$43.98
ATH Date10/7/2021, 5:59:17 PM
ATL$0.167206
ATL Date12/23/2022, 6:25:14 PM
Circulating Supply23M
Total Supply100M
WebsiteN/A
WhitepaperN/A
Popularity Rank423
Chart
What is Sovryn?

Sovryn (SOV) is an on-chain public protocol built for decentralized finance (DeFi) on Bitcoin, without any central authority. It is a unique community-driven platform that offers transparency and creates an open, fair financial system for the world. The Sovryn protocol allows individuals to achieve full financial self-sovereignty while protecting their rights to self-custody and financial privacy.

Sovryn aims to help everyone win the next major battle by creating the world of finance, the new territory for sovereign individuals. The protocol enables people to expand upon the freedom afforded by Bitcoin and to make the permissionless financial layer for Bitcoin. The protocol is also designed to give a Bitcoin-native DeFi-layer infrastructure, firmly integrated with Ethereum and other crypto-chains and assets.

Sovryn enables users to trade, lend, and leverage Bitcoin and other assets in a decentralized manner within the system secured by the blockchain of Bitcoin. The protocol also allows anyone to make Ethereum virtual machine-compatible smart contracts secured by Bitcoin merge-mining. Moreover, users can easily transmit the value of their Bitcoin for everyday payments by Bitcoin-backed stablecoins.

Sovryn aims to enhance Bitcoin privacy with zero-knowledge-proof shielded transactions, adding an extra layer of security to the platform. The protocol's urgent requirement is for budgeting Bitcoin, constant attention, a rise of DeFi, and Ethereum scalability. Sovryn has been designed for a Layer-2 environment with vertical integration and liquidity.

The Sovryn protocol consists of Bitocracy, a simple coordination system that encodes rules in software and enforces them on the blockchain. The Sovryn Bitocracy is based on principles such as censorship-resistance, self-custody, and transparency. Bitocracy enables users to vote on the protocol's upgrades, and it also determines the direction of the platform.

SOV is the token used to tokenize rewards, rights, and risks associated with the Sovryn Bitocracy. SOV is a tokenized representation of an actual stake in the Sovryn's future. The token is utilized to represent voting powers and coordinates the resources of a decentralized community. Users can stake SOV to cover their losses and ensure they do not occur. The price of SOV is determined by the market's assessment of the demand for SOV today and in the future.

In conclusion, Sovryn is a unique protocol built for decentralized finance on Bitcoin. The platform is community-driven and offers transparency and creates an open, fair financial system for the world. Sovryn enables users to achieve full financial self-sovereignty while protecting their rights to self-custody and financial privacy. With its innovative tools and developments, Sovryn is well-positioned to be a significant player in the DeFi space. SOV, the token used to coordinate the resources of a decentralized community, is an important aspect of the Sovryn ecosystem.

Disclaimer

The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.

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