I’ve been brainstorming some additional ways for Sovryn to grow/profit, and while I don’t know if these are possible, practical or profitable, I throw them out to the
community to see if they spur any additional ideas, of better yet, if anyone can build them!
I’m not a developer, I’m just an “idea guy”, so consider appropriately!
As background, part of my mental model, is that in order to get larger BTC investment over time, we need to attract customers who have higher balances/net worth.
These customers are more likely to be concerned about:
- Tax treatment (conversion from BTC to rBTC triggering tax, etc.)
- Larger balances, but fewer transactions over time (HODL+yield/leverage, etc.)
1) Hyper Hedge
- this is a “one-click” way to hedge one or more positions.
- While I’m generally a Hodler, sometimes price gets a bit frothy, and I’d like to
take some chips off the table without triggering sale treatment.
- In a perfect world, I could pull up my wallet holdings and select a few assets
- Then a derivative asset would make the appropriate transactions to
rBTC 50 Hedge 100%
SOV 10 Hedge 50%
USDT 10 Hedge 0%
So, somehow a contract creates a position that’s -5rBTC and -500SOV, locks my collateral, and settles up when I close.
- this is a “one-click” way to take a little more leverage
- Of course we have the ability to margin trade from 2-5x. I think many BTC
investors would be willing to gear up moderately with the intent to hold long
E.g. HODL rBTC with a 15-25% additional leverage, so you have a screen
which just simply shows your rBTC and lets you input how much to gear it up.
While the mechanics may be the same, marketing it as a product with a
SIMPLE screen, may be more effective than sending someone to the margin
3) BTC vault
- I presume this is impossible, but hey.
- Makerdao type vault that locks BTC (not rBTC) up and lets you
borrow/generate stablecoins, whatever, in RSK land.
- There are SO many Hodlers that are not going to cross the RSK bridge as it
will potentially trigger tax.
4) Prediction markets
- similar to Predictit (www.predictit.org/markets)
- I like the engagement on these mini-bets. They’re easy to understand (all end
at 0 or 100), they’re different, they have an end date.
- Especially, if you’re primarily a Hodler, they provide a bit of action.
- Something like this could be a hook to keep the users stimulated and engaged.
- (I HATE the pancake swap product, but one thing they do well, is provide
products on the side that create constant engagement.)
- Not sure if the oracles can pull in things besides crypto prices, but this could be
a great separate revenue stream.
As I said, no idea if any of these are good ideas, but if so, maybe someone can build upon them or it spurs someone else to come up with a better one.