[DRAFT] XRP, XLM, PAXG SIP 1: Incentivize Community Adoption

Bitocracy SIP | Sovryn Improvement Proposals
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[DRAFT] XRP, XLM, PAXG SIP 1: Incentivize Community Adoption

Description:
This SIP draft does not serve as a final path of action. Works detailed here will require core team development hours.

  1. Introduction of the XRP token from Ripple Labs available for trading
  2. Introduction of the XLM Stellar Lumens available for trading
  3. Introduction of the PAX Gold (PAXG) available for trading

Motivation:
Many active Sovryn’s would benefit from the addition of XRP, XLM, PAXG trading. In addition, the Sovryn Platform would instantly become more appealing towards new investors. The fan base for the XRP token has proven to be unshakable. Furthermore, several investors are currently unable to purchase the XRP token on their local centralized exchanges. This is due to the on-going SEC lawsuit.

It has become increasingly obvious that regulations for the entire crypto space is on the way.

The XRP token will be one of the first tokens to have clear guidelines regarding its status being a commodity or security.

Regardless of the outcome of the SEC Lawsuit, the Sovryn Platform welcomes traders from all over the world to participate in the purchase and sale of the XRP token.

The XLM token, owned by Jed McCaleb, who founded and served as the CTO of the company Ripple (XRP) until the year 2013, started the crypto currency named Stellar (XLM).

The XRP fan base; is directly connected to the Stellar Lumens.
Millions of users would appreciate the ability to trade XRP & XLM in a noncustodial, and permissionless wallet; such as The Liquality Wallet.

This will inadvertently garner the attention of users, and result in the increase of popularity of the SOV, FISH, MYNT, & ZERO tokens. In addition to the exclusive stable coin backed by Bitcoin (Dollar On Chain) (DoC).

Please consider these additions to the Sovryn Platform by sending it for a vote.

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Aren´t these the guys (Ripple) who want to ´force´ Bitcoin from POW to POS? – Erm, no, thanks.

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At this time, I think Sovryn should be doubling down its focus on Bitcoin. I struggle to see how the XRP community would become strong supporters of Sovryn or provide enough AMM liquidity.

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PAXG Gold:

Could we consider the addition of PAXG Gold to the trading pairs on Sovryn ?

Sovryn currenrly has rUSDT, XUSD, & DoC as stable coins. The ability to trade Gold using Bitcoin and other currency’s like ETHs & BNBs is invaluable.

Please advise.

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Reagrding XRP & XLM:

Please note I have connections with The Digital Asset Investor & The Barerable Bull on soical media.

Marketing Sovryn through them; using the XRP & XLM token would bring new investors to the Sovryn Dapp without a dobut.

This is what Sovryn wants. Attention.

The SEC lawsuit is months away from collpasing. Ripple will win.

When this happens, users will be well acquainted with the Sovryn Dapp, and generating more exchange fees for Sovryn Stakers.

Believe me. You want the XRP & XLM community supporting a protocol like Sovryn - that’s uncensoreable.

But I will respect your wishes.
If you don’t see it, you don’t see it.

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I’m not sure I see the long term use case for XRP or XLM. Moving that aside, we’re currently making efforts to remove or down-size non BTC, SOV and Stablecoin tokens on the platform. I think this may be antithetical to our current efforts and what the community has expressed to us. Perhaps this makes more sense in the future but at this time I think it would be contradicting our current direction.

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Screenshot_20201228-085134_Instagram
Screenshot_20201228-085134_Instagram1080×2400 153 KB

Please keep in mind. I am not challenging you & your decision not to adopt XRP & XLM.

I’m simply explaining what I see:

If there is any truth to the photograph I’ve attached.

XRP will be delisted and become a bankers coin.
(Possible buy backs from the bank)

Where do you think traders will go in the event XRP cannot be purchased anywhere else ?

You guessed it. Sovryn !

Fully decentralized & unstoppable !

This news would spread like wild fire throughout the entire crypto space. Reagrdless of how you personally feel about XRP. It is a beloved token by nearly every crypto trader.

This is what Sovryn wants.
Access to beloved crypto currency’s.

Which in turn brings attention, and ultimately additional use case for the Sovryn Dapp.

If/when Sovryn issues Debt Cards/Visa Cards the XRP token can be utilized in this area as well as a payment railway for sending/receiving currency’s.

Just word for thought.
Have a blessed day everyone :blush:

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I don’t agree with the coins chosen here but I absolutely agree with the addition of popular assets to boost visibility and usage of the platform. There’s some huge communities out there that the Sovryn community possibly don’t see eye to eye with but can leverage to bring more users into the platform.

It sounds like the BNB community will hear about Sovryn soon through perps partnership but surely there are other communities that Sovryn align with that who’s assets can be added and traded freely.

I would argue that the popular L1 communities obviously have an interest in what their blockchains can do/produce so by listing them could bring further interest to RSK and then SOV.

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XRP is nothing special. Lightning Network is even cheaper, faster, more private and more decentralised than XRP ever claims to be.

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Agree. I am often puzzled about the closed shop thinking even when it comes to the AMM - do we really want a trading platform just for BTC, SOV and XUSD? Do we think that this will bring mass adoption? Often when someone floats an idea about a token for e.g. listing or collaboration potential it gets dismissed in TG. Like what’s wrong with RUNE for example? We surely will friends in the need cross-chain liquidity camp?

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XRP is nothing special ? That’s fine.

What about XLM or PAXG (Gold) ?

Or

Any additional currency suggestions ?

In order for the Sovryn Platform to reach global heights. Additional tokens must be added.

My personal suggestion, pick the currency’s that we all know aren’t going anywhere, but are difficult for users to buy.

This will attract users world wide to the Sovryn Platform.

Why don’t we send XRP, XLM, PAXG (Gold) for a community vote ?

That’s what the Bitocracy is for.

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-XLM is just a fork of XRP isnt it? So its just the same.

-PAXG - I am indifferent to this. (Just a note, i believe the perps devs intend to add is Gold using BTC as collateral).

The cool thing with Sovryn’s Perpetual Futures you will be able to trade these tokens (if there was demand to create such a perpetual contract) using BTC as collateral which would also be much capital efficient than trading XRP on rsk network using AMM model.

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I’m just the little guy coming up with new innovative ideas. The team is welcomed to do as they please.

If Sovryn became the Binance of decentralization, that would be ideal.

Execpt Binance offers addtional currency’s to be traded, and now, with no trading fees when spot trading.

Sovryn must add addtional trading pairs to be competitive & unique. Just my two cents.

Please consider adding other currency’s to the Sovryn Platform, I don’t care what tokens, my suggestion is XRP, XLM & PAXG (Gold).

Thank you

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Simplicity is genius. Focus on Bitcoin for now. Create value on the platform leveraging bitcoin security and principles. We can create a brand and identity by developing a platform that is unique, competitive, trusted by everyone. Trading alts can give some exposure to SOV but that does not make us unique from other platforms. If anything, it makes us look more desperate for attention. Slow and steady value creation will get us the attention when the market turns around.

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I agree on a gold backed token to be added in the platform. PAXG is probably the best option out there. I understand the team does not want to move focus from current development, but this was true during the bull market as it is now during the bear market. What would be the actual and real cost to approve and add such solutions?
Are there at least 10 supporters for such proposal?