Next Steps from FASTBTC

There’s a concept called DeFi2. 0 emerging. Basically, it is about different DAOs collaborating to develop a sustainable DeFi web. Glad to see Sovryn in the thick of it.

It occurred to me (while tutoring some one) yesterday that Sovryn offers a very easy on boarding to crypto and DeFi with ongoing likelihood of making more crypto.

Simply, create an address, link to RSK (perhaps Mintlayer in future), generate the fastbtc address.

Now go to a website that sells btc, place the fastbtc address on it to generate the QR code for the transaction you want (e.g. amount in fiat) and take it to a vendor (e.g. Post Office) and pay the cash and redeem btc with the QR code.

BTC gets automatically converted to RBTC and hits your new wallet. Now you can (instead of bridging) use RBTC to buy other coins and enter an AMM etc.

So, Fastbtc is an ingenious mechanism to make on boarding easy.

I would suggest the next steps:

  1. Build bridges to other major networks and DAOs (particularly Polygon, Polkadot and Cardano).

  2. Use a smart contract mechanism like
    a) Aggregate smart contracts to provide off platform opportunities
    b) Split one asset into two on the AMM (i.e. Automated swap).

These two innovations will make it really easy for new members to use Sovryn as their entry point and have a user friendly UI to make investment decision and deploy them.