I have decided to stop promoting Sovryn the dex and its token because it is too early and the project has many issues that are yet to be fixed, and I don’t want to waste time and energy promoting something that only half works sometimes, and something it doesn’t work at all.
It has been a few days since staking was been paused and as a result, stakers are not receiving rBTC fees. It is understandable if the contract has vulnerabilities, so you can forget about your rBTC in the meantime ZeroProtocol is also paused, and that means no ZUSD rewards for stakers either.
With ZeroProtocol the issue is that investors don’t wish to invest in the stability pool and eat up all the liquidity that BabalFish had. I proposed an rBTC/ZUSD pool on the Sovryn DEX but that will need probably a SIP or ask for permission from the Sovryn developers.
I don’t know when ZeroProtocol will continue to work as it was or if the investors will return once they noticed the service has interruptions, but I would say it is something stakers should be aware of and should try to fix it.
Supposedly the developer team is working on a solution and their solution will be to introduce DLLR, If Sovryn Matt is right that project will be up and running in 30 days. If in 30 days that solution is not here you can always go to IchibanSwap and provide liquidity thereby opening a pool manually.
Hopefully, this open letter will be a waste of time, and 30 days from now, you will have Zeroprotocol working again and collecting lines of credit fees, and stakers will be racking up those ZUSD rewards. If not you could use your staking rewards to provide an alternative by using your rewards to provide liquidity on IchibanSwap.
You don’t need to create a SIP you don’t need to ask for permission you just get your money and put it to work. Or you could all wait until DLLR comes online whenever that is.
This post seems a bit disengenous. “Sovryn is too early”, followed by promotion of a new protocol that is far less mature, untested and brings nothing new to the table???
Sovryn is indeed early. So is literally everything in the crypto space. Even Bitcoin, the grandaddy still relies on the mining subsidy, has little organic economic activity and don’t even get me started on LN. Everything else is far less mature or is taking massive shortcuts.
Sovryn avoids shortcuts, has progressed a huge amount and continues to focus on security first, while proving itself and proving, block by block.
Taking anything but a long term view on anything in the Bitcoin and crypto space is wrongheaded. Sovryn is here for the long term.
Meanwhile SOC stakers had huge gains in last few months (watch the Feb 9’th stream to learn just how much), is bringing new UI system and the Sovryn Dollar. None of this is a “solution”. There are no solutions, just ongoing hard work and execution. Incremental improvements along a bumpy road of organic growth.
You may be happy with the progress Sovryn is having. Stakers may not, I am just offering an option that doesn’t require your permission or your blessing at all.
You can’t deny that after BabelFish stopped the conversation of ZUSD into XUSD barely any new line of credit has been opened, which could mean Bitcoiners were opening lines of credit so that they could buy more Bitcoin.
What I am offering is for ZeroProtocol users and Stakers to have a way to exchange rBTC/ZUSD obviously that requires liquidity but that will be the price of not asking for permission and not having to write a SIP either.
IchibanSwap is new which means people providing liquidity must take a risk and will have to double-check or make their research on that exchange. I will also add that having welcome a new competitor will also mean to you personally that you are not the King in RSK and that if you ever stop delivering someone else is ready to take your place.
I think competition is healthy and good for both projects that way developers will always have a constant pressure to improve otherwise the competition will always be there to eat you and take your place.
IchibanSwap as it is right now you need to manually add the contracts in other words you need to know what you are doing or just used before UniSwap like Dexs.
The point is there is an alternative and stakers as well as zero Protocol users should learn to use those alternatives not just as a concept but also to show you are willing to move on if Sovryn developers are not willing to step up on a timely manner.
You will need to add the token addresses manually for each contract which means you will need to add the sov and zusd. If you don’t know how to do it just type on YouTube how to add manually a contract to UniSwap. the process is similar.
If you mess up the browser cookies for the website you will need to reset your browser data for the IchibanSwap. Right now it must be done manually but once enough users realize the alternative may be the dex admins decide to add the two tokens.
Remember it is just meant for you to test so learn first before doing anything crazy.
The contracts are public knowledge I would say you need to learn a lot so please don’t do anything crazy you are not ready for it. If you can’t find the contracts I don’t think you are ready for what I am describing in the article, I don’t want to be or sound like a dick but what I describe is easy to do and find. If you can’t find that on your own it means you are not ready yet. Please learn before anything, but I am suggesting is just an alternative at this point for advanced users. I don’t want anyone to get hurt especially newcomers.
Providing liquidity has its risks and using a new DEX also has its risks, Don’t take me wrong, what I am trying to say is if you don’t understand something please learn before putting any amount of money or time.
I had to add liquidity manually. I think it needs more liquidity for trades, if I am not wrong there is only 3 sov in the liquidity for BTC/sov.
I will ask on their discord, is still a work in progress so far I only tested their wbtc/btc trades. I only added a little bit of liquidity to sov/rbtc and rbtc/zusd but I think it needs more liquidity for trades. I don’t have funds right now to test more traders, but I will try once I get a few satoshis later on once I get the rewards from the stakers.
Even when I wrote the article I did it to show that there are options but those options need more work the only difference is that with that option you need money and a little bit of know-how, while the other solutions require users to wait and ask around and SIPs and who knows what else.
And I would also say that asking the community to add liquidity in another DEX for ZUSD is adding redundancy to ZeroProtocol because it could work as a second onramp for ZUSD in and out. I would say some see Ichiban as the competition but in reality, it is just our brothers in the mission to bring financial freedom to all.
I don’t mind using Babelfish but I would also love to have other ways to use ZUSD at the moment.