Update. There are now four tokens associated with Sovryn. A little overview of how I see the different tickers and how I communicate them. Any feedback appreciated.
$SOV: the official token of the platform, sitting on Rootstock (RSK). If you stake it, you can vote on governance proposals and you obtain a share of the revenue generated by the protocol. It was also used to raise funds for Sovryn and is used to incentivize certain usages of the protocol. Comes from the core team of Sovryn, and has an emission schedule.
$eSOV: this is an ERC20, a pegged-out version of $SOV. You cannot use this token to stake, or for governance. This is meant for trading and speculation outside of Rootstock (RSK), mainly on Ethereum. Supported by the core team of Sovryn.
$DLLR: a bitcoin backed stablecoin. You can use your BTC as collateral and mint DLLR’s, for Defi and other purposes. This is pegged to 1$. Supported by the core team.
$oSov: a BRC20 community token. Can be used to unite those who support building on bitcoin and using bitcoin. Using it as a community tag (as signature to tweets and comments on social media) gives it social utility. It should be treated the way meme tokens are treated. This is meant for speculation on the ideas of a bitcoin-based future for crypto, bitcoin L2s, and the community that can grow around these ideas. $oSov sits directly on bitcoin (not on Rootstock, RSK), it has a fair mint (anyone is free to mint some), no VCs, no-presale, no pre-mine, no central determination of a roadmap, no smart contract, no vulnerabilities. When it comes to $oSov, everyone is equal. This is currently a pure community initiative, attaching itself to Sovryn and supporting it from the outside, without central steering, incentivized only by the enthusiasm for the ideas behind Sovryn.
Sovryn is a diverse community. If you are a hardcore bitcoiner who won’t touch anything but BTC and perhaps the DLLR, there is a place for you within the Sovryn community. You need to hold no SOV, eSOV or oSov token to be a full-fledged member of the Sovryn community. If you are Defi enthusiast, interested mostly in yield and governance, SOV is your token and you are part of Sovryn. If you are a crypto enthusiast, and speculate on Sovryn holding only eSOV on Ethereum, you too are seeing something in the ideas driving Sovryn and you are a Sovryn community member. If you are a community-building enthusiast, a meme creator, a degen speculator, or someone looking for a way to signal your vision of a future built on bitcoin, there can now be a place for you too, and oSov may be the token for you.
Let Sovryn be a jurisdiction with many houses and a place for all who value sovereignty. Let oSov be a way of broadening the community, and creating the space for yet another new class of Sovryns.