# Potential SIP : Add Ordinal Doge Token ($oDOGE) to Sovryn AMM pools

Bitocracy SIP | Sovryn Improvement Proposals
1

Potential SIP : Add Ordinal Doge Token ($oDOGE) to Sovryn AMM Pools

Sovryn community management team has been in contact with oDoge team and is proudly excited to share this proposal with the Sovryn community.

Background:

What Are Bitcoin Ordinals? https://ordinals.com/

Bitcoin Ordinals are “sats” or satoshis that have been ordered and inscribed with a piece of information, such as text or an image. This piece of information makes the sat unique and turns it into a de-facto NFT. Sats are the smallest unit of Bitcoin with a value of 0.00000001 BTC.

Here’s an easy-to-understand analogy: imagine two one-dollar bills. Both are completely fungible but have a serial code, which allows us to identify each dollar bill as unique. But if one bill was signed by Muhammed Ali and George Foreman, it becomes a “dollar NFT” of sorts. You could still spend it as a regular dollar, but the signatures make the bill’s value skyrocket.

Ordinals work in the same manner. They take advantage of the fact that each individual satoshi can be uniquely identified by its equivalent of a serial code. What Are Bitcoin Ordinals? The Ultimate Guide To Bitcoin NFTs | Alexandria

Ordinals are the new thing taking Bitcoin by storm. There are over 344,634 ordinal inscriptions as of the writing of this SIP. With Yuga Labs having raised over 700 BTC for their “Twelve Fold” Ordinals collection this past week, this new wave is here to stay.

List of the Most Popular Bitcoin Ordinal Collections

What is $oDOGE?

Ordinal Doge project launched on February 27th, 2023. A DOGE ordinal was inscribed, was purchased for 10 BTC over the counter and fractionalized to owners of the oDOGE meme coin. Allowing $oDOGE to live forever inscribed on bitcoin. Meaning, $oDOGE is the first ever Doge coin on bitcoin. $oDOGE combines Bitcoin, Ordinals, and Smart Contracts to create the first ever Bitcoin-native meme coin. By combining Ordinals and smart contracts on Ethereum, we have been able to successfully create a meme-coin fully hosted on the Bitcoin Blockchain! The original $oDOGE ordinal can be viewed here, where it lives forever on the Bitcoin Blockchain. Thanks to Emblem Vaults, we have been able to wrap and fractionalize this ordinal from Bitcoin to Ethereum, transforming it from an Ordinal to an ERC-721 to an ERC-20 token, which can now interact with dApps/DEXes deployed on ETH Mainnet. The official Ordinal Doge website can be found here: https://odoge.co/.

Tokenomics:

Total supply: 1,000,000,000,000,000 $oDOGE (50% of Supply Burned)

Tax: 0% tax for Buys/Sells

ETH Contract: 0x796a4503b444a71b331c9556bef0815237ddeabc

Starting Liquidity:Uniswap: 4 ETH burned forever”

Ordinal Doge $oDOGE — The ORIGINAL DOGE on Bitcoin! | by Mr oDOGE | Feb, 2023 | Medium Currently, 23.4k Followers on Twitter and growing! https://twitter.com/OrdinalDogecoin

|256.4102564102564x259.326164874552
|256.4102564102564x259.3261648745521232×1242 209 KB

The Ordinal Doge community has accomplished many milestones in such a short time. They are now listed on uniswap and emerging centralized exchanges BKEXGlobal and LBank . The $oDOGE community also has close ties to the Shiba Inu community (Market cap of $6 Billion) and $100s of Million in trading volume still daily on various exchanges. They have many partnerships lined up including “Brothers Marketing”.

Both Sovryn and Ordinal Doge would also make Bitcoin history again with $oDOGE being the first ever ETH native token to migrate to a Bitcoin sidechain. This is a great publicity opportunity for both communities and will inform the crypto space at large about Sovryn and the growing presence of DeFi on Bitcoin. The $oDOGE token was created on ETH but belongs on Bitcoin and this proposal makes that possible.

This way, Bitcoiners can buy the first Bitcoin meme-coin on Bitcoin itself with Bitcoin, and every bridge, swap, or trade will bring fees to Sovryn Stakers.

Outline of SIP-0057 Proposal:

  • Listing $oDOGE on Sovryn AMM. (*Possibly be renamed $SoDOGE for the Rootstock chain.) Paired with RBTC for launch so that $SoDOGE would be “ON Bitcoin”
  • $oDOGE to seed the AMM with $125k $oDOGE and $125k RBTC (Bitcoin bridged to RSK through Sovryns FastBTC)
  • The combined Sovryn and oDOGE communities will provide additional liquidity as trading begins.
  • The $oDOGE community may withdraw the $oDOGE funds, but the minimum period before that will be possible is at least 12 months after the deposit (the oDOGE community has no motive for doing that, but it’s important to note either way).
  • $oDOGE reserves the right to add any additional tokens to incentivize liquidity providers in the pools

As a way of participating in this latest hype wave on Bitcoin, we have a unique opportunity to add $oDOGE Ordinal Doge to the Sovryn Protocol. The $oDOGE team will provide initial liquidity to the pools, so there is no need for Sovryn to seed the liquidity. This will increase liquidity on the Sovryn protocol, increase $USD stables bridged in which will help to bolster the new $DLLR launch, and will increase overall volume and trading fees for all Sovryn stakers. It creates another way to earn APY, and arbitrage any price differences between Uniswap, CEX, and our Sovryn Protocol. Listing $oDOGE will be our ‘ticket’ to participate in massive Ordinal/BTC/ETH Twitter spaces, not as a spectator, but as a key speaker. Joint marketing will include Sovryn Logo in co-marketing.

By listing $oDOGE, new arbitrage opportunities will be opened for the Sovryn community as the $oDOGE token is paired to multiple tokens on Uniswap and LBank and others.

$oDOGE/USDT on LBank,

$oDOGE/ETH on Uniswap,

$SoDOGE/RBTC on Sovryn (and can add additional pools like $SoDOGE/DLLR).

These new arbitrage opportunities will increase the volume on Sovryn and therefore will benefit the SOV holders, and liquidity pool providers, due to the fees taken from this new volume being added.

Motivation:

-Increase trading volume and TVL on the Sovryn dapp

-Bring a new wave of users to the Sovryn community by using a “Meme-Coin” to bridge the gaps between ETH maxis BTC maxis and show the power of EVM on bitcoin with RSK and the Sovryn Protocol.

  • Increase exposure and awareness for both the $oDOGE project, and the Sovryn Protocol

  • Increase access to both $oDOGE and the Sovryn Protocol.

  • to show the world that we can and will compete with the $STX protocol, by embracing ordinals.

Potential Benefits for SOV stakers:

  • Increased BTC rewards from increased trading volume in the AMM.
  • SOV stakers do not have to do anything or be associated with the memecoin to benefit.
  • No cost to Sovryn’s Adoption fund as the $oDOGE team will provide the liquidity for free.
  • Encourages more bitcoin DAOs and communities to come build around the Sovryn ecosystem.
  • Increases incentive to LP in the Sovryn ecosystem if trading volume increases.
  • Adding a new token pair may bring more speculators to the SOV token.

Potential Benefits for Zero/DLLR protocol:

  • Increased stablecoin liquidity in XUSD aggregator as potentially more ETH stablecoins enter the Sovryn ecosystem to trade $oDOGE on Sovryn’s AMM.
  • Allows for the Zero waiting list to open to more users and lead to more Zero LoCs. Hence, more ZUSD minted and more DLLR liquidity.
  • If the $oDOGE community allows for a $oDOGE/$DLLR pool then a potential way to increase the demand of DLLR as a way to reduce liquidity issues for Zero users. Overall, a better user experience for Zero users.

Implementation requirements:

  1. Create/Add $oDOGE/RBTC pair and testing.

  2. Dev team adding $oDOGE to UI/frontend and testing.

  3. Adding $oDOGE to Sovryn-ETH bridge and testing.

  4. Joint marketing spaces, PR, announcements etc.

The oDOGE team cannot emphasize enough that decisive action and speed/urgency is of the essence to catch this Bitcoin Ordinal wave. It’s only fitting the first meme coin on Bitcoin should be traded on a BTC dex like Sovryn.

https://docs.google.com/document/d/1c6WmkBXR7EXJxxITyXo1cBqtUJ3sbF4V4DT_KUfafK0/edit?usp=sharing

18 Likes
2

we want to become a dex.
Zero is the main focus, but because this will require pretty much no time from the devs, i dont see any problems with it.
liquidity is provided by oDOGE, thats perfect

more volume on our dex is a good thing for stakers, i could not see any problems with this.
RSK might become more interesting overal for other projects and especially SOV DEX.

RSK needs to grow, and maybe a memecoin can help.

rather see a trial on Sovryn instead of any other dex taking away that volume

12 Likes
3

To clarify: While I fully support this proposal I´m not taking credit for it.

I was just asked by a fellow CM to help by publishing it here on the forum.

7 Likes
4

Great idea! The best part of this is that more people will find out about Sovryn being an exchange and hopefully create some stickiness as well as bringing more liquidity to the AMMs🔥

11 Likes
5

This is a huge opportunity for Sovryn to join in on the ordinal HYPE. A conversation starter that gets us into the conversation and helps to funnel in more users and volume and attention. ALLLL of which are mega positives for us! I hope all Sovryns have a chance to read and participate in the upcoming vote!

12 Likes
6

Besides, every exchange needs at least 1 meme coin!

12 Likes
7

A $oDOGE/$DLLR pool would help to the DLLR demand liquidity concerns.
I propose to wait until DLLR is relased and then add only this pool.
anyone that’s buying $oDOGE doesn’t care to see the price vs BTC… they care for dollars, give them DLLR.

6 Likes
8

Why not both. RBTC/oDOGE to start, and then after $DLLR launches we can open a DLLR/oDOGE pool.

7 Likes
9

Badger, thank you so much for your efforts on this.

I think it’s a professional way to catch this hype around Ordinals. It’s ramping up trading volume, listings as exchange and exchange volume metrics, as well as stakers profiting from AMM fees.

8 Likes
10

2 pools for a meme coin would divide it’s liquidity.
We don’t need the liquidity with the rBTC pool, but we need the DLLR liquidity demand.
Better to concentrate it in the win-win scenario. Everyone gets happy.

5 Likes
11

I am very excited about this proposal.
We can start to see sovryn as a “uniswap” and show other projects that they can do the same as what oDoge is trying to do.

In the end, all the risk is on oDoge’s side, ok we will lose some time setting everything up, but in the end, I think this can be a win-win situation for both parties and take a lot of advantage of the new communities.

11 Likes
12

This is awesome and exactly what Sovryn needs. Sovryn is one of the most sophisticated Dexes out there and the team is always updating it. Issue is it’s in a vaccum and only OG bitcoin degens like us know about it.

Ordinals are HUGE right now and 95%++ of community is still waiting on the sidelines until BTC starts running again. This will bring so many eyes to Sovryn and some of those eyes will open accounts and start using Sovryn. Those that doo will be bring liquidity and trading volume will increase which will bring more revenue to stakers which will encourage some of these new participants to buy Sovryn once they learn how dope it is and … stake it.

It’s also part of history - $oDoge let’s a Bitcoiner buy fractional ownership of the first Doge inscription on Bitcoin WITH Bitcion. Effectively making it the first memecoin(backed by the inscription) on Bitcoin ever but the beauty is you can do it all on Bitcoin without interacting with another chain.

Also love that it’s first ever ETH project to move to RSK. All over the space there is literally 0000000 L1’s that are EVM compatible getting built on - I think a big part is most people don’t even know that Bitcoin has a sidechain that is EVM compatible.

This can inspire other projects to come over as well and make people realize Bitcoin on Defi is already here… Pumped!

12 Likes
13

First, I want to thank the work behind this proposal. The enthusiasm with which everything is presented is contagious. The fact that it comes from the community administration team of Sovryn guarantees the connection between them regarding this issue. I’m concerned that if it’s ultimately not accepted, it will cause frustration on both sides. (I think you will be able to read between the lines…)

Personally, I understand the benefits, they are very well explained. It is clear that Sovryn will be on everyone’s lips.

I don’t know if there is any economic or developmental risk. They are not mentioned in the proposal. I encourage you to be self-critical and indicate any weakness, if there is one.

I understand that it would be necessary to dedicate resources quickly to take advantage of the opportunity. And as we know, we are immersed in solving urgent issues of enormous importance for Sovryn. Still, it may be compatible in the next weeks, if there is willingness and understanding from all parties.

We just have to listen to the heavyweights of the core team, as they have the final say.

I like it, it gives me good vibes.
I’m still reading comments…

6 Likes
14

What a great thought. Imagine hundreds of pairs trading every day - supporting $DLLR and $RBTC liquidity. It’s a win win win situation here. Very promising indeed

4 Likes
15

Exactly!! There is no reason why Sovryn doesn’t have more pairs. Ask yourself this - would any of the top Dexes by TVL have as much as they do if they didn’t have any tokens people could trade? Of course not, this has to happen eventually and this is the perfect project for it imo. I’m a long-time SOV lover and I’m excited about this. Will also bring over liquidity which will go into $DLLR it’s a flywheel and SOV is ready for it.

6 Likes
16

Really appreciate the support. Bringing value to the Sovryn ecosystem is very important, be it enthusiasm, laughter through memes, these things all come together to make Sovryn a place everyone will want to be. I mean really what exchange doesn’t have at least 1 meme coin? It keeps us grounded

5 Likes
17

I agree and the last part is key too…

Projects are going to start coming to Bitcoin … Why not SOV? Also, if I’m correct the others aren’t even EVM compatible so it’s a no-brainer and I bet most people don’t know about Sov and those that do don’t know it’s EVM compatible.

It’s time for some mainstream exposure and volume to inspire all holders to stake.

5 Likes
18

Projects moving to bitcoin and bitcoin side chains is going to increase. Even with a move to POS ETH is still insanely expensive. Listing oDOGE proves that we can move to get these things done, and as someone said above opens a door for us to become the 1st “Uniswap” ON bitcoin /bitcoin side chain. This could bring massive things in little time. We CAN do this!

6 Likes
19

I think it is good opportunity for Sovryn and it will bring more liquidity and we can be than close to fully operate with Zero protocol

9 Likes
20

I think it doesn’t matter that much if people deem this venture good or bad -
it will put us on the radar of many - and if timed well
it might boost the “real” financial endeavors like Zero and DLLR.
It is a bold move and the upside heavily outweighs the downside.
You have my vote!

7 Likes