Also peeking a bit into oDoge community, they seem to be amazed to trade their token on (r)BTC, and with way less fees than ETH dexes give.
It’s very possible that apart from their cex lineup, Sovryn AMM gets the lion’s share of Dex volume.
8 Likes
Totally, 100% in favor. It is an innovative project that will grow, and, maybe even nore important, it will add free or nearly free publicity and name recognition for Sovryn. A win-win all around.
Ordinals are big and growing. This one combines
ordinals with one of the most powerful memes on the internet.
5 Likes
Well I hate to be a buzzkill, but this is not as harmless or ingenious an idea like everyone thinks it might be.
I don’t really see the connection any more with an ERC-20-issued token that’s not really redeemable for the custodied NFT that is loosely related to an ordinal.
There are a few key concerns about this whole thing:
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This token has literally nothing to do with ordinals
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This is a textbook pump-and-dump project that will lose relevance in a month, propped by a twitter with fake followers & a couple whales.
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The inscriptions are held in a custodial wallet, so it could just leave the wallet at any point
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The Uniswap pool suggests clear “pump and dump” behavior. As a random sample, among the earliest buyers were this string of 0.07 ETH buys, same amounts, all from different addresses, but all with the same behavior: exactly one buy transaction, and later one or more sell transactions at a higher price.
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The creator of oDOGE seems to have other “memecoin” projects.
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A shitton of fake followers on the oDoge twitter account.
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I find it a little uneasy that the poster/writers never disclosed whether or not they have allocations of this token already, and could be using Sovryn as a way to pump their bags under the guise of “great marketing!”
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I think we can experiment with meme-ness in the near future, but not this way, and without sacrificing resources allocated to much better and longer-term products in the Sovryn ecosystem.
I don’t see the long term payoff in beating out Stacks in a race for irrelevant meme-coinery.
More analysis here:
6 Likes
We will need to address the nft side before listing because we need to make sure that nft is held with a non custodial account and if possible multi sign ways to claim it. Yeap that actually brought some eyes to Sovryn but we need to address the hard questions.
Who holds that NFT that the token is supposed to fractionally be represented for?
The ordinal cannot be unlocked spent or moved. Your own research proved it. Your concern is a nothing burger.
4 Likes
Well I hate to be the one to say this: the better story wins. Short-term, long-term. Always. Hence, whilst I could throw myself behind your concerns with sincerity…what is your proposal to create some much needed buzz and to not lose the story to a chain that is only affiliated with bitcoin, whereas Sovryn is actually running on a merge-mined Bitcoin side chain with the same PoW consensus mechanism?
Your post sums up what puzzles me about some of the observable behaviour of the core team from day one. Copy and paste innovative EVM code from a buzzing community and bring it onto a chain with hardly any = massive bootstrap task, and then augment a mindset over it that comes across as killing exactly that spirit of innovation that made Ethereum great - all the while the money legos on Arbitrum for example are starting to take of with escape velocity.
How do you propose, sir, to play to win? Based on the old adage, that the better story - not the better tech, wins!?
1 Like
Someone with the technical know how will have to verify this. This is above my pay grade and knowledge but hopefully someone with more knowledge will pick up the tab and verify and give the results to the Sovryn Community.
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We will schedule an AMA where you can meet their team and ask all of the hard questions
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I am still reading through all the comments but I am one who joined crypto in the beginning of 2021, which was of course during the memecoin hype because of DOGE. I have spent time trying to learn as much as I can about crypto since then but I feel every day I’m learning something new and likely will for awhile. oDOGE has opened another door for me as I am just learning about Sovryn. So, I wanted to thank all of you for this opportunity of allowing this discussion to be had. I believe it if does work for Sovryn, it will likely bring new eyes here and adopting “shitcoiners” to dig deeper into researching and understanding cryptocurrency further.
7 Likes
By convention, SIPs are given a number by a SIP editor based on their pull request number in the SIPs GitHub repo: https://github.com/DistributedCollective/SIPS
Since this draft SIP does not have a pull request, it hasn’t been given a number yet. Accordingly, the post title has been updated to remove the number.
Please submit the proposal via draft pull request on the SIPs repo to receive a SIP number and then you can add the number back into the post title here.
3 Likes
I was reluctant at first but considering the limited downside and potentially big upside I would vote in favor.
It looks like an educated attempt at memetic campaign and they have a narrative that every pump chaser can get behind. It seems to me that they are well geared marketeers, which are not in excess in our community.
While not a fan of memecoin pumpndumps (which I think it is although it can be subjective) this is an opportunity to get RSK, Sovryn, DLLR and ZERO on a lot of mouths, a – potentially huge – marketing free ride.
Will the hype pass, ofc it will. But is this a problem? I don’t think we can accuse Sovryn of being deceptive even if it goes to 0. It’s a DEX, price discovery is one of its purposes.
Plus, let’s get some fun in here, maybe we’ll retain a welcome crowd.
Stay Sovryn
6 Likes
Sleeping over it: We still need a truly community led SIP to get passed that is totally outside of Cores control to actually proof this project is run by community not by core. So this could be just this. Its not huge harm if this is a nothing burger. little dev time (needs verification) is needed. No dev funds need to be put at risk.
Also this topic generated more posts in one day then all the “serious” SIP posts in the last month combined. This alone is a sign that there seems to be something there that generates big amount of interests.
So I do feel core will hope this discussion dies out like all the other community led proposals on here that didn’t fit their narrative. Are the numbers there to bring this to a vote?
3 Likes
Imo we need to get this trading pool asap.
End of March is absolutely latest it should go live
We move here like a dinosaur, sometimes we need to speed up, bring the sip to vote. There is plenty of support I believe
If we got the sip approved, at least the devs can start working on it.
Work on the iron when it’s hot
3 Likes
I don’t understand what it means to ‘fractionalize’ an ordinal.
There is an ordinal tied to an address. Then there are the odoge tokens. They initially seem like a kind of governance token tied to the ordinal (odoge holders could in principle vote to do something with the ordinal), but then there doesn’t really seem a governance connection present and due to this burn of half of the supply, it is impossible to ever get a majority to do something with the ordinal (and so no need to even build any governance connection). So now I’m just left with this picture of an ordinal on the one hand, and some odoge tokens on the other hand, without any real connection? (And then this makes me think, if there is no real connection, isn’t the uniqueness of the ordinal not just used as a tool to fool people into attributing value to these odoge tokens?)
I’m probably thinking about this too seriously. Is the idea that odoge is just a memecoin but it has this ordinal as a kind of mascotte or something that somehow encapsulates/celebrates the sort of sentiment that binds the odoge token holders? (Writing these comments makes me feel so old and boring, like not getting what the kids are up to lol. “Please, explain it to me like I’m 50”).
2 Likes
What I would like to see in the final proposal - is some airdrop for SOV stakers.
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For me not necessary, but would be a welcome bonus on top of it
i’m more curious on the volume and new peeps it will bring into our small little ecosystem, ready to grow
1 Like
100% SOV is a DEX when is it going to start adding tokens? Right now SOV needs eyeballs and awareness for $DLLR. $oDOGE has eyeballs and interest around Bitcoin Ordinals aka “NFT on Bitcoin” - perfect crowd to bring to Defi on Bitcoin.
Flipside is $oDOGE went to ETH because of smart contracts to make a token but belongs on a Bitcoin sidechain to be it’s purest form.
Match made in crypto heaven.
3 Likes
Easiest way to explain it was to create a fun memecoin around ordinals. They bought the first ever Dogecoin ordinal for 10BTC worth of $oDOGE and moved then moved it to a vault, fractionalized it into 1 quadrillion parts.
You need 50.0000000001% to move the ordinal in the future. They burnt 50.0000000.1% of supply so now it’s 500T left.
The token does nothing but grant partial ownership to an inscription that is never going to move ever. It’s a memecoin, they’re fun people like them and trade them.
The collab of these two coins give both projects what they’re missing.
$oDOGE gets a home on Bitcoin so it’s truly Bitcoin’s first memecoin on Bitcoin and attached to Ordinals which are new and not going anywhere except more mainstream. It gets to be traded on Sovryn aka on Bitccoin. When I heard about it I was like … yeah but it’s on Ethereum?
It had to be to make the token but now it can come home.
Sovryn has always been building great stuff but nobody ever comes here. Let’s be real the userbase here is once bitcoin maxi’s who got into defi and still love bitcoin so want to see defi on bitcoin and know that it’s the one chain to rule them all. Building defi on chains you can rollback is lke building a sand castle, building on BTC is immutable so it’s where defi belongs.
With Zero and $DLLR it needs marketing, which has always been a weak point for this project so now it gets a big userbase of people excited about inscriptions (think NFT’s on Bitcoin) so it’s a match to introduce the coming from Ethereum and other chains that you can have defi on Bitcoin.
The volume on $oDOGE is ~3M a day if part of this comes to SOV it will be great news for stakers and Zero when it launches as it has a bigger userbase. Becoming a decentarlized stablecoin will be challenging and real adoption is needed - this collab is already doing wonders for awareness - the ripples it will have if finalized is untold but likely exponential.
I hope that makes sense. Some are concerned a memecoin would undermine what Sov is doing but Zero and $DLLR subsequently are separate from the DEX. A dex is meant to list tokens that people want to buy to reward stakers who stake to get passive income, help vote on direction of project and play a big role of removing circulating supply to help token value.
Also worth noting $oDOGE is getting a Certik audit right now.
2 Likes
They bought the first ever Dogecoin ordinal for 10BTC worth of $oDOGE and moved then moved it to a vault, fractionalized it into 1 quadrillion parts. You need 50.0000000001% to move the ordinal in the future. They burnt 50.0000000.1% of supply so now it’s 500T left. The token does nothing but grant partial ownership to an inscription that is never going to move ever.
Can you clarify what you mean when you say that they ‘fractionalized it’? I don’t understand what ‘fractionalizing’ means, nor what is being fractionalized.
How does the token grant ownership to an ordinal, if the token doesn’t allow one to do anything with the ordinal. If the token doesn’t allow me to do anything with the ordinal, not even collectively with others, then the connection can’t be one of ownership I’d say.
I appreciate your comment, but without understanding the connection between the ordinal and the odoge tokens, a lot of the comments strike me as “look at how unique this ordinal is, first this, first that, so therefore odoge coins are really unique and valuable” and there is just a little fallacious step there that is misleading people. But I’m happy to be shown wrong!