Let’s get the meme on! We desperately need a bit of fun back in Sovryn. We were promised NFTs , Origins Launchpad and so much more and instead we have narrowed the scope to Zero Only.
This is an opportunity to bring Sovryn to a lot of people that otherwise would never use Rootstock.
This is a chance not to be missed.
Also, would be useful to study fractional.art
There is constantly this suggestion that this would bring a ton of people to Sovryn. But this project is not even three weeks old, it is ranked #2726 on Coinmarketcap, lots of its social activity is bots (by their own admission), and it can be traded on other platforms. Why are peope expecting an influx of people and trading from this? I’m not seeing it tbh.
It will bring a lot of trafic exactly because they can afford to do unorthodox marketing eg. Bots
Stuff we in Sovryn would/can never do
Also good to note that they have 1,5m trading volume already. SOV can pull this volume only on full moons and solstices
True, it’s not BDX - which was blatantly shilled by core team for some reason.
But I’m very delighted to see you’re opening up on transparency.
And that you’ve taken the time to write more than a single word for answers.
I still have a lot of questions about your KPI’s so far, your role and of course, your new venture and “side business”.
oDoge community is very much in favour of trading their token on a BTC native sidechain than on ETH. (It also comes with lot less of fees for them)
They just got listed on Poloniex as well. They clearly know how setup things fast.
I just hope core team listens to community. And doesn’t wait until (or bet on) discussion to dry up.
they did alreadu an AMA
they are exited to come over to RSK.
even if only 500 persons decide to trade on Sovryn outside the current cult we have, its already a BIG win.
its not so much about the token itself as said, you dont have to trade it all if you dont like it. i wont personnally.
if we can get even 10% of the volume, it would be good for the dex as a whole.
stakers will get more revenue.
and newcomers might stick around on Sovryn and discovering all the good stuff happening here
they will provide all liquidity, so there is no financial risk for Sovryn.
its like someone giving you a lottery ticket for free, no risk for you, but you can win
what if sovryn community creates a better doge logo, inscript it, then use RSK smart contracts because token but belongs on a Bitcoin sidechain to be it’s purest form and all of this under Origins project.
all stakers would receive a cut in an airdrop to pump&dump… (not only who is proposing) anndd
WOW
SUCH amm /$DLLR
MUCH fees
WOW
this would be the real Match made in crypto heaven.
I would like to bring attention to one aspect: WE SHOULD NOT TRUST THE ODOGE TEAM AT ANY MOMENT.
We should be super weary of the risk that they rugpull the thing and steal some rbtc in the process, if they have the possibiliy to do so we should assume they will.
Their AMM liquidity is locked from withdrawal.
Can’t see what else they can or should do.
They are not going to allocate the totality of their funds in the amm. Nothing forbids them to unload the rest of their coins through the amm
All good, first go to https://odoge.co and give it a good read because it’s all there.
FRACTIONAL.ART → That’s where you can make fractional ownership of a NFT. Simple way, NFT costs $1 and it gets broken into 100 pieces, each piece is 1% ownership.
Ordinal Doge did that but then burnt 50.00001% of the tokens so it’s technically impossible for anyone to ever rug the vault.
Fractional ownership of NFT’s will be a narrative going forward as it’s already starting to show in a few different cases besides this. Opulous and RiteStream come to mind.
I trust this helps.
They are putting up the initial liquidity so they are just making an LP they agreed to lock for a minimum of 12 months with no plans on removing it BUT if things get weird in an unprecedented way they have a right to remove it after 12 months which only makes sense.
If we did it would be at the current ordinal height of 400k+ not the sub 6,000 like oDOGE has. It’s also the 1st doge inscribed on BTC.
Insert stand up and clap GIF here
I read everything on that page (and the two short medium posts, and some stuff on these emblem vaults). There is no explanation there of what I’m asking.
I’m asking a super simple question, and any enthusiast about this should be able to answer this straightforwardly if this thing is ever going to work: what is the relation between these ERC tokens and the ordinal? It is not one of active governance or ownership of the ordinal if the tokens don’t give any control over, or special access to, this ordinal (given that a majority vote is impossible, with half the supply gone). Anyone can see the inscription, no one can move it or auction it, the token doesn’t give you anything with respect to the ordinal. The site confirms that the narrative slips constantly from features of the ordinal (‘the first’, ‘on bitcoin’, true) to features of these tokens (which are said to be ‘the first’ and ‘on bitcoin’, false); without a real connection between ordinal and token, it just seems plain deception.
(For what it’s worth, I’ve nothing against ordinals, I’ve nothing against memecoins, and I’ve nothing against bringing fun or degen stuff to Sovryn. Honestly, I like the enthusiasm I see here and I’ve much respect for the community members pushing for it. I do dislike narratives that drive on deliberate deception and obfuscation however. If it isn’t that, then, please, someone, just explain in simple terms how the token is meant to derive value from the ordinal, it shouldn’t be too much to ask, right?).
Who provides the other side of the LP?
I know what you mean…
How can oDoge holders claim the token is backed by an NFT that can’t be accessed and is essentially ‘burned’ and locked inside a vault ‘forever?’ The NFT can’t be used for collateral or sold so why does oDoge have any extrinsic value?
It doesn’t.
It does, however, have intrinsic value and provenance, which in my opinion, makes it worth something.
Imagine if the French Republic who owns the Mona Lisa said they were going to fractionalize the painting and offered them as coins to the public on a blockchain but said that the Louvre Museum constructed an impenetrable vault at the center of the earth where it would live and could never be accessed because it’s been sealed ‘forever.’
I believe there would still be demand to own the coins and they would have value because they represent the Mona Lisa and people would have a feeling of owning the painting even though it was inaccessible. The coins would have provenance.
One misconception about oDoge claiming the NFT can’t be moved because they’ve burned more than half the supply needed to unlock the vault is misleading to a degree.
The Emblem Vault is not impenetrable even by Emblem Vault’s own admittance on their Medium post.
Emblem Vault goes on to say that the team is exploring options to decentralize the service further and provide enhanced security but that a fully decentralized system may never be fully possible due to the nature of the technology.
You can’t rule out that in 100 years, there isn’t a decision to unlock vaults that haven’t moved in the last century or allow token holders to vote and lower the 50% required coins threshold to say 25% via a vote and code change.
In the Mona Lisa’s example, with enough will and effort, there would probably be a way to retrieve it again just like there is a possibility the Ordinal could be unlocked either through reprogramming the vault’s code or via hack.
What if one day we have super computers able to crack private keys so we all move to more secure wallet technology but all the legacy wallets would be left vulnerable? It would just be a matter of time before the Ordinal private keys could be found. Or what if in 1,000 years the BTC community voted to unlock sats that haven’t moved in more than 500 years and recycled them as miner rewards? I wouldn’t say the Ordinal is never going to be retrieved again.
I like the project. It’s creative, there is a community being built around it and it has intrinsic value and provenance.
Is it perfect? No. It has its doubts and vulnerabilities, but the vulnerabilities are very low at present day.
I never heard of Sovryn until today and I’ve been very active in the crypto space for 4 years.
I’m now very interested in Sovryn and it’s made me excited to want to use it in the future. I’m sure many people will feel the same once they understand and hear about it, but I only came here because of oDoge.
Will oDoge bring the volume of users you want? I don’t know, but Sovryn could benefit if the oDoge volumes continue.
I don’t think oDoge is a scam or pump and dump, but the coin’s market is new so it will take some time to know if the market is sustainable. In the short term, it seems the project team is well organized, transparent, has a lot of energy and serious about making this coin mainstream.
I’ve bought some oDoge, so I’m biased, but I would love to trade it on this exchange if it does become the next Mona Lisa.
they will put both sides in the LP
RBTC and ODoge
Sovryn will not put any liquidity in LP
How to bump this thread into SIP voting status?