SIP-0057: Add Ordinal Doge Token ($oDOGE) to Sovryn AMM Pools

Bitocracy SIP | Sovryn Improvement Proposals
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Add Ordinal Doge Token ($oDOGE) to Sovryn AMM Pools.

Now voting. Cast your vote, please.

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The Sovryn community management team has been in contact with the 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 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?

The Ordinal Doge project launched on February 27th, 2023. A DOGE ordinal was inscribed, 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 Dogecoin 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, 10.8k Followers on Twitter and growing! [https://twitter.com/OrdinalDogecoin ]https://twitter.com/dogecoinordinal?s=21&t=IwQYMz-hFMUHftJ9tnu1pg)

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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 belonged 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 $50-$100k $oDOGE and $50-$100k 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 with 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 and 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 meme-coin 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 to 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 the 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 leads to more Zero LoCs. Hence, more ZUSD was minted, and more DLLR liquidity.
  • If the $oDOGE community allows for a $oDOGE/$DLLR pool then a potential way to increase the demand for DLLR is 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 are 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

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You can also follow the original post and read the response that the oDoge community has given to the Sovryn community.

Actual SIP will be written into the blockchain.
Sunday 19, March 2023 at 8 PM Pacific time zone.

https://justpaste.it/1yemi

4 Likes
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Let’s get this thing voted on!!!

Who gets the delegation of VP to get this SIP moving???

6 Likes
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Guys, I can delegate it to get started in one sip … DM to coordinate.

5 Likes
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i would love to see this to vote.
i can delegate my VP to the chosen one

4 Likes
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I think that I just requested the start of the process to actually take this SIP proposal into the voting phase.

Read the link with the meme image it takes you to the merge request on GitHub

3 Likes
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Attention Sovryn stakers we need the VP to start the process to add the SIP for oDoge to see if the community wants to add that meme token. This SIP will only test if the community wants it later on another SIP will be created if the community agrees.

How do you delegate?

Go to the staking page, click where it says “delegate” type the following address once the option appears, and click confirm.

0xfa2Ef60da01174d12F79046B42d54AA052ea360C

2 Likes
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Cant wait for it to be voted for odoge to be listed. I’m a fan of the $DLLR that’s been dropped on the platform and what you’re guys doing. I am a odoge investor and truly would love to see it on you’re platform… lets make this happen!

1 Like
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Just speaking for myself, I’m pretty skeptical as a lot of the trading volume & following of this project is artificial. I’m not really convinced that this pool won’t become a liability in the future and I’d really hate to pull our own devs off of more important tasks to focus on this. I think these are pretty logical concerns, that I have voiced in the past, which were met with emotionally charged responses from bagholders.

4 Likes
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Care to elaborate? If you’ve got any proof that leads you to making this public statement, would love to see it.

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The onus is not on community members to prove that the project is a scam. The onus is on the team behind the SIP to carry out their due dilligence and show the community that there is sufficient evidence the project is not a scam. No such due dilligence has been carried out, let alone presented to the community. Due dilligence contributed from various members of the team and community has simply been ignored and immediately drowned out by people who have no response and who just respond with a number of benefits buzzwords - “liquidity!” “pamp!” “yield!”

Some guys in here have shown excellent initiative in proposing and driving forward this SIP, and sure, it has garnered support, but it is also clearly controversial and a lot of stakers are quite hypocritical in their refusal to accept this. At this point, oDoge SIP proposal appears to be motivated by a chip on the shoulder of rekt stakers more than anything else, who just want to feel valued. I understand that sentiment but oDoge is not the answer guys

3 Likes
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I appreciate the efforts of the people behind this. But then when it comes to my opinion on this: I’m voting against this. Asked some simple critical questions about the project and got nothing that is even close to a satisfactory answer. Don’t like to give space to something I don’t trust.

The underlying, more existential question is whether the AMM pools should become a marketplace where anything goes, just because it would give volume, or whether the AMM pools are a tightly governed place, where projects need to pass the due diligence of the Sovryn community. I think the latter. If Sovryn governs the AMM pools well, then in the longer term projects will actively strive to join because being on the Sovryn DEX is a mark of quality, having passed the diligence of an open-minded but smart and highly critical community. List a few flaky projects now, and future projects will be less interested in providing liquidity and be listed next to them. We don’t have to follow Uniswap just because they are large and successful. There are different ways to be successful, Sovryn can carve out its own path. Let the Sovryn AMM not be an anything-goes open space but be a governed quality marketplace, where eventually projects will pay to have a spot just because it is a sign of quality.

3 Likes
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I will vote against but I like that you took the initiave from other community members who were all talk

1 Like
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Love seeing the community self-coordinate on this! Unfortunately, not for me. I’ll be voting against. Nothing against $Doge and I think ‘$soDoge’ is actually pretty funny as ticker symbol.

It’s just hard for me to see net benefit. I don’t think people would come to RSK to trade this when they can do it on Ethereum. I also doubt it’s a rug pull, but it might be? And I don’t want to deal with that. Then for those that recall, last year we made concerted efforts to wind down other AMM pools and focus on core road map because they were bogging down our resources. This feels like we’d be back-sliding and falling into our old habits. While I don’t think the initial setup has much technical debt and is quite easy to do, I do think there can be continued maintenance on pools.

Overall I’m just ‘mehh’ about the proposal.

4 Likes
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I am happy to see more topics coming from the community and being pushed by the community. I was also happy to help bring this SIP to a vote. It’s important that we don’t just discuss what the “majority” wants in telegram chats. That can only ever be done through SIP votes. That’s what we have them for.

Many very respected team and community members have asked critical questions that have not been answered satisfactorily. At the same time, SIP supporters put a lot of pressure and sentiment on those very members. I also found it very questionable that after the first cancellation of the AMM pool some former Sovryns appeared and railed very strongly against core team and Sovryn. This was the first time in many months that these people had something to say. It was obvious to me that there was frustration because of the first odoge cancellation.

That something like this happened just before Sovryn’s big launch event is embarrassing, unnecessary and more like manipulation than a serious request for cooperation.
Accordingly, I give up my neutrality in this project and vote against it. The way it was communicated was quite out of line and malicious.

7 Likes
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Well this is why we vote, when is this going up for vote?

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Sunday 19, March 2023 at 8 PM Pacific time zone.

1 Like
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I take the exactly opposite position on that, I guess this is why there are votes. Yes, I feel that the project, if it wants to be decentralized, should be permissionless, and the AMM should be open to everyone. The centralized control is precisely the reason why the project has not been as successful so far as it could have been.
Uniswap is so successful for a reason.
I do not so much care about oDoge, even though I think that it is a nice little side project that can bring some buzz, but my problem is that this project is being held back by centralized control and far too much control and dictatorial power wielded by the core team and exchecquer. As it is, it is a security in the negative sense of the word, and the core team has made decisions again and again that held back growth. The successful launch of DLLR and zero obviously is great, but there were too many failures along the way, and the user community was never seriously asked.
This SIP will fail because the team will block it out of dictatorial spite, but this should not stop us from asking for more power for the community and for a truly decentralized and permissionless Sovryn project instead of the centralized project, really just a noncustodial cex in anything but name, that it still is due to the uneven VP distribution.
I am maximally staked and will remain so, but only because I hope that decentralization can be achieved at some point in the future through dilution of team vp. That really is the only path to long term success.

2 Likes
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Add Ordinal Doge Token ($oDOGE) to Sovryn AMM Pools.

Now voting. Cast your vote, please.

1 Like
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It is running now, please cast your vote.

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It is running now, please cast your vote