Dear brother, fellow SOV holder,
After huge majority in the Blockchain Whispers AMA provided support for it and discussing it with Yago, I decided to write down the 3 critical changes, in combination, powerful enough to reverse the down spiral Sovryn has found itself in.
Now bear with me if I make a mistake in the formatting of the SIP proposal, I will outline you the idea and the specifics, and then you can help me correct the format and put it to a vote.
Before we begin, I say, there is no point in putting it to a vote, if Yago and his insiders wonāt support it. They hold the majority stake so without Yago replying here that he gave it thought (as he promised us after two long AMA sessions:
part 1
and two days later
the follow up part 2
Again, I am emotional I donāt know even where to begin, because, after clearly seeing multiple projects, and even in Sovryn case pinpointing the very price-impacting mistakes BEFORE they happened, and informing the leadership about themā¦ I see this as clear as a day, if this SIP passes, Sovryn is a success and within 2 months (that Yago estimated he needs to get this implemented), I can see Sovryn only at 10x this price or higher, and the start of a new re-test/overtake-the-top trend.
Bear with me please.
Every token or economic tradeable asset has only two factors that determine the price:
SUPPLY and DEMAND, right?
If you can follow this far, youāll understand the whole idea I am about to present.
Basically, we can come up with tens if not hundreds of little tweaks to Sovryn that are matter of interpretationā¦ and the only things that remain that matter are supply and demand for us to see the glory of Sovryn success.
And please note, I am not only the money guy. I talk about marketing here as well.
Instead of wasting money on marketing and getting something non-promoteable, something that doesnāt catch the fire onā¦ I have, with the help of Sovryn investors managed to isolate the three ways that will help every further marketing incentive, every move we make, every action we take, spread like a wildfire.
Hereās how.
We make money to SOV holders!
There is no better marketing in crypto than holders that did 10x, 50x, 150x or more. That word spreads. Then it is easy to sell an idea, a product.
Hereās how we achieve this, and for this, your vocal support here is necessary, because if you postpone or stay on the sidelines, the whole law of physics says: bodies in motion, tend to stay in motion and bodies at rest tend to stay at rest. So in other words, nothing will happen.
This sip is critical, because it comes from the fresh set of eyes, fresh perspective, from an investors point of view that can work in synergy with magnificent thing Yago tries to achieve yet had troubles lifting it off the ground reaching the critical mass.
My 3 change proposals are simple:
- Strong token burn (or as suggested by Yago, 10 year lock):
The team tokens - 50% locked for 10 years.
Captain sinks down with the ship they sayā¦ I believe, Sovryn holders have suffered so many wrongdoings, that a mammoth 25% of all tokens held by the team are simply too much and donāt reflect the patience and suffering done by the loyal holders. I believe with this solidatirty, Yago and the leadership can show us: we are here with you. We share the same fate with you, and in the process make tokenomics way more attractive.
Entire development pool - 10 year locked.
Reasoning: It is used for āoutside development incentivesā. Basically, Sovryn has a lot of money raised, and collected by Sovryn team to finance the in-house development. What we need now is attractive tokenomics, not ensuring they have money that they donāt need at sacrifice of the value of the SOV token. If there will ever be need for outside developments: 1) it can be paid for with money already raised 2) made a win-win solution where the outside partner benefits in a way from developing it and 3) we will leave the ecosystem pool so it can be used in the remote and rare event something of such will be required. Letās improve our tokenomics further.
Entire adoption pool - 10 year locked.
Reasoning: Staking rewards, āincentivesā and other BS only waters down the token. We donāt want people who make your investment less worthy by just selling on the ācheap thrillsā. Iāve witnessed, and I am sure you have too, many projects that died as soon as their strong staking rewards did.
We donāt want the same fate in Sovryn. Instead, we want to remove staking at all, and focus on ongoing, consistent, exchange fees shared with Sovryn stakers/holders.*
- Iāll get back to this at part 2/3 of this SIP
If you agree and support this, letās move to Part 2/3
- SOV staking lock removed; introduction of loyalty bonus.
What we donāt want is continue the idea of locking people out of their ability to move their tokens freely, only to later those frustrated holders reward with more tokens they are going to dump at dissatisfaction. What I have witnessed working at another protocol, and I am not sure itās appropriate to name it, because I can easily explain to you the process, what they do is you stake tokens, and you are during the time you are staking getting the share of exchange fees, 30% stakers, 70% liquidity providers. You can unstake at any time, but during the staking (and how we motivate WILLING long time stakers), you earn extra loyalty bonus to staking which you lose in major part when you unstake. That bonus is not bonus in extra tokens but bonus in % of the 30% of the fees you are getting. So letās say I earn $100 a day from staking fees, and if I hold it longer I start earning $110 a day or $110.5 tomorrow. If I unstake and re-stake again, I again start at $100, thus incentivizing me to WILLINGLY continue loyal staking program while having my tokens free to move whenever I want to.
Reasoning: this will focus on the most important part: adding value to the SOV token as sov token must be centralized part for the entire sovryn ecosystem and MUST EARN from every single good thing Sovryn ecosystem does.
I was the first to stop and voice displeasure with Mynt and other extra token money raisesā¦ and luckily it was accepted by you and the core Sovryn leadership so now the upcoming ZERO protocol will be yours to benefit without any extra purchases. Again, adding value to the SOV token, as it should be the whole key.
And if you agree with this, and accept it, we are moving to the final part which is
Mass acceptability
UX (user experience) and UI (user interface) simplicity
We must have a so simple and intuitive user interface that even new people, who are not deep into the community can start using the very functionality Sovryn is building, start leverage trading their bitcoin, etc. This brings more fees, and fees bring more earnings to SOV holder, and earnings bring more interest for SOV token, and interest brings demand which as a result appreciates the price and rewards the early loyal SOV holders.
I hope you are following my logic flow here.
Sovryn website, must contain everything:
- every important update notification
- an active roadmap with dates and accountability which clearly shows at which stage we are currently
ā when the date is missed an update with leadership commentary - a simple and intuitive explanation on what sovryn is and how to use it.
Sov DAPP must have (because of expected future complexity and richness of features), a super simple intuitive design. The best I have seen is the of BitMEX. The comic book layout simply wonāt cut it for Sovryn because itās too deep project, it must be fast, it must have space for a lot of things, and in trading, see shouldnāt āfuck aroundā with anything that might mess the precision or stimulate a mistake.
Bitmex even had simple red for short and green for long. The design must be in service of functionality. It doesnāt need to be beautiful. It should be useful.
Finally, if you agree with all these, the grand finale, we should DELAY Zero launch until this above is done, hereās why:
If we launch a good thing now when the system is confusing, tokenomics unattractive, and token non-rewardingā¦ we are risking a MUCH smaller effect than in 2 months from now that it takes Sovryn team to complete these things and then to launch it all in a sequence, a sequence that makes word spread.
Imagine, a new ux, interface thatās newbie-friendly. Easy to understand what Sovryn is and what Sovryn does.
EASY ON BOARDING with both btc, and eth and off boarding.
Intuitive use of the app.
Then the new investors / supporters check the tokenomicsā¦ wow, attractive.
And then they go deeper to check the potential and they see Zero launching in days (and itās fully ready, two months longer than needed tested)ā¦ so that the launch is a mega success. Can you notice the synergy effect we are talking here versus the continuation of launching things in a confusing manner on non-optimized system.
Basically, ideally, I would be just a passive bystander, but the Sovryn idea is so attractive, and is failing so miserably, I felt forced to make these simple, actionable three steps process that are almost guaranteed to make things happen.
I wouldnāt be surprised to see 10x journey kickstarting immediately after this SIP is approved, rapidly ignited by even the Blockchain Whispers extra $5 million market buy. Only to start seeing real trend expansion when the three changes mentioned above are implemented and start attracting like magnet to metal new investors, new sets of eyes, new Sovryn citizens.
This is why, I introduce this SIP as one, because all these 3 changes are critical in package to reach the desired effect. Failure at one thing is a failure at expansion and having the wildfire-spreading effect.
If you followed and understood the critically important point in this: reducing of supply (making tokenomics more attractive and your SOV more valuable), making focus on everything in the ecosystem earning for SOV while not having any sorts of bribes and cheap gimmicks in long term visionary project like Sovryn and finally the UX UI optimization so that a new person can easily be onboardedā¦ I invite you to approve this SIP and see our long-deserved Sovryn magic happening.
For Sovryn,
D Man
P.S. Unfortunately, this SIP will not pass if Yago and the leadership choose to. They currently hold so much influence over the voting that a vote cannot pass without their OK. Luckily, after the two long AMAs, Yago showed as a man who is willing to listen to the community and promised us a compromise (instead of burning his team tokens, and other pools he suggested the 10 year lockup). I agreed. Within 10 years we should have plenty of time to reach the stars. It is not as good only in the perception for new investors as it will still mention the fully diluted marketcap, and the BURNING is preferred, howeverā¦ I accepted this as a compromise because I believe if possible, all parties must be satisfied. Cheers!
EDIT: Since Yago offered a compromise, that he is willing to support the sip if 10 year lock happens, and later he withdrew it, I move, for the benefit of Sovryn to the ideal solution which is a BURN instead of lock, because it will change the tokenomics for every new potential Sovryn investor in the future, for more favorable. Thank you.