SIP Proposal: Transfer of SOV from Adoption Fund to Build on Bitcoin Mainnet

At this stage, we know that:

  • Risks are low and mitigated.
  • Marketing benefits are not easily quantifiable, but they will not be zero, especially if it allows us to ride the wave of the upcoming halving (ok in principle).
  • The competitive environment necessitates strong differentiation and the ability to effectively highlight Sovryn’s value proposition.

In other words, considering the limited time available, the decision ultimately comes down to trusting “those who know and have much to lose.” that marketing benefits >> risks taken

So I will support this SIP to help Sovryn to stay in a leading position among all the bitcoin L2 solutions.

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The question was referring to the objective of the BOB team. Anyway, it seems to me the main objective here is for marketing/showoff only.
Can you share more about contingency plans the Sovryn Team has?

For my part, I understand that sometimes debate times are shortened when quick decisions need to be made. I also understand confidentiality agreements when they are strategic to maintain an advantage and achieve success.

However, it’s important to communicate it in such a way that it doesn’t appear to be a lack of transparency. Perhaps it could have been proposed a few days earlier, unless the agreement with BOB was made last Friday.

That said, several of the issues have been clarified throughout the day today. Some remain pending: could you answer these questions, some of which have been asked multiple times?

  1. Why not use the 9,000 SOV you already received this year from bitocracy? Are you planning to use that too? If so, would you transfer up to 23,000 SOV to BOB? Or is the limit 13.8 million SOV?

  2. Is it possible to quantify the rewards obtained during these 21 days? Is it a defined amount of spices? Do we know the expected equivalent value in dollars?

  3. Regarding the unlikely situation in which the esov were put at risk and had to be cancelled, could you explain what it means technically to cancel the esov?

He answered my question bay saying the 9 mio SOV transferred to exchequer earlier will also go to BOB, so that then would be roughly 23 mio SOV.

Due to all the questions that have been asked here, and the short timeline, on Tuesday (Tomorrow) at 3 PM UTC we’ll host an AMA session on our discord server regarding SIP-0077 and SIP-0079. Both SIPs Will go up for a vote on Wednesday (March 27th) at 9 AM UTC.

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The function is designed to transfer not just SOV. So I am asking for the total including non-SOV tokens.

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In half an hour, there will be a Community call to discuss this and other SIPs.

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I trust the smart contact has been audited by an independent third party?

It has, yes. Sovryn devs have also reviewed it.

As this information wasn’t available (to us) till now, I now wonder what this means for adoption fund + exchequer fund?

These funds being now confronted with IL (impermanent loss) is something I have not read till this moment.

The perceived impression was that we deploy funds there (they got TVL to brag), while we get some tokens as rewards, which will be used to fund/incentivise Sovryn`s activities on BOB. Where after about 30 days or so these funds shall be returned.

To me this feels as a massive twist.
Clarification is greatly appreciated.

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Soo… as for quite some time no update whatsoever, on basically anything is given at all…

Is adoption fund lost?
Sitting somewhere?
Doing something?
Waiting for someone?

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