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.
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?
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?
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?
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?
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.
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.
SIP-0079 approved moving funds to BOB 8 months ago, on the basis that it would be returned after the initial timelock period of 3-4 weeks. This never happened and the funds have remained on BOB harvesting “spice” ever since.
I request a clear answer as to when the funds will be returned to the treasury @Armando. Thank you.
reading this thread from start to finish gives one the impression: Liquidity was needed, and very quickly, WHY?
Pairing all this SOV with ~6.000.000$ of user deposits (BTC,Stables) at an avg SOV price of 1.8$ generated a lot of liquidity, WHO benefited?
-It was not 3 weeks but 8 months.
-SOV went from 1.8$ to 0.4$.
-$BOS becomes seperate project.
BitcoinOS somehow has the capital to partner with Cardano & hire professional marketing teams, as Sovryn bleeds into irrelevance & progressivly abandon all our in house projects hyped in 2024 (Zero, Powa, being a DEX>incubator) as the whole team marches on to their BitcoinOS employments.
looking for rocket scientists to figure out what happened here…
I understand your concerns about the adoption funds’ extended stay on BOB. The adoption funds remain under exchequer control as specified in the SIP. These funds have collected Spice throughout seasons 1 & 2, and for the first three weeks of Season 3, providing tangible benefits that justified extending beyond the original timeframe.
Currently, these funds contribute meaningfully to Sovryn’s TVL on BOB. Withdrawing them would negatively impact Sovryn’s market position and presence on the platform. Given this strategic consideration, maintaining the funds in the BOB smart contract continues to serve Sovryn’s interests.
