[SIP-XX] State of the dapp / Expansion to new Worlds (L2's)

Bitocracy
1

Hello Sovryns,

I would like to discuss the current situation of the dapp in this thread and look for solutions on how we can achieve better functionality.

Sovryn is expanding from RSK to other chains / L2s. This is the right approach, because RSK is simply no longer competitive. But of course this causes some problems. Right now, at the beginning of the hot market phase, we are not in good shape. Liquidity on rsk continues to decline. Zero is not getting the attention and care it needs. On the new chains there are only AMM pools with very poor liquidity and no trading volume, without the overall construct of bitocracy and staking.

In my view, there is important infrastructure in the Sovryn apps that has to work on each chain in order for Sovryn to be succesful. This important infrastructure is:

  1. DLLR/BTC AMM with whatever wrapped btc exists on that particular chain. If it’s on Eth or Cardano, add those tokens too.
  2. DLLR and btc borrowing/lending
  3. Sovryn Zero
  4. revenue share via staking

If these 4 pillars of Sovryn work, we get:

  1. more demand for DLLR and therefore a better performing Zero.
  2. better valuation of the SOV token due to revenue sharing on each chain with a canonical SOV token.

I think it is a mistake to pair new AMM pools on new chains with SOV. It would be much better to pair the new pools with DLLR or at least with BTC. SOV should come into play as usual via staking and the revenue share in staking.

I hope we can discuss and set the rules for expansion to the new worlds here with bitocracy. I would welcome a proclamation SIP in which the Sovryn community agrees on this or another approach for the expansion to new chains.

14 Likes
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agree we are seeing very low forum support from team regarding enforcing lur SIPs/ideas or following through with talking deeper on their own visions.

We need something to start changing we are
moving nowhere, slowly.

Im in support of this & it should be acted on.

3 Likes
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Why not make this SIP a bit bigger - include the whole incubation idea from yago in the telegram posting in this sip. Also include the way to fix ZERO in the SIP and make it the “Future Of Sovryn” SIP.

As for the incubator idea:

infrastructure:

  1. Launchpad /Incubator with a share from incubated project token going to sovryn treasury with revenue sharing from these going to sovryn stakers automatically
1 Like