Communication is key: what i mean by that is that i do not think postponing Uniswap listing is smart, unless it’s necessary to level the incentives and playing fields to tell those who buy eSOV that "Hey, you know what you can do if you move them over to sovryn platform as SOV? "
Staking rewards: xxx amount of you stake 2 weeks, 1 year, or YOLO 3 years.
Liquidity mine for great rewards
Stats page to display Sovryn protocol fees: here’s how it is right now per 24h, per 1 week, per 1 month
Participate in one of the greatest community building infrastructure you’ve ever come across, and it’ll make you WANT to participate!
Honestly, sovryn community is one of the best out there. The main team, the community channel, the level of transparency AND responsiveness from the main man Yago himself, are tremendous.
I mean corporate behaviour and style is nowhere in yago. You become relaxed, you joke with him, he even replies to you directly.
Agree that eth liquidity should be flowing towards Sovryn first, but disagree that it shouldn’t be on ethereum at all. As @yago comments later down in the thread, “timing is everything”.
In the excitement of having the bridge operable, tested, and audited, maybe we should take a step back and examine our strategey more carefully.
If you were to propose a strategy / plan for first ETH/rBTC and ETH/SOV pools, and then for eSOV/ETH what would be your milestones in terms of product, and volume?
Also, based on our v1 pools that were rushed out, what would you like to see in our v2 pools?
Like your thoughts and agree but one thing doesn’t exclude the other. Many other protocols such as Avalanche have their agenda and a bridge to Ethereum. I would fully follow your view only in the case that Sovryn is not technically stable yet and needs time to develop further. If this is not the case I would opt for a bridge to Ethereum to expand the market for potentials and attract interested investors, collaborators and new Sovryns
Regarding Uniswap, why not? Everywhere are speculators. There’s no reason to attract more liquidity if Sovryn is ready.
What about an esov token on uni which when deposited on sovryn provides the supplier of esov access to a liquidity pool or some sort(in other words they could buy Sov on uni, but only by bringing to the app would they gain liquidity bonus / airdrop etc)
YES! Mobile app is very much needed. Or a platform that already has mobile capabilities. (I am an iOS dev btw, lmk)
Honestly, this is what I love about this community and what is going to make this project a great succes! With a passionate community like this, whatever the opinion on the topic, how can it not be! I’m glad to be part of it and my hands will be diamond as never before. Time is no matter, we must consider ourselves lucky!
I’d say it’s a good idea to list everywhere, but perhaps make it more clear what the staking rewards are and LP rewards. Once we go “mainstream” to uniswap we should have an easy to use platform imo.
It’s key for users to know how much money they can make on this platform, how else are they going to bring funds in?
Let’s say we enable rETH/SOV or ETH/eSOV or both. Why would I add liquidity in these pools? How much should I expect to make? Opportunity/time cost? These are important questions and at the moment the platform isn’t very user friendly with regard to these aspects.
Why would I buy SOV for other reasons than to speculate? We all just want to get rich, right?
I also notice a slight inclination towards trying to have this exclusive community, “bring it all only on our platform”, etc.
I think this is very flawed. I’d much rather tap into all liquidity there is. Hell list it on a cex, what’s the problem?
Have a great platform that will bring users in for its features, rewards, etc, not the “maxi” mindset and “exclusivity”.
We already drew the attention as the first DeFi on BTC, now we must show it’s a great platform.
I agree with the OP and the argument - “The bridge from ETH is a necessity, however, users should be incentivized for providing liquidity on rETH/SOV on the Sovryn protocol, rather than eSOV/ETH on Uniswap.” I’m not knowledgeable enough to run the trade and figure out how to make this work and get liquidity on uni or make the bridge work, but agree with that statement nonetheless.
Sovryn has always felt like it was in a league of it’s own, apart from all the uni/eth defi projects, and it would be nice to continue to incentivize participation on the Sovryn platform, draw volume to the Sovryn platform, and in turn reward participants (stakes, liq providers) on the Sovryn platform. A lot of folks have been breaking from ETH to BSC with all the fees lately - and I thought that was a pain in the a$$ at first being from the States, yet some seem still turned off by how “hard” it is to get SOV… I know solutions are in the works and once those are implemented it seems a pitch can be made that those in the ETH market WANT to come over.
Execution is very important my friend. You can have the most genius idea on the planet if execution is trash it’s over.
I fully agree with @Nakameowdough.
My hope for the bridge was to bring more liquidity to the Sovryn dApp, especially make it easier, cheaper and faster to transfer USDT to the platform, because that’s something Sovryn is in dire need today. Sovryn is DeFi on BTC, not DeFi on ETH. That SOV can be traded at other DeFi platforms and even CEXes in the future, for sure, but it should not be the main priority.
Main priority must be to simplify the process of getting access to Sovryn. It must be UX. It must be better GUI. And definitely mobile phone support, preferably with a dedicated mobile app. I have several non-technical friends that are interested in Sovryn, but it’s just too technically complicated, with cross-chain wallets, manually setting up RSK settings, and so on, etc. and it scares people away.
Fast rusdt is on the way I believe
I’m in favor of launching now. We need to build awareness and increase the size of the community. Thousands and thousands of people are entering the crypto community for the first time every day, and these people are being told that defi and smart contracts are uniquely ethereum-based. Every day that the greater crypto ecosystem doesn’t recognize that bitcoin will compete on Defi just makes it that much more difficult to change minds later. Would it be preferable to have a more developed product? Of course. But we can raise awareness now and continue to develop. Every successful crypto project other than bitcoin was initially built on promises. If you show people the project, get them excited, the pace of development will compound. The bitcoin community itself has a near complete lack of awareness of this project and what it could mean. For example, check the bitcoin subreddit or bitcoin Twitter, it’s crickets. A Uni listing on its own is just a small step, but people get excited when they are “invested” in a project and will evangelize on its behalf.
The arguments are valid on both sides. I’ll throw one more in: when people consider getting into SOV they will also study the exit path. At this moment we have the usdt way which can take up to 30hours and the rBTC way via Kucoin, where rBTC price is at least 1000$ lower than BTC.
From this point of view I think we need UNI.
don’t ask how hard it was to interact with bitcoin when it launched (command line only) or when ethereum was launched on bitcoin
All of your points are justified though - and we will get there, promise!
We have no product on our roadmap called fastUSDT, but a two way FastBTC is, along with babelfish.money integration, which will “speed-up” all stablecoin integrations.
Didn’t know the 2 way fast btc was, fantastic news👍
I think attracting seasoned and salty bitcoiners to defi on sovryn is more important than newbies looking for the latest thing that happens to be defi on bitcoin via sovryn.
This will change with the integration of https://babelfish.money
Agreed, but we should be as inclusive as possible. For whatever your thoughts may be of him, we want the Vitaliks of the world entering crypto today to be aware of Defi on bitcoin and build here.
Should Sovryn postpone launching SOV on uniswap, and instead use the recently completed eth bridge to draw ETH liquidity to our platform instead?
My answer is NO.
Although I agree with pretty much every point that has been made here (I won’t be repeating them).
I think Sovryn mutants need to go conquer other planets!!
Should we bring the eSOVs into our platform and encourage them to bring resources into our planet?
Of course we should!
Next to creating the bridges out, I think that the number one priority is creating incentives for people to bring the eSOVs back to our planet.
So I would say the priorities would be:
- Create bridges to ETH and BSC
- Create Sovryn Awareness on those platforms
- Encourage people to buy into the platform and transfer into Sovryn
- Reward people who bring back eSOVs and interact with the platform in other ways.
We are strong, we don’t need anyone to survive, but I one time i head this thing that has stuck with me as a lesson for life.
“If you want to go faster, go alone, but if you want to go further go together”