I get the posts above and you made a lot of huge points and sure got the team thinking
Yes the community matters and the fact that the team is willing to listen to us is amazing. It says alot about the project. Should the project benefit from sov as much as it can, yes it should, but I think that we should get it out there NOW while the market is as it is, I personaly know of a lot of projects that slowly faded away cuz they didnāt want to move out into the open and the community went the same way.
Why announce UNISWAP and now cancel it? A bunch of ppl went away during the launch delays, do we want to make postpones a habit? I know you all want the best for the project but still.
I think that listing on uniswap would bring a lot of new money and ppl in here and yes maybe they will only want to pump and dump it, but that is inevitable it is bound to bring ppl here only to take the profits and run in any case.
And what about this, we bring ppl to the dapp which I know it is being worked on 24/7 but is it ready to take on a huge amount of ppl? Does the leverage work perfectly? Is everything 1000% readyā¦
I think we should go for it, LIST IT ON UNISWAP and let ppl find out how great this is.
I hope the mobile dapp and both direction fastBTC will be here soonš
Iāve read all posts here. I agree with most arguments of both sides.
We must bring awareness to the people about SOV. The best way is being on the market and doing exactly what was planned, developing SOV DAPP further, and fixing that what needs to be fixed.
SOVRYN could do more in terms of marketing, but on the other hands I strongly belive that a superb product does not require a lot of marketing effort. Listing on Uniswap or any top tier CEX will bring a lot of attention to SOVRYN - what would be on many aspects very beneficial. SOVRYN cannot stay in the niche. It has to expand to other chains. It must aggregate liquidity from other chains. It must aggregate users from other chains. And I am pretty confident that it will. For that we need an exposure to other chains.
I am not afraid of speculators. That belongs to the market. I belive that most of the early participants understand what potential does SOVRYN have. They are not here for short term gains. It is a long way to go and for sure it is not going to be a straight way. But the sooner we go, the further we get in the time is still left in this bull run. In bearish times as many people as possible must be aware of SOVRYNs existence.
In business, there is this thing, the Minimal Viable Product. People worried about giving exposure to an unpolished product have never worked in a fast growing start-up. Itās much better gaining exposure and improve as you go than waiting to have the perfect platform.
The UX is another big thing. Iāve been in crypto just for around 3 months and it took me one whole evening to buy the tokens (SOV). I donāt thing many people would go through this hassle with all the other projects out there.
I think we should go ahead with the bridge and think about how are we going to attract our new audience to provide liquidity here.
Here is my favourite post of all, Thank you Bigx for making it plain, simple and direct.
Hope the team can gather inspiration from all the great contribution here so far and do what will be best for sov and the community.
I feel like we canāt remain a walled garden and be a long term successful project. I vote to proceed forth with eSOV. There are a lot of eyeballs on Sovryn but if we stay only on RSK and donāt open up the liquidity floodgates for people to learn more about our unique benefits then we will stay on the small side Iām afraid.
I love the otherās ideas to have extra incentive to LP on RSK more than Uniswap to help sap some liquidity over here.
I know I used RSK for the first time to participate in the sale because I was highly motivated to do so. Most people who could benefit from Sovryn are not going to go through the extra steps to interact on RSK (sad but true). We need to coax them over and having eSOV on Uniswap is one way to do so (i.e. skin in the game).
I vote to proceed forth with the original plan as put forth by the team.
Itās a quite complex discussion with valid points at āboth sidesā. After a good night of sleep, I would vote yes to continue with SOV on Uniswap. This is the SOV momentum imo and it will be a shame to miss the boat. I agree that itās important to keep as much value at the platform as possible, and that maybe the Sovryn platform is not entirely ready for the masses yet, but imo both can be done simultaneously.
My concern is that Sovryn doesnāt raise ātoo fastā and then suffers the pains of an exhilarating growth. Yes, the crypto space moves fast, but not lightning fast.
Sovryn dApp Development
As far as I know the platform is still in alpha stage. We see users raising issues about different important aspects of the platform from which I can list:
Staking rewards (estimates) are not known/visible
Liquidity issues - Iāve seen users complaining about getting filled $1000 below orace price - thatās significant. Personally as a trader I would not expose myself to this extra risk so I would either trade with low amounts or not at all. Moreover drawing liquidity out of the Sovryn platform might indeed intensify this concern.
Suggestions
Short-term development focus should be on the staking rewards UI problem. This way SOV hodlers should be able to make informed decisions about what to do with their tokens (stake, liquidity mining, hodl, sell, leverage and/or soon lend/borrow).
Uniswap listing will bring fresh exposure to Sovryn, no doubt about that, but IMO incentives for liquidity mining on Uniswap should be lower than the rewards for providing liquidity on the Sovryn dapp especially on the longer term.
Run two liquidity mining reward events. Go ahead and run the Uniswap liquidity mining rewards program for 1 month to bootstrap exposure and liquidity there and then organise a similar event for providing liquidity on the rETH/SOV pair on the Sovryn dapp.
Advantages of listing on Uniswap
Increased exposure for the Sovryn token and platform
Trading volume increases on Uniswap should also have a proportional increase on Sovryn dapp - arbitrageurs will take care of that - which should increase rewards received by SOV stakers.
Why I donāt think the majority of traders will trade on Uniswap instead of Sovryn
Lower fees on Sovryn (0.1% vs 0.3% on Uniswap) + the ability to trade on leverage.
Minuscule transaction fees on the RSK network in comparison with ETH.
This will probably not influence the majority of traders, but security is better on a Bitcoin second layer network than on ETH.
During this time development should go on at full force, but please be careful at code quality and security audit everything. Iām open to critics and constructive discussion with my fellow Sovryns.
Agreeā¦ priorities must be clear and aligned with the philosophy of the project ā¦
Imho, first attract liquidity and make the ecosystem bigger and better. We should focus on thatā¦ sov should be in other dex? yes, but maybe itās not time yetā¦
I donāt have the expertise this topic needs, but Iād vote for attracting more liquidity to the Sovryn platform rather than letting $SOV be a way to add liquidity to other platforms, which have their own well deserved place.
But - is it really an either/or situation?
Looking over the other replies here, I think itās possible to have the best of both worlds, or something close to it. Right now SOV is new and fresh in peoplesā minds, they hype hasnāt fully died down yet, plus the markets are bullish. It might be a good time to capitalize on that by bringing ETH DeFi traders onto Sovryn. But to do that, we might have to first go where they are, in a manner of speaking.
In short: Let SOV be tradeable on Uniswap but use that as a way to incentivize them to start using Sovryn. I think thereās a possibly synergy there that can be good for both platforms in the long run.
Fully agree, the SOV platform is underdeveloped. Bridges should be used to bring liquidity not to export the potential/the token to other platforms/chains.I participated in the pre-sale because of the idea behind not for immediate profit. I want to earn big (from fees, rebates, staking, active bitocracy partipation, etc.) and for this the SOV token should be the core of a mature SOV ecosystem.
I do understand the eagerness of VCs to increase liquidity and building new channels for them to have enough liquidity to convert the investments into money, however SOV team should combine their interests with the interest of retail investors. This can be done by focusing on speeding up the developments, mostly mentioned by you in the post, but also come with new ideas and ofc develop them.
if the SOV team wants that the token and idea/platform to be known to everybody, to entire crypto space, then it needs to find a way that retailers and institutions vouch for the project. The best marketing is the person-2-person publicity. For this SOV needs to build the capabilities and market them.
Side not, new idea: what if SOV would be used also as a guarantee fund built from platform fees and proceeds from institutionals participating to the fund:
a) all retailers that trade into the SOV app and are also long term stackers can benefit of a minimum guaranteed amount in case of projects developed of SOV platform fail, scams, transaction errors, etc
b) retailers of the institutionals, exchanges that hodl SOV and stack them can benefit from the fund in case of a hack (money would be paid directly to users not to institutions, exchanges) or market disruptions (like Robinhood), etc.
I wouldnāt use the term āunderdevelopedā. Itās just that there is a lot of room for improvement and Iām sure that the team is well aware that the platform is an incipient stage and needs more refining. Hence the āalphaā label.
Side not, new idea: what if SOV would be used also as a guarantee fund built from platform fees and proceeds from institutionals participating to the fund:
Locking value for āinsuranceā is a growth inhibitor. Iād much rather have the capital put at work. Sovryn is already doing the āminimumā you are talking about (see below). The rest of the risk management should be performed at individual level.
āThe Sovryn Protocol collects 10% of interest for the insurance fund, which exists to protect lenders in the possible case of a loan defaulting.ā
These are my thoughts exactly. Without users, systems and protocols will wither. I see a listing on Uniswap as introducing the concepts and benefits of Sovryn to a whole new swathe of people who otherwise wouldnāt know that Sovryn even exists.
For me itās a clear āyes, move forward with Uniswap listingā.
Might current bullish ETH/BTC trend impact on Uniswap SOV launch?
Could an incredible rampant SOV valuation on satoshis turn Sovryn into a diminished Uniswap altcoin?
Thinking out loud because I feel like SOV is right in the middle of two giants warfare just exactly nowā¦
I love the Bitcoiner perspective here and although, when I first heard about listing SOV on Uniswap was like great from possible price action, it is true that is not yet clear on how that aligns to the ultimate goal that is to bring more volume into Bitcoin L2 solutions and hence itāll be for now just a naked token
If we think that way, we may rather wait until we have a better value proposition that, while being listed in other chains, it incentivices the use of Defi for Bitcoin and brings liquidity and activity into Bitcoin layer 2 solutions.
So if most people agree that maybe,I also support this comments here and would wait a bit before doing it
Iām not an expert on what and how, by listing a token in Uniswap of a token from another network necessarily brings awareness to most users. I simply donāt know, maybe there are good success stories that can be used as a proxy. If there is a strong case that by listing, we would have lots of people going throuhg bridges, connecting to RSKā¦ getting rBTC and start trading or staking then I would understand but is not yet clear to me. But maybe those users would then try to stake those tokens in SOV and would incentivice them to go through the learning path of jumping into RSKā¦
This poll was made in the trading Dojo today and quickly received more than 100 votes.
Why do we need to be afraid of uniswap and binancechain?
Anyone who buys there and subsequently decides that it was a bad investment, can only remove their initial impact of the price. They cannot ādumpā.
What it will do however is keep up this fantastic momentum we have and bring new inflow of users and ideas.
Letās keep it simple and list, thatās my 2 sats.
Guys, I am working in IT for many years. There is NO ideal product! Uniswap is not perfect, etherium is not ideal, etc. Every product has v1.1, 1.2ā¦13.0, etc. But itās crucial to be the first one and to make noise around the product. Just think that bzrx or whatever will launch a copy of sovryn. Who will take the leader next week? bzrx or sovryn?
Just think about itā¦ Its digital world is not perfect yet. Sovryn donāt need to be a chicken that is holding his eggs.
Look at Etherium, Look at Google, look at Facebook, etc. V1 had soo many bugs, but they were the first ones. Look at them now.
Startup = fast-growing, fast development, etc. Enterprise will take the same idea 1-2years of development because of too many levels of managementā¦
I agree with your perspective and support it. However the listing/expansion to other exchanges should be done mindfully and emphasis should be placed on attracting users on the Sovryn platform.
I am in favor of the Uniswap listing, but with the add-ons I made on one of my previous posts on this thread.
I do not agree. It is not because we have a representative token on the ethereum network, more particularly on uniswap that we have become an Ethocracy. The same happens, if Sov is listed for example in the coinbase it will not become Coinbasecracy.
Being present at uniswap should serve as a Trojan horse, how?
For me this would be the first step ā¦
The incentive for users to provide liquidity on uniswap and use the LPs token on the sovryn app to farm and make sovryn more attractive. In this way we will interact with more users ( more liquidity ) to get involved with the rsk network and sovryn app.
New users of the ethereum network who interact for the first time with the sovryn app through farming could be able to find mechanisms within sovryn that are more beneficial or more incentive ( staking or providing liquidity in sov pools in sovryn app or ā¦ )
In other words, the main objective will always be the same ā¦ find mechanisms in other networks where the final stop is in the sovryn app (rsk network) .
