Bringing BTC-NFT market is a good point to start bringing liquidity from ETH to SOV. (I mean real crypto art btw)
I will attract volume to the platform meanwhile creating a double side covered art: BTC and art itself.
I am approaching this way because Sovryn is so unique it should differentiate from other coins. Of course cross-chain panorama is inevitable as has been said.
But for me, project survival is so linked to BTC utility that what real matters to me, is building more utility of the amazing infrastructure BTC is. When years passed and people stop buying shitty coins money will flow to fundamentally solid projects.
Is the current plan to list eSOV on uniswap before there is a way (ETH bridge, RSK tokenbridge, etcā¦) to get eSOV onto the sovryn app? If so, how long before there would be some way for eSOV to make its way to sovryn for additional benefits like staking?
It seems like the only downside to listing on uniswap would be if we didnāt think we could eventually incentivize the vast majority of those eSOV to come over to sovryn, does anyone think that is a real concern?
If not, then let them buy on uniswap and then when they see the benefits of sovryn and bridges are open there will be an influx of liquidity.
My 2 sats, building on some of the earlier comments:
I go into this eSOV proposal treating Uniswap like any other non-Sovryn exchange listing. I would be ok with us taking advantage of the liquidity that is there, but not going out of our way to attract liquidity potentially away from the Sovryn DEX and towards a ācompetitorā (another exchange venue).
So I would be in favor of (or at least not opposed to) having eSOV listed on Uniswap and any other Ethereum DEX with significant liquidity. I would then suggest we have a plan for attracting eSOV holders over to RSK and onto Sovryn. I think of this like a marketing funnel where the top of the funnel is hearing about the eSOV listing on Uniswap and the bottom of the funnel is adding liquidity on Sovryn using SOV originally purchased as eSOV on Uniswap.
We should expect that this will be a very āleakyā funnel. The reason is that most users will probably just buy eSOV and never engage with the Sovryn community any further. But some users will look into what they just bought, join the Sovryn Discord or Telegram, follow on Twitter, etc. To me, the main goal of the Uniswap listing marketing strategy will be to try and maximize the conversion of eSOV holders to Sovryn users. A secondary goal would be to increase the SOV price via the increased exposure, which still helps the project. But the main outcome we want is more Sovryn users since this will lead to a more sustainable long term increase in SOV value.
To achieve the main goal I suggest not having loot drops on Ethereum, and to focus loot drops on Sovryn. Also, in addition to eSOV there should be eRBTC (an Ethereum version of RSKās RBTC token, since acquiring RBTC is currently a critical part of the Sovryn user journey). Then the Uniswap pairs that we focus liquidity on would be eSOV/ETH and eRBTC/ETH. This way there is a clear onboarding path to get people from Ethereum onto RSK and using Sovryn with as little friction as possible. On the Sovryn side, we can keep loot drops going for SOV/RBTC and start a new loot drop for the RETH/RBTC pair.
In summary:
Launch Ethereum bridge for (e)SOV, (e)RBTC, (R)ETH
Keep loot drops going on SOV/RBTC pair on Sovryn, start Sovryn loot drop for RETH/RBTC pair too
List ETH pairs for eSOV and eRBTC on Uniswap
Publish clear instructions for Ethereum users how to buy eSOV and eRBTC with ETH, send them back over the bridge to RSK, and add that liquidity to Sovryn to earn loot drop rewards
Lead eSOV holders (via our channels if they join them, or by reaching them through some other channels) to the instructions for how to migrate from Ethereum to RSK and convert them to Sovryn users
Yes, it is not the proper word. I meant to agree with you that there are a lot of things to improve and develop.
As regards the āinsuranceā:
a) I do not see it as risk management but more as a systemic risk mngmt . Moreover, it is not locking value but rather as an incentive to boost growth. Every ecosystem we know is governed by trust or fear. If there is trust more people will join and bring additional wealth into the system. While there will be money/value locked in the guarantee fund it will be built through participation fee, something similar like today transaction fee. I am taking as example your comparison btw Uniswap fee and SOV fee, respectively 0.3% vs. 0.1%: letās say that SOV will be 0.2% (still lower vs. Uniswap) but out of it half (0.1%) goes to stakers and the other half goes to to the guarantee fund.
b) Why I am not using the crypto space for my daily business nor the legal entities (shops, corporates, etc.)? Because I do not trust the actors. A mere trust started when Visa/Mastercard and exchanges started to cooperate: I know my money (with the cap set by them) can get in no time through top-up in my bank account where I know that I will be refunded if something happens (anything: hack, wrong receiver in the transaction info, default of the institution, etc.).
So in the end:
c) Why I am talking here about this, I do believe the SOV platform and mostly cross-chain bridges, RSK network and bitocracy system can achieve this. Trust is what crypto space is missing for growing even bigger. The crypto space will always be limited if it will be built only from speculators (regardless the type: retailers or VCs, institutions). It will replace or be parallel equal to legacy financial system when it will be used rather for daily business.
Maybe if there is interest we can open another thread
We should not forget that when people learn about SOVRYN and experience low costs of transactions, they will migrate to SOVRYN. But Sovryn will have to offer much more than few coins only. We need other tokens to be tradeable on SOV. I know - it will require time. I prefer quality over quantity.
But isnāt Sovryn supposed to be DeFi on BTC? So Iāve never seen Sovryn become Uniswap, just built on a Bitcoin sidechain. Iāve always thought Sovryn at its core is about Bitcoin - not other tokens. (Though I may be wrong.)
What is Sovryn?
Sovryn is a non-custodial and permission-less smart contract based system for bitcoin lending, borrowing and margin trading.
I believe Sovryn is aiming to be an open financial system. So, it would be counter-intuitive to make it exclusionary, even if you disagree with non Bitcoin tokens.
The greater goal, IMO is to make sure users can opt into an open financial system built on a decentralized foundation rather than being forced to use centralized services. If individuals want to trade tokens on-top of that, then thatās their prerogative.
As much as I like and understand your since I donāt believe in ethocracy as I donāt see how the future of France can be on a platform where itās 40$ a transaction, how can we expose ourselves to the ethocracts running and obtaining index funds like SCIFI, GBI or DPI?
Where can I see my stake earnings on the sovryn app?? How often are these earnings distributed? I would think this info. would be more transparent and easy to find on a democratized system.
I do not like the Esov token. Feels more like a pump and dump scheme. After the uniswap launch I am down 30% of my investment. I also still do not understand the almost zero incentive for stakers on the network. I staked 50k that is 30% down with no incentive except voting. In the end it your small vote does not even count when the whales through their weight in voting.
What a wonderful project if done correctly, but something stinks and make me feel more and more uncomfortable.
I believe the future of DEFI is in Bitcoin.
Hope this project delivers.
The only reason I am still in is because Pomp invested 180 of his own BTC. If it was not for that I would be out.
I also do not understand this other incentive token coming out. Cannot remember the name right now?
Split the earnings between Sov stakes and holders.
Nothing more complicated is needed.
I have the feeling there is too many people that have influence with zero understanding of economic that will ruin the project in the end.
Economics work when investors get a return on their investment, not promises of future earnings that cannot even be calculated at the moment.
The other problem with this project is, if you look at the quality of YouTubers talking about SOV it is not very ensuring.
Only my 2 Satoshiās
since I donāt believe in ethocracy as I donāt see how the future of France can be on a platform where itās 40$ a transaction, how can we expose ourselves to the ethocracts running and obtaining index funds like SCIFI, GBI or DPI?