It is good to read that you are frustrated Yago. Getting involved and taking responsibility for adoption is something that will need to see if the project can handle it because you will be missed from other areas that need your attention. Maybe it can be better to use adoption funds to recruit one-two world class marketing pros to manage the whole thing instead of you?
You mention in No 5 that ‘‘From this point on there will be accountability to performance targets for adoption team members’’. How accountability to performance for adoption members measured the previous months, e.g from October until now?
I believe many people will agree that marketing is only one of the areas that Sovryn should look to improve. As I am someone being here since day one, I believe I have an idea to recognise examples of areas that need improvement. Community spent a good amount of time been divided with subprotocols discussion and their independence and whether they should be different coins. It was communicated back in November/December that there will be ZERO and Origins token sales sometime in the future. People bought SOV back in there to prepare for those sales. In the end, we ended up with the decision of having both subprotocols under stakers wings - which is very good as this is what should have been from the beginning. However, those who bought SOV to prepare for those coins ended up regretting badly this action. I am not going to cry over spilled milk, but that example was not a marketing issue in my opinion, obviously some people communicated those sales as there was a specific direction. To me what happened was broken communication between Sovryn teams and not clear direction of what Sovryn team would like to do.
Another example is the TownHall that is proposed for next Friday. Originally it was communicated that Malva worked on the presentation and a date announced for him to present. Then on the presentation day 9/3/2022 there was an announcement that TownHall must be postponed as he was sick with covid. Thats fine, shit happens. Today you post that marketing sucks and we are having a TownHall next week and you will lead adoption. In the meantime I am also aware that other people were taking care of marketing responsibilities, which was something that was communicated in telegram channel. What I am trying to say here is, I personally would like to see higher transparency of what is happening behind the scenes, who is doing what etc.
I value communication a lot, especially when people spending time to present ideas here, in the forum. There are many ideas who are presented by community members and people spend time to expand and shape those ideas. Sadly, Sovryn team members are not participating in those discussions. There is no need to write 1-2 pages of why they like or dislike an idea, a few sentences/words will do. There are many examples on different topics raised by community members that this happened. On the opposite, when the team wants to pass a SIP, it feels everything is on fast forward, team members appear and comment in favour of the SIP and it goes to voting stage amazingly fast. And of course the voting normally pass with 95% yes. I do get it that it is important to pass several SIP, however it feels wrong that the response on SIP is different when it comes to a SIP that is liked by the team and needs to be voted with the response towards a SIP raised by community member - no matter the topic. In my opinion, this can and must be improved.
You stated marketing sucks. I will also add token emissions and price also sucks. Badly. I do get it that we need bigger audience to boost adoption. But I am sure many would agree that Sovryn needs seriously to take action on the tokenomics matter. The faith of many loyal SOV supporters is tested daily. There are ideas that can be discussed - in my opinion this is a point that must be examined and bring solutions on the table.
Today’s ST message on KuCoin is also a warning that strong actions are needed. This is a red flag for anyone exploring Sovryn.
I wrote the above points with love and respect. Yago you are a great asset for Sovryn, you care and love the idea and the change that Sovryn will bring to the world. Most of the people here are ready to do whatever it takes to see SOV succeed. And this is because of you and your dream you communicate to the masses. But there are areas that need polishing, higher transparency, better communication, strong actions. Marketing and branding is a core part of Sovryn and is as important as any other areas of the project. Looking forward to see game changing decisions.
I think that the vast majority of investors were waiting for a statement of this level of urgency and taking immediate action, we could not continue like this in the shadows, I wish you the greatest success in this new stage, supports 100% this decision! Stay Sovryn Forever!!! Operation Champion Let’s go!!!
Hey yago I appreciate all you do for SOV. I think more trading competitions would be huge for sovryn with BTC rewards. It would also be great for stakers because this would increase revenue and demand on the SOV token and price! A way of paying back to those who believe the most in SOV through their staking allocations.
Top 3 winners earn a portion of BTC
And then the top 3 (best comment, retweet and tag a friend, follower) to be entered into the drawing to earn BTC rewards as well👍🏼
I think anything that pays back to community and incentivizes the use of the dapp is key👍🏼
We would get great feedback, rewards, attention, etc.
Until a few weeks ago we were told that Malva is working on building a team and strategy to reposition Sovryn and that it was worth the wait, what happened with that?
I think Matt is implying Yago failed at product! Lol just kidding.
I think the quote is more so meant to illustrate the pipeline rather than diminish from the importance of any single role. Product flows to Marketing which flows to Sales typically.
If you build an amazing product that attracts way more users than any Marketing/Adoption initiative. Yes, some people are amazing at marketing/salesman and can make you feel like you own something valuable when its got zero value. NFTs and memecoins come to mind. But I dont think any of us want to turn Sovryn into a memecoin project. Many great products come to mind from well known brands such as Tesla, Amazon and Apple. The products speak for themselves. Yes, these companies do some great marketing/branding also. But ultimately its the great user experience, passionate communities and high quality product/service that keeps users coming back for more which gives them the revenue to do the big branding/marketing campaigns.
As Sovryns, we all love bitcoin and want to see the most secure and best bitcoin financial products (e.g Zero and perp futures backed by BTC, many more cool products) with the ability to earn high yields on your bitcoin with the best user experience and without custodial risk. Theres a lot of competition in the space and more is coming to Bitcoin DeFi. Sovryn should be rising to challenge to keep its competitive advantage by delivering high quality polished products. I love Sovryns idealistic vision of building a censorship resistant financial operating system on top of bitcoin. But having a great vision doesnt necessarily mean a high quality product. Theres some key issues that need to be addressed with sovryn such as the poor tokenomics with high dilution in the first few years, low limits of FastBTC out, poor UI for over 1 year now on the dapp, and low liquidity on the dapp. This is a result of poor products in my personal view which makes marketing so much harder for the marketing team. Fighting an uphill battle. Its about time we launched something of high quality that will make Sovryn community, degen crypto traders, Bitcoin community and big investors mouths druel. Sovryn’s last big product launch was the $MYNT token and I think that unfortunately didnt play-out as planned. I dont see the point of marketing the protocol while its still in Alpha because most users will have a bad user experience and wont come back.
I respect you for disagreeing with me. I just want to share my personal view on how I think sovryn project should move forward. Just my two sats.
I remember you work for the Tally community, they are doing a great job. They are building a high quality and unique open source web3 browser wallet with its own token for the community. The tokenomics are well thought out and the team is delivering and building partnerships with many crypto projects. Its much easier to market when the product sells itself. i.e. a decentralised open source web 3 multichain wallet which is a better alternative to the closed source metamask wallet.
Whereas what are the products that Sovryn has currently on offer?
-Conversion of RBTC to BTC quite high fee for simple onboarding.
-0.24% yield on RBTC very low compared to other DeFi protocols
-Margin trading with low liquidity where RBTC prices can be $300 away from BTC spot price
-SOV tokenomics will keep diluting the SOV holders/stakers for the first few years
-Yield farming but rewards are vested for 10 months in an inflationary token
-5.2% yield on XUSD with rewards vested for 10 months in an inflationary token
-SOV staking rewards are really amazing with the caveat you are willing to stake for 3 years, which is too much risk for most people.
-Mynt token which is bonded to the SOV token where you can yield farm where rewards are vested for 10 months but has no utility as of yet.
How can sovryn improve the products on the dapp?
-Increase limits of FastBTC and reduce fees to low as possible for RBTC <=> BTC swaps. Maybe reimburse bridge validators in SOV if comes at a cost. Should make onboarding and off-boarding as easy as possible by encouraging the use of FastBTC.
-Make yield farm rewards liquid. Treat the liquidity providers like kings means more liquidity and better prices for Spot and Margin Traders.
-Launching Limit orders to Spot and Margin trading will likely increase trading volume and more leverage trades leads to higher RBTC and XUSD lending yields.
-Fix the tokenomics. Improve community sentiment, this will encourage yield farmers and investors to hold onto the token for short term as well as long term. Increasing risk takers, more positive community, positive price action and more investment for sovryn development.
-Launching a flashy Perpetual Futures AMM high quality product will attract users to Sovryn massively. A perps product that competes with other DEXs. Trading all kinds of financial instruments with your BTC. More opportunities for liquidity providers.
-Launching a well polished Zero will attract Bitcoiners to the dapp to borrow against their bitcoin, increasing TVL. Allow for a high yield stability pool for ZUSD.
-The incentives for SOV staking will increase 10x fold with these launches from revenue fees and token price. More speculation on token and more exchange listings increasing Sovryns exposure. Thats all without marketing. Marketing/adoption becomes much easier as a result when your product sells itself.
Remember Bitcoin has no marketing team, just a loud super positivity community who all want to see it succeed. #StaySovryn
No I never meant sovryn has failed. We are still in alpha. I am just saying a high quality product sells itself. Makes marketing/adoption much easier. Its only year 1. Long way to go.
I’ve been wondering if there is some way to incentivize the BTC whales that @yago speaks with on the Sovryn Tea’s to help bring more TVL to Sovryn. For example. no idea on good numbers, but 1000 SOV for every 100BTC transferred to Sovryn and put in the lending pool etc. SOV would be required to be staked for 3yr min.
When it comes to SOV, I pay 0 attention to this token or any other token other than BTC & XUSD.
IMHO there’s no reason to focus on marketing if the Zero protocol isn’t released and polished for BITCOIN USERS. Sovryn needs more reason’s for bitcoiners to withdrawal and TRUST sovryn with its bitcoin. With 0.86% yield, lending Bitcoin is not worth it for bitcoiners to pay a 0.20% fee to deposit and another 0.20% fee to withdrawal, +0.0005 x 2.
There’s over 500 DEFI projects copying the same principles mostly are PUMPs & DUMPS which dont even charge a fee. If I was a new user outside looking in, Sovryn looks to be in that category based on the SOV price.
I support and believe in sovryn only because of the full decentralization, No KYC, & RSK “Merge Mining”.
Bitcoiners need a GOOD reason to hand over its satoshis to Sovryn, and advertising SOV, MYNT, FISH, BDX, etc. Isnt it…at least not for me, i convert all of it immediately when its in my portfolio right into RBTC.
taking what you say into account I think Bitcoin DeFi will start to shine when BTC have finally discover its price and stabilize. but we are still too early for that. for now… just hold BTC. there is nothing more secure/better than that
I came here to say this at Level 0!. I’m not really an active user and I’m quite new to crypto, I love being the closest to BTC with this project (Ok there’s Thorswap but I remember they had Sovryn’s favour 10 months ago) but we can’t live ignoring other protocols. For instance, I like Avalanche, the idea that you can’t do all kind of things on the same chain. But what I want to say? Integration is King at Marketing! Strenghten the ties with $BTC, while exploring the other protocols most respectful of the bitcoin concept. Not to steal their users, what we’re seeking is network effect! Bitcoin brings security. Other protocols bring experimental risks! Basic ingredients for a recipe.
Personally I was going to go down to my local t shirt shop and have me some Sovryn gear made. I’ve been geeking to get me a black hoody with just a silver Sovryn on the front. I’ve been thinking the same thing yago has been saying for a bit now. I’m from somewhere were most don’t even know what the word crypto means. I have been pondering how I can bring some local exposure; I thought about taking out an ad in the local paper featuring something Sovryn. Just some thoughts; I want to see Sovryn explode and I want to see people know first of all; what is Sovryn and what is RSK.
This is why there is so much opportunity, but Yago and his team have their heads stuck up there arses as they can only see bitcoiners who are crypto traders - this equals 0.001 % (as a thumbsuck) if that of people that it may appeal to, but then to move into specialised crypto chain (like RSK), people head for the hills, its to intimidating, why do it, its like early internet users, its vapour wear - until these clowns see beyond the wood for the trees, nothing is going to change, and I dont care how good the dev is, I need to be a pilot to use the dev… Now you want the non crypto people to start with getting a metamask wallet or any other wallet… on their own - are you joking and this is why these people are clowns and dreamers out side of the dev
But if you said to these non crypto people, invest USD 1000 (with some guarantees) and get USD 62 per month (this is currently possible in the farm - well, different story - if the dev was that good, I could deposit USD 1000 with a cc transaction, make me a wallet and convert the USD 1000 into the correct crypto token, place it in the farm and advise the guy of his earned rewards in USD value each week…
Now you are cooking - but these clowns are too stupid to see this and make it a reality
hate to say this but you cant even update the website! how can we trust a tech company that has outdated year old info on the site. Looks low budget, poorly run SCAM to me, and i have thousands of coins. Maybe you should reach out to some of your loyal owners/yield farmers and hire some of us! Maybe the principals are the ones tanking the price by cashing out. your pitch to keep us in sounds like a penny stock slide deck. DISASTER!
I have confidence in you and your team Yago. Marketing is very important. DeFi on bitcoin protocol is a good brand to market to the World. I know SOV price has taken a big hit recently but so are other projects in the space. As bitcoin rebounds and starts heading to another ATH, I suspect projects leveraging bitcoin security will get more traction and adoption with the right kind of marketing. Where there is a WILL, there is a WAY. Patience is the key. We need to build a product that can compete in this space. I believe patience will ultimately favor investors with a low time preference as long as they have a good product they can believe in. Yes, make the marketing better but make the product the best in the space.
Given how relevant this reply to @yago was, I would have greatly appreciated if he or a member of the team would have put the effort to reply promptly. Yes, even though we have a town hall incoming, I think nothing replaces an on point direct reply, which is something @yago got us all used to in Twitter. I really believe @SOV_HOOLIGAN (and some other who replied secondly too) deserve an appropriate treatment, after all this thread was @yago 's initiative, not hours, and forums are made to start and sustain conversations.
Hey Yago, no answers so far after like a week, what’s forum like about this? And another 3 months, really? And furthermore, sorry man, but what would qualify you for this role, would like to trust you in this, but please eloborate, as this way it rather seems like a last resort to me? Really looking for answers, facts and proof, not just another announcement, statement, claim, opinion or alike… (The latter applies to quite some replies here as well.)
Lol just kidding.