I made this forum post after this youtuber with a big following spread misinformation about Sovryn in his recent video, as a community we need fight misinformation and ill informed people who pushing narratives which are not true:
Sovryn has a few unique selling points:
- Sovryn has a DAO meaning its primarily community driven
- There is no CEO
- All transactions are secured by bitcoin miners
- No KYC is required
- You dont need to hold any other token other than rBTC to take advantage of Sovryn platform
- Sovryn will soon have Bitcoin ZERO percent loans
There is now another Bitcoin DEFI AMM model project called Alexgo.io built on stacks network. I have to admit their website looks impressive and looks very modern and professional UI. Alexgo will offer similar features to Sovryn such as Launchpad, yield farming, DEX, margin trading, lending and borrowing. Alexgo are going to offer unique products that Sovryn doesnt offer such as leverage yield farming and fixed rate APY% for lending and borrowing. Alexgo requires KYC, runs on a less secure blockchain called stacks so is not real bitcoin defi, there is a CEO of Alexgo so is not community driven.
I am sure the core sovryn team are aware. But instead of ignoring competition we should try learn from mistakes and successes of other Bitcoin DEFI platforms like Alexgo, Portal finance and im sure there will many others.
Is there anything the Sovryn marketing and community can do to help fight this information directly and call out fake bitcoin defi. Hating and critiquing others is not a good approach but education approach to explain the differences would be very useful. As a max staker who extends, I want to make sure Sovryn continues with its early lead in bitcoin DEFI market share and will not let big budget marketing campaigns from fake bitcoin DEFI platforms diminish the value and importance of what Sovryn is building.