Sovryn is a project that is trying to bring Bitcoin firmly into the DeFi space.
Although cryptocurrency began with a vision of peer-to-peer transactions through Distributed Ledger Technology, that has vastly changed over the past decade. While transactions remain the primary focus of the blockchain, so much more has been added to it. Now blockchain technology supports a wide range of industries and an even wider range of applications. Since its inception, it has grown to accommodate DeFi, NFTs, real estate tokenization, and many more.
This slew of innovation has slowly begun to push Bitcoin into the background of the cryptocurrency sphere. What was once touted as the future of finance is now majorly held as a hedge against inflation. What truly stands as the flagbearer for crypto is Ethereum. While this is sad for Bitcoin it is not unwarranted.
Bitcoin, despite its popularity, is slowly going downhill. Its incompatibility with other projects means people are far more likely to turn to easier options such as Ethereum or Solana to build. This has slowly led to a phasing out of Bitcoin from conventional innovation to blockchain. This is becoming increasingly evident in its market dominance. Its dominance which sat above 90% just four years ago has since dropped by more than half that value, indicating that slowly but surely, Bitcoin is losing its former iron grip on the market.
Can Sovryn Integrate DeFi into Bitcoin?
Sovryn is a project that is trying to bring Bitcoin firmly into the DeFi space. Despite Bitcoin’s stronghold on the crypto market, the introduction of decentralized finance and its popularity means that the difficulty associated with working on Bitcoin will push it even further into the background than it already is.
Sovryn is adopting an auxiliary proof-of-work system that will bolster security as well as significantly reduce the amount of gas fees required for each transaction, a very strong positive for any blockchain. According to the Sovryn team, this will also improve decentralization on the chain, bringing in many users and strengthening its goals.
Along with this, users will also be able to use the Sovryn platform to lend, borrow and margin trade.
Sovryn Partners With AscendEX
In further pursuit of its goals, Sovryn has partnered with the notable exchange AscendEX. Ascend is one of the most popular exchanges in the world and listing the SOV token will probably move the Sovryn project further in pursuit of its goals as well as provide some much-needed publicity.
Shane Molidor, AscendEX’s Head of Global Development buttressed the company’s decision, further highlighting the important role Sovryn could play in bringing defi to Bitcoin. The exchange’s support was just the icing on the cake for Sovryn as their funding round saw them gain not just the support of other big names in the industry but also $9 million in funding.
The partnership has also been beneficial for AscendEX. Sovryn’s token SOV was recently listed on the exchange and has since seen a very substantial trading volume on it. As further incentives for prospective investors, users that trade SOV will be able to take part in promotional events with a massive rewards pool of $120,000 worth of USDT.
Sovryn has also received investments from Anthony Pompliano, Collider Ventures, Blockware Solutions and others.
Shilika is an avid writer who has a deep interest in understanding technology, covers a wide range of topics related to about DeFi, blockchain, NFTs and cryptocurrencies.