Place/Date: - September 15th, 2021 at 1:00 am UTC · 3 min read
Contact: AscendEX, Source: AscendEX
Sovryn is a Bitcoin-based decentralized finance (DeFi) protocol launched in early 2020.The Sovryn platform provides the tools to trade, lend, and leverage Bitcoin and other assets permissionlessly, secured by the Bitcoin Blockchain with minimal gas fees. Their platform features a trading interface uniquely designed for Bitcoin-native DeFi users with no transaction limits and support for multiple assets to trade. Sovryn aims to connect Bitcoin with the entire crypto ecosystem, while maintaining high-level security and the flexibility of smart contracts.
Sovryn set a vision to “create an open, fair, and transparent financial operating system for the world,’ Building upon that vision, the platform provides an opportunity for their users to have a say in their financial decisions, with little or no external control or oversight while keeping everything as secure as possible.
Sovryn token holders can use Defi tools without giving away the ownership of their coins and leverage its infrastructure for a Bitcoin-native DeFi layer integrated with Ethereum, Binance, and other crypto-assets and chains. As a result, users can have access to the best aspects of DeFi coupled with the security of established networks.
The platform’s native token, SOV, is used for decisions about the project’s future and governance process. It can also prevent centralized parties from ever controlling the platform. SOV coordinates the entire Sovryn ecosystem and gives access to the Origins Launchpad for new projects on the ecosystem. Holding SOV is like gaining access to an index of Bitcoin DeFi.
In just 5 months, Sovryn has raised funding of $23M from investors like AscendEX, Greenfield One, Monday Capital, Pomp, Collider Ventures, and more. As of now, Sovryn has achieved over $568M in transactions, $77M Total Value Locked (TVL), and $551M Assets Under Management (AUM).
AscendEX (formerly BitMax) is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 150 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions.
AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage.
To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit official website.
Sovryn is the world’s first BTC application that will allow users access to the decentralized trading and lending of Bitcoin. Sovryn is built on the Rootstock (RSK) platform, which is a Bitcoin sidechain compatible with the Ethereum Virtual Machine that can support the smart contracts protocol.