SovrynPrice

(SOV)

Sovryn is a decentralized finance (DeFi) platform built specifically for Bitcoin. It allows users to lend, borrow, and engage in margin trading without relinquishing custody of their assets. Operating on the Rootstock (RSK) sidechain, Sovryn utilizes Bitcoin's security while enabling Ethereum-like smart contract functionality. Its primary goal is to provide a robust DeFi layer for Bitcoin holders, allowing them to use their BTC as collateral and for transaction fees without relying on centralized intermediaries.

The SOV token serves as the governance backbone of the protocol through a system called Bitocracy. Holders who stake their SOV earn voting power to decide on protocol upgrades, new asset listings, and fee structures. Staking is time-weighted, meaning users who lock their tokens for longer periods (up to three years) receive greater voting influence and a larger share of the protocol's revenue. These rewards are generated from platform fees and are typically distributed in RBTC (Bitcoin on Rootstock).

While most DeFi protocols are native to Ethereum, Sovryn is built for the Bitcoin ecosystem. It uses Bitcoin (as RBTC) as its native gas token and primary collateral, rather than ETH. This allows Bitcoin users to access advanced financial services—like the Bitcoin-backed Sovryn Dollar (DLLR)—without having to convert their assets into centralized wrapped versions. Sovryn aims to keep the focus on Bitcoin’s security and sovereignty while providing the programmable flexibility found in other DeFi ecosystems.

Users can move native Bitcoin to Sovryn using the FastBTC Relay. This tool allows individuals to send native BTC to a designated address and receive RBTC, a 1:1 Bitcoin-pegged token on the Rootstock network, usually within 10 to 40 minutes. For platform interaction, Sovryn supports various EVM-compatible Web3 wallets and hardware security modules. This infrastructure ensures that users can transition from the Bitcoin mainnet to a DeFi-enabled environment while maintaining control over their private keys.

Sovryn incubated BitcoinOS, which is designed as a "superlayer" to enhance Bitcoin's scalability and programmability. As Sovryn evolves, it is becoming a core component of the BitcoinOS ecosystem. To recognize the support of the community, a percentage of the total BOS token supply has been allocated to SOV stakers. This transition marks Sovryn's expansion from a standalone protocol into a foundational layer for a broader Bitcoin-native application ecosystem.

Sovryn is a non-custodial platform, meaning transactions are executed via smart contracts and users maintain ownership of their funds at all times. The protocol has been audited by leading security firms, such as OpenZeppelin, to ensure the integrity of its code. While the current bridge to the Bitcoin mainnet is secured by a federation of high-security nodes, the project is actively migrating toward more decentralized solutions, such as "Grail" bridges via BitcoinOS, to further minimize trust requirements.