Sovryn is based on RSK and offers native Bitcoin loans and trades without a custody account. Users can trade long-term or short-term with up to five times leverage and enable Bitcoin, USDT and Dollar on Chain (DoC) stablecoin holders to earn interest by borrowing their assets. With Sovryn’s DEX and automated market makers, you can also use the low-cost, low-slip exchange between Bitcoin, USDT and DoC.
Remember that RSK is a platform that enables smart contracts to be executed using Bitcoin as a native asset. This adds to the value of Bitcoin as the world’s leading cryptocurrency and extends its reach to all potential use cases of dApps. RSK is a Bitcoin sidechain, so it has its own network and blockchain, but no token of its own.
The SIP-17 was proposed on April 28th by Nicolás Bourbon, a well-known Argentine bitcoiner Adopted 16 days later with 99.49% of the vote.
The proposal that all SOV token holders who had deployed could vote on, It was precisely the governance token of the money-on-chain protocol to be included in the Sovryn platform. In this way, The MoC token can be purchased directly from Sovryns DEX in addition to the RSK swap (rskswap) and the decentralized money-on-chain exchange (TEX). To achieve that, Money on Chain and Sovryn will initiate the initial liquidity provision in an AMM pool and share it with the MOC / rBTC pair.
I really think RSK and Sovryn users would benefit from increased exposure to MoC tokens, especially an increase in DOC liquidity, as rUSDT is often difficult to obtain and DOCs can be minted directly if they only have rBTC , in my opinion a good stable coin for Bitcoiners ???? Nicolás Bourbon (@ Bourbonni), Author of the proposal.
Money on Chain is a DeFi protocol that is also based on the RSK network and enables Bitcoiners to improve the performance of their assets while maintaining full control over their private keys. So far, 2 tokens are listed in the Sovryn DEX in Money on Chain: DoC and BPRO. The dollar on chain (DoC) is a stable currency that maintains parity with the US dollar and whose specialty is that it is the only one of its kind that is backed by Bitcoin. BitPRO (BPRO), in turn, is a liquidity token developed for long-term Bitcoin holders, which makes it possible to receive part of the fees generated by the protocol, to receive interest paid by a third party (BTCx) and a small leverage in the Price of Bitcoin to be had. How little As part of the Liquidity Mining program, BPRO holders will receive the protocol’s governance token, the MoC. It is precisely this last token that has been proposed to add Sovryn’s DEX. With the results obtained, The MoC token is the third money-on-chain token listed on Sovryn.
Like Sovryn, Money on Chain carries decentralization as a banner. The MoC token is a DAO token that holders can use to vote on platform developments, use rewards from the platform and receive discounts on commissions paid in MoC. MoC holders who use their tokens receive 80% of the fees generated by the stablecoin protocol MOC (MoneyOnChain with rBTC as security), 50% of the fees from the stablecoin protocol ROC (RifOnChain with RIF as security) and 100% of the fees is calculated by the TEX (decentralized exchange of tokens). In addition to the fees charged in the protocol, MoC is currently being distributed as a reward to MoC stakes holders at a current rate of approximately 1.5% per month.
We are now in a moment of transition because, up until that moment, it was the foundation behind the protocol that made all the decisions. Now we are starting a phase with the MoC token in which the community has to decide for itself where this protocol goes. We are no longer the founders deciding what to do and what functions we want, but it is the community that makes those decisions and ultimately carries out one of the initiatives. Max Carjuzaa (@ Maxcarjuzaa), Co-founder of Money on Chain.
Once approved, Money on Chain will offer liquidity providers who deposit assets in the DoC / rBTC pool with MoC token rewards of $ 37,500, and Sovryn will provide DoC lenders with additional SOV tokens of $ 37,500. The rewards will be distributed after 30 days.
Either way, Money on Chain is a Sovryn partner project. The addition of Money on Chains DAO tokens, MoC, further aligns both initiatives to bring more DeFi products and features to Sovryn users.
There is no exact date yet for the MoC token to be picked up in Sovryn, but it is estimated that it will arrive in the next few weeks. to????The Sovryn Devs team is working on itto???? confirmed Manuel Ferrari (@manuferraritano), Co-founder of Money on Chain.