Sovryn (SOV), a Bitcoin or BTC-Native App for Decentralized Lending, to be Listed on AscendEX
AscendEX will be listing Sovryn (SOV) under the trading pairs SOV/USDT and SOV/BTC, beginning on September 15, 2021 “at 1:00 p.m. UTC, 2021.”
Sovryn is notably one of Bitcoin (BTC)’s fastest-growing ecosystems. It’s the first Bitcoin-native application that will enable users to access decentralized trading and lending services. According to its developers, “Bitcoin is King, Sovryn is Queen.”
As noted in the announcement, the team at Sovryn is focused on “building the exchange Satoshi probably uses.” They claim to be the “only exchange where you control your Bitcoin from end to end” (even though there are many products currently in the market offering similar solutions).
Sovryn may be considered the DeFi “operating system” for Bitcoin, on Bitcoin.
As noted in the update, deposit and withdrawal functions are presently enabled on AscendEX. Sovryn and the AscendEX team will also be launching three limited-time events, which are scheduled to take place from September 15, 1:00 a.m. UTC to Sept. 22, 12 a.m. UTC.
There will be opportunities to get share pooled rewards valued at around 120,000 USDT.
- Event One: Sign Up & Refer Friends to Share 20,000 USDT Rewards
- 10,000-USDT Pooled Rewards for Existing Users
- Participants will be eligible to “receive 5 USDT worth of SOV rewards for every qualified new user referred and registered on AscendEX.” The maximum amount “of rewards a user can earn is 500 USDT.”
- Qualified or eligible new users are users “who sign up on AscendEX through the referrer’s invitation link and maintain a minimum SOV trading volume (Buy + Sell) of 100 USDT or more during the [offer] period,” and pooled rewards are “capped at 10,000 USDT,” the announcement confirmed.
The top 5 traders “ranked by their SOV trading volume who sign up on AscendEX during the [offer] period” will be eligible to “share a 3,000 USDT worth of SOV rewards.” As mentioned in the update, participants who sign up on AscendEX “during the events and maintain an SOV trading volume of 100 USDT or more will be eligible to share 7,000 USDT worth of SOV rewards.”
(Note: for more details on this announcement and other offers/requirements, check here.)
As noted in the update, Sovryn is the Bitcoin-based decentralized finance (DeFi) protocol. It has committed to a $9 million investment proposal from several key partners, including AscendEX.
These investors have reportedly been “vetted for their strategic contribution and led by Anthony Pompliano’s Pomp Investments.” These market players will “bring their reputations and deep balance sheets to bear on the corporate aspects of the Sovryn project and will, in time, look to build software to adopt and integrate with the Sovryn protocol.”
Sovryn claims to be the first BTC app that will “allow users access to decentralized trading and lending of Bitcoin.” Sovryn has seen “growing excitement and anticipation” throughout this year as they’ve announced investments from Anthony Pompliano, Collider Ventures, Greenfield One, Monday Capital, Cadenza Ventures, Blockware Solutions. Their native token is presently trading on the Sovryn app, “with new venues announcing in the coming weeks.”
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Text source: MCC.EXCHANGE
