Sovryn is a decentralized finance (DeFi) platform created on the Bitcoin blockchain using the RSK sidechain. It aims to provide a variety of financial services such as lending, borrowing, and trading in a permissionless, transparent, and censorship-resistant manner.
Sovryn operates through its native cryptocurrency called SOV, which is used for governance, staking, and incentivizing the platform's users. SOV has a limited supply and can be earned through participating in the Sovryn ecosystem.
The key features of Sovryn include the ability to lend and borrow Bitcoin, providing users with the opportunity to earn interest on their Bitcoin holdings or get loans using Bitcoin as collateral. The platform also supports margin trading, enabling users to amplify their trading positions.
In addition to lending, borrowing, and trading, Sovryn emphasizes strong privacy and security measures for its users. It implements a non-custodial design, ensuring that users have complete control over their funds at all times.
Sovryn leverages the security and immutability of the Bitcoin blockchain, benefiting from its robustness and extensive network infrastructure. By utilizing the RSK sidechain, transactions on Sovryn can be settled quickly and with lower fees compared to the Bitcoin mainchain.
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