DeFi on Bitcoin has earned a better boost since Sovryn has Launched RSK Sidechain
Currently, there is a new project which is being built on the sidechain of Bitcoin. It has also been gunning to advance decentralized finance on the ecosystem of the Bitcoin. The self-billed Sovyrn has also stated that a decentralized platform for trading and lending Bitcoin has been launched with the amount of $2.1 million at the back. This is a symbolic number that shows the overall supply of Bitcoin. The venture capital of Crypto firm green field One has also led the funding done roundly. This also saw some contributions from the Monday Capital and Collider ventures.
There is also a 2 in 1 decentralized exchange and derivatives market Sovryn shall offer to its traders who brow and even offer the service to lend. This lending and borrowing are done using USDT, Bitcoin, and RSK's dollar on the stable coin. Besides, they can also be short or long term bitcoin on the platform that comes with nearly 5x leverages. RSK has always been a natural fit for the Sovyrn. The team who has been behind this share a similar broad vision along with the censorship-resistant of the digital currency. Besides, this has even run right to the system core where the transactions are quite secured by the miners of the Bitcoin. However, along with the smart contract layer addition, there has been deployed on the RSK which means that they can offer a similar functionality or even better one as compared to the centralized services.
The market, for now, is the second DeFi platform that has come to RSK which is a year behind the DAO just like stable coin market money has been on the chain. Cloning yet another product of DeFi Sovryn is soon planning to launch the governance token that shall model the mimics Compound Finance’s Q1 of 2020 using the token sale of SOV.
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CBW - External Analyst