Sovryn explained: DeFi on Bitcoin’s side-chainmedium.com/efficient-frontier/sovryn-bitcoins-side-chain-defi-environment-43bcb7e892bd
26 sats \ 8 comments \ @ama 2 Feb 2022 bitcoin
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26 sats \ 0 replies \ @cointastical 3 Feb 2022
In addition Sovryn provides FastBTC, a quick, custodial solution for sending BTC from Bitcoin to Rootstock and back.
When I swap bitcoin ($BTC) with Liquid ($L-BTC) with a custodial swap service (e.g., CoinOS.io) , I don't "send BTC from Bitcoin to Liquid", ... I send my BTC to the swap service and the swap sends to me their L-BTC.
Even if I peg-in, I'm not technically "sending from Bitcoin to Liquid", ... I'm causing my BTC to be locked and that action causes an equivalent amount of L-BTC to be issued.
It's important to use the correct vocabulary, otherwise you have situations like what happened today (with the hack of Wormhole [ETH]<-->[SOL] bridge) where people holding "ETH tokens on Solana" find they actually only held ETH IOU tokens on Solana, and today those IOUs were worth a whole lot less than 1.0 ETH (until Wormhole said they secured funding to make all IOU tokens whole, ... 1:1 with ETH, once again).
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0 sats \ 0 replies \ @cointastical 6 Feb 2022
Related:
Blindex, Dapp on Rsk bitcoin sidechain released #10498
https://blindex.io
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0 sats \ 0 replies \ @cointastical 3 Feb 2022
Bridging services: Sovryn currently provides two non-custodial bridges:
Lightning network ⚡ <-> Rootstock
That's cool!! (except for the 2% fee part)
[RBTC, BTC on LN⚡, XUSD, SOV] <--- Swap --> [RBTC, BTC on LN⚡, XUSD, SOV]
RBTC: BTC pegged token on RSK XUSD: Stablecoin pegged to the USD, convertible to USDT, USDC, BUSD, DAI, and RDOC SOV: Sovryn token
Marduk.Exchange
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0 sats \ 0 replies \ @cointastical 3 Feb 2022
AMM and other DeFi conracts hold Bitcoin and other tokens currently worth $95.3 million. An additional $420.6 million worth of SOV is hosted in Bitocracy DAO’s staking contract.
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0 sats \ 0 replies \ @cointastical 3 Feb 2022
Author's Tweet of this:
My new article on @SovrynBTC is up on the @efrontier_io blog :)
https://medium.com/efficient-frontier/sovryn-bitcoins-side-chain-defi-environment-43bcb7e892bd
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0 sats \ 0 replies \ @cointastical 3 Feb 2022
For SOV’s price, Sovryn uses an internal oracle feed from its AMM. Sovryn plans to integrate ChainLink as an additional oracle.
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0 sats \ 0 replies \ @k00b 2 Feb 2022
Approximately 52% of Bitcoin miners currently mine RSK, making it one of the most secure blockchains in the world.
Yo, that's a lot. I mean even if the miners don't believe in the underlying asset I guess it's in their interest to merge mine anything they can and liquidate it.
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0 sats \ 0 replies \ @TheBTCManual 2 Feb 2022 freebie
I am honestly not convinced on this one, seems fishy to me