I first heard about Sovryn on Pomp’s podcast a while ago and have been curious about it ever since. How legitimate is it from a technical and financial perspective? I’m creating this post as a way to force myself to hunt for answers.
Rather than waiting until I understand everything I’m going to publish this right away and then work my way down through my list of questions and republish as I go.
Questions I want to answer about Sovryn.
- Does Sovryn enable Decentralized Finance on Bitcoin?
- How exactly does it work?
- Why does it need a SOV token?
- How secure is it against hacks?
- What is a popular ETH-based DeFi project which is the most like it?
- What is the Sovryn roadmap for the future?
- How much is locked up now and how fast is it growing?
- Does the Taproot update do anything to improve it?
- How much are people making through:
- Lending?
- Staking SOV?
- Providing Liquidity
- What are the risks?
- Why bother using Sovryn vs Uniswap, etc?
- How do I get up and running to try it out?
- What are Sovryn’s tokenomics?
How exactly does Sovryn work?
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