Sovryn Report by Jesse

Craig Wright is at it again and Bitcoin Cash ABC is back in the limelight this week with 100% gains. Something no one saw coming and I'd be surprised if it lasted. Less surprising was Dogecoin, Shiba Inu and artificially inflated Internet Computer, following behind with some nice little 50% bumps. Continuing with our trend this month of moving into projects outside of Ethereum is a promising new layer-2 DeFi application for Bitcoin called Sovryn Protocol.

Introduction

Made by Bitcoiners for Bitcoin, Sovryn is an on-chain decentralized protocol that utilizes a Bitcoin sidechain Rootstock (RSK) to bridge Bitcoin with everything else DeFi to allow Bitcoin lending and margin trading. Sovryn is controlled solely by its community and stakeholders with no single company, organization or individual that represents or controls the protocol. Sovryn’s Bitcoin-native protocol advances financial sovereignty in a way that aligns with Satoshi Nakamoto’s vision of a trustless, censorship-resistant, and peer-to-peer system of money. DeFi protocols built on Ethereum use governance models that advance decentralization, but they also introduce risks such as the threat of speculative attacks. RSK is a Bitcoin layer 2 sidechain that provides for smart contract functionality using Bitcoin as its native asset. The founding team created the platform by expanding on proven technological advancements from Ethereum-based DeFi applications while improving on the known risk elements. The end result is a self-sustaining platform for trading, leveraging, and lending that runs on this Bitcoin sidechain, with incentives for long-term growth hard-coded in. As written by its creators: Ethereum is simply the testnet for Sovryn, a tool used to increase Bitcoins digital defense by splicing

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