Sovryn (SOV)

 Basics

• Announced on:
• Mainnet release: 15-12-2020
• Based in: London (3-3-2021)
• From CoinDesk (22-10-2020):

 Sovryn will soon provide permissionless and uncensorable spot trading, leveraged trading, borrowing and lending."

Audits & Exploits

• Bug bounty program can be found [insert here]. They offer $1.2M (3-3-2021).

Bugs/Exploits

• From Rekt (9-10-2022):

"The protocol lost funds from two legacy lending pools: the RBTC (RSK-bridged BTC) pool, for 45 RBTC (~$900k), and the USDT pool, for 211k USDT. According to Beosin’s analysis, the exploit was down to the “external call of callTokensToSend function.” The stolen funds were deposited into Tornado cash.

An update posted on October 7th assures that no Sovryn individuals need to worry, stating that:

"Roughly half of the funds have been recovered so far. Potential remaining user losses will be fully covered by the Exchequer"

And five days after the attack, a final announcement:

”All user funds stuck on the ETH bridge have been unstuck. There is only once [sic] exception: the user bridging in USDT to XUSD.”"

Token

Launch

• From CoinDesk (15-12-2020):

"Sovryn plans to launch a governance token which mimics Compound Finance’s model in Q1 of 2020 with its SOV token sale."

• Raised (3-3-2021) $10 million in a token presale (in BTC).

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on: Rootstok

How it works

• From CoinDesk (15-12-2020):

"A 2-in-1 decentralized exchange and derivatives market, Sovryn will offer traders borrowing and lending service in bitcoin, USDT and RSK’s dollar on chain (DOC) stablecoin; they can also long or short bitcoin on the platform with up to 5x leverage."

Oracle Method

• Has a partnership with API3 that aims to bring decentralized data and information infrastructure to Rootstock (19-5-2021).

Roadmap

• Can be found [Insert link here].

Usage

• From Rekt (9-10-2022):

"While truly Bitcoin-native DeFi apps remain impossible, good marketing attracts investors, and Sovryn was heavily-shilled by Anthony Pompliano upon launch last year, based on an erroneous claim that it had higher TVL than Uniswap v3, at almost $2B.

The TVL turned out to be miscounted, including native staked SOV, leading to DeFiLlama’s addition of the staking toggle to their TVL metrics, and dropping Sovryn’s figure to just $52M. Since then, TVL is down approx 90% since peak and the native token SOV has dropped 99% from its ATH of one year ago."

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].

Funding

• From CoinDesk (15-12-2020):

"Launched today with $2.1 million at its back – a symbolic number representing Bitcoin’s total supply. Crypto venture capital firm Greenfield One led the funding round, which also saw contributions from Collider Ventures and Monday Capital."

• Raised (3-3-2021) $10 million in a token presale (in BTC).