Until today, access to DeFi services for Bitcoin holders has required handing Bitcoin over in return for an IOU on Ethereum. Now Sovryn aims to change that with its Bitcoin native DeFi platform, with a strong focus on trading, leveraging, lending.
This new decentralised exchange is permissionless and non-custodial, putting users in full control of their funds.
An Introduction to Sovryn
Even though the DeFi industry has noted strong growth in recent months, Bitcoin holders have had no way to fully participate. The only way to explore DeFi as a Bitcoin holder is to convert BTC into an Ethereum “wrapped asset”.
This intermediary step introduces a layer of centralization that is antithetical to the community’s ideals, not to mention the security risks and additional fees involved.
Sovryn follows a different path, with decentralized trading and lending for Bitcoin. It is a Bitcoin-native decentralized finance platform that requires no permissions and it will never take custody of your coins. Instead, it offers a few core features that can elevate decentralized finance to a whole new level.
Typically crypto-traders would rely on centralized platforms and services: Sovryn wants to emphasize the decentralization aspect of Bitcoin, as well as user sovereignty. Through its ease of integration, Sovryn’s functionality can be used on the backend of exchanges all over the world. Powering this vision are Solidity smart contracts built specifically for Bitcoin users.
Sovryn offers several core benefits to all of its users. Not only is it easy-to-use and a DeFi alternative, but it also introduced the following concepts: NO account needed, No KYC, No user tracking: users remain in control of their funds at all times. No token swaps or wrapped assets required. Deepening of the decentralization of Bitcoin’s economy, making it more versatile.
Contrary to other DeFi solutions on the market, Sovryn offers not one, but two options to lend Bitcoin through the protocol: Non-custodial APR &
AMM Liquidity Provision. Fid out more in our Discord!