Sovryn, a self-professed go-to decentralized platform for lending and trading Bitcoin (BTC), has officially launched within the RSK sidechain. Users may now have access to a list of Bitcoin trading options – all in a trustless and noncustodial setting, providing far stronger leverages and profitable opportunities. Notably, Greenfield One, a crypto capital company, led the funding while receiving substantial contributions from both Monday Capital and Collider Ventures.
Edan Yago, the project lead of Sovryn, stated that the decentralized platform fits perfectly within RSK. He adds that the people behind the sidechain have the same vision as them, to supply a borderless and censor-free digital currency, which people can use for their benefit. Yago states that they may now be able to deliver better, or at the very least same, functionality that comes with centralized service, however, on a decentralized space.
Sovryn is now the second DeFi platform to be integrated within the RSK in the past 2 years with the first one being the DAO-mimicking stablecoin market called Money on Chain.
With all that being said, Sovryn has immediate plans right after said integration. The platform is reportedly gearing up to launch a decentralized governance based on the prominent DeFi protocol Compound contracts this late December.