Sovryn is a decentralized application allowing users to trade Bitcoin on Layer 2 in a permissionless, noncustodial, and censorship-resistant way. It enables users to leverage Bitcoin up to 5x and earn interest without sacrificing their security or privacy.
Sovryn is like a company, except that it runs entirely on bitcoin and is not incorporated into any centralized organization. In other words, it is a fully remote, novel type of company that is fluid, distributed, and powered by Bitcoin.
The company has developed an exchange and programmatic USD coin system leveraging the RSK Bitcoin sidechain, and it is actively looking at other BTC Layer 2 technology to scale its services. Sovryn likes RSK’s technology because it is based on the existing Ethereum technology stack, making it interoperable with the entire Ethereum defi ecosystem.
Edan Yago joins me on the podcast and shares how the members of the Sovryn team refer to themselves as “Bitcoin Mutants” rather than “Bitcoin Maximalists.” The Mutants understand that Bitcoin is key, but they cannot leverage the decentralized tech being built elsewhere. They see the Ethereum and altcoin ecosystem as an opportunity for Bitcoin to conquer as the defacto money and trading pair.
We discuss how the Sovryn team sees Bitcoin as the main building block of the new decentralized economy and think that Bitcoiners should not settle for centralized technology solutions.
Subscribe to the Tech Talks Daily Podcast