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What is Sovryn coin (SOV) and how does it work?

by Financial Economy

SOV Coin (Sovryn) is an unattended and permissionless smart contract based system for Bitcoin lending, borrowing and margin trading. The native token of the system is Sovryn coin. Detailed information about what is Sovryn coin (SOV), how it works, how much it costs, how to buy it, on which exchanges it is available, etc. is in the continuation of the content. You can browse here for information about Starlink coin (STARL).

What is Sovryn coin (SOV) and how does it work?

Sovryn is an unattended and permissionless smart contract-based system for Bitcoin lending, borrowing and margin trading. There is no single company, organization or person that represents or controls the protocol. Sovryn, a DeFi platform for Bitcoin users, has been live on the RSK mainnet for about six months, allowing users to trade Bitcoin locally and without permission in a decentralized application.

Without relying on a centralized entity or purchasing an altcoin, Bitcoin can eventually be traded and its system powered by Bitcoin. Since Sovryn is built on RSK (a Bitcoin sidechain), it benefits from lower block times of 30 seconds on average compared to the Bitcoin average block time of 10 minutes.

What are the characteristics of Sovryn?

The features of the Sovryn platform are as follows:

  • Spot-Exchange: A low-cost, low-slip AMM that allows instant trading between tokens.
  • Margin Trading: Creates long/short trades up to 5x by allowing users to borrow leverage from the lending pool.
  • Lending Pool: Allows HODLers to earn interest by lending tokens to margin traders and borrowers.
  • FastBTC Relay: Allows almost instant use of Bitcoin with smart contracts and decentralized products from any Bitcoin wallet.
  • Borrow: Allows users and smart contracts to borrow tokens from the lending pool. All loans are overcollateralized.
  • Permanent Swaps: BTC-backed perpetual swaps allow trading with up to 20X leverage. (Very soon)
  • Bitcoin-backed Stablecoin: Users can use a USD-pegged token backed by over-collateralized Bitcoin.

How to buy Sovryn coin (SOV) and on which exchanges is it available?

SOV coin can be purchased from the listed cryptocurrency exchanges. It is necessary to make sure that the exchange is “reliable” before making a factual transaction. Sovryn coin is listed on crypto exchanges like KuCoin, Gate.io, Uniswap (V3), Uniswap (V2), etc.

How much is the price of Sovryn coin?

As of December 23, 2021, the price of 1 SOV coin is around $10.33 (the price can change instantly).

Caution: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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