Sovryn Launches Dex 2.0 on BOB L2: Set to Onboard Ethereum Users onto Bitcoin

We are taking a significant leap forward by going multichain. This strategic move not only broadens the horizon for Sovryn users but also fortifies Bitcoin’s position in the DeFi ecosystem. Sovryn is now live on Build on Bitcoin (BOB), the first hybrid L2 that connects Bitcoin security with Ethereum’s liquidity. The DEX 2.0 is one of, if not the fastest and most cost-effective dApps currently available to any user on the market. This marks a pivotal step in redirecting Ethereum’s liquidity and users back to Bitcoin, enhancing the overall strength and appeal of the Bitcoin network.

Start Exploring Sovryn DEX 2.0:
https://sovryn.app/

Navigate to the top right corner to switch from RSK to BOB or vice versa.

To begin interacting with our dApp on the BOB Chain, you’ll need to deposit some Ethereum (ETH) to cover transaction fees. BOB provides convenient bridging options from Ethereum and several other blockchain networks, allowing you to easily transfer your ETH and/or other ERC-20 assets.

Sovryn Live Features on BOB

Sovryn is building a whole new DEX on BOB. Initial integration into BOB brings a suite of functional features focused on:

• SWAPS

Efficient trading of:

$SOV, $USDT, $USDC, $WBTC, $tBTC v2, $ETH, $wstETH, $rETH, $DAI, and Runes (the new Bitcoin token standard), starting with $POWA and tokens of other projects that will be listed on Sovryn.

• AMM LPs

Deposit into our AMM pools and earn Spice & Rune points, along with fees from trading on the BOB chain.

Stay tuned for additional pools and earning opportunities.

• SOV Staking

Users can stake their SOV on the new Sovryn DEX 2.0 on BOB and will earn the same rewards as those on RSK. Staking rewards are based on the amount and duration of your staked tokens. Stakers can choose to exit early, though a fee will apply. Bitocracy voting for SOV stakers on BOB will be shipped down the line.

More about Staking in our Wiki: https://wiki.sovryn.com/en/governance/staking-vesting-voting

BOB Fusion Season 1 Participants

Your deposits have been successfully integrated into the Sovryn Automated Market Maker (AMM) pools on BOB. Each deposit is allocated as 50% of your original token value and 50% in SOV tokens. Trading fees will start to accrue immediately. Once you’ve claimed your tokens, you can adjust your deposit via the Market Making page.

Important Claiming Information:

• Users claiming from the distributor contract before 2024–05–31 12:00:00 UTC will not be eligible for Extra Spice
• Claiming before 2024–06–30 12:00:00 UTC will not be eligible for Rune points.

You can now claim your LP tokens for providing initial AMM liquidity for Sovryn DEX on BOB.

‍eSOV Depositors:

If you deposited $eSOV via Sovryn’s referral link, please bridge (using https://app.gobob.xyz/fusion) your eSOV to BOB and stake them in Sovryn on BOB. This action must be done by 2024–05–16 at 12:00:00 UTC to be eligible for Extra Spice.

Once you deposit your eSOV into the BOB network, you will receive a 15% Spice bonus immediately credited to your address.

Additionally, after 60 days of staking on BOB, you will earn an extra bonus of either 60% or 35%, making your total bonus 75% or 50% depending on the timing of your deposit.

Read more: https://wiki.sovryn.com/en/spice-campaign

‍Remember that Spice Season 2 has kicked off. Stay tuned for more details coming your way soon!

Runes on Sovryn

Prepare for the launch of our Runes bridge, heralding a new era of digital asset trading with Rune tokens — the innovative Bitcoin token standard.

Our $POWA token will be leading the charge, set to be the inaugural tradable Rune, with a host of others poised to follow soon.

‍Keep your eyes peeled for updates

Sovryn’s transition to a multichain framework by integrating with BOB is a game-changer, particularly for those vested in the Bitcoin and Ethereum networks. It not only underscores Sovryn’s commitment to innovation and growth but also strengthens Bitcoin’s capability to host a versatile and dynamic range of financial activities within its ecosystem. This move is poised to reshape the DeFi landscape, offering users unprecedented flexibility and opportunities in their cryptocurrency endeavors.

Sovryn DEX 2.0:
https://sovryn.app/

This is just the beginning, more features will roll out soon…

Originally published at https://sovryn.com on May 9, 2024.