Sovryn Runes Airdrop: Bitcoin-Based DeFi Starts Points System | BitPinas

Sovryn Runes Airdrop: Bitcoin-Based DeFi Starts Points System | BitPinas

Time Stamp: April 9, 2024 11:55 PM
Source Node: 2540148

We have rarely listed airdrop campaigns from the Bitcoin Ecosystem. 

In fact, we only recorded two recent campaigns: 

Table of Contents

Sovryn Introduction

Photo for the Article - Sovryn Runes Airdrop: Bitcoin-Based DeFi Starts Points System

Sovryn (https://sovryn.app/) is a “feature-rich” DeFi platform for Bitcoin. It is a non-custodial and permissionless smart contract system for borrowing, lending, and margin trading $BTC. 

Basically, it allows users to execute margin trading with up to 5x long or short trades, spot trading with limit orders, lending pools and yields farming, borrowing and lending, and portfolio management.  

It also has its own automated market maker (AMM), which enables users to trade and swap tokens with the promise of “low-cost, low-slippage, and instant” transactions. 

Technically, Sovryn serves as a decentralized exchange that is built on top of Rootstock, a smart contract merge-mined sidechain of Bitcoin. Rootstock’s engine is said to be a forked version of the Ethereum Virtual Machine, which means that it is compatible with Ethereum smart contracts and the tools used to deploy and interact with them.

“Bitcoin, the first and most valued and trusted cryptocurrency, has long been a bedrock of digital asset security and reliability. While Bitcoin Core excels in security and decentralization, the protocol is limited in scalability. Bitcoin Script allows some level of programmability, but the functionality is restrictive. This changes with BitcoinOS, transforming bitcoin from a mere digital currency into a comprehensive operating system for decentralized applications, financial systems, and even governance systems capable of scaling to the entire world,” Sovryn’s problem statement read.

“Over the last two years, Sovryn—a small but dedicated community of developers, entrepreneurs, and enthusiasts—has quietly built the largest and fastest growing ecosystem of bitcoin DeFi and smart contracts as a stepping stone to realizing the full potential of bitcoin.”

Sovryn Airdrop

This airdrop campaign is time-sensitive as it is expected to end on April 24, 2024. 

For this campaign, Sovryn is giving away Runes. According to the team, fast yet low-cost Runes trading will be available on Sovryn ones the Runes token standard is launched during the halving. 

This means that participants must secure Rune points to receive Runes.

But aside from Runes, Sovryn has also partnered with Build on Bitcoin’s (BOB) Fusion campaign, which implements a Spice Points system. BOB is an upcoming L2 combining the security and liquidity of both Bitcoin and Ethereum. 

Does this mean that participants should obtain two different points? 

No. For this campaign, users need to deposit Ethereum-based tokens into the BOB Chain. By doing this task, a participant will receive both Rune and Spice points at the same time. Then, after the campaign, 50% additional Spice points will be granted by Sovryn. 

This means that by joining Sovryn’s airdrop campaign, participants can earn two rewards—from Sovryn itself and BOB. 

To join:

Take note that the deposited funds will be locked until the campaign ends. 

This article is published on BitPinas: Sovryn Airdrop: Bitcoin-Based DeFi Platform Sovryn Starts Points System

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