The Sovryn protocol offered SOV tokens for sale exclusively to early users and supporters of the system, based on wallet addresses. They have contributed heavily to the development of the project, providing early feedback, user testing, and initial liquidity. These hardcore pioneers are the seed of Sovryn’s community culture and the driving force behind the project. For this reason, this initial Genesis sale was exclusively open to these early users to allow as many Sovryn early supporters to have the opportunity to participate as possible. The reservation could not be allowed to be taken up by a small number of power users. Therefore we created a tier system:
Each user who logged into the Sovryn system by January 8th automatically gained access to the sale via their wallet address, with a special NFT (Non-Fungible Token) sent to their wallet. These NFTs are the keys to participating in the Genesis sale. Only users with these keys were able to participate. Different keys have been distributed based on activity, and these tiered keys also define how much SOV each user was able to purchase from the system. By default, everyone received access to the community tier. Sovryn devs and contributors had a limited number of codes available that they could distribute to community members for access to higher tiers. This was based on several factors, including:
The Genesis interface was live from Friday January 22nd. This allowed to:
SIP002 resulted in the acceptance of the maximum price of 2500 sats per cSOV.
SIP003 finalized the reservation price at 2500 sats and activated the Genesis event. Up to 2,000,000 cSOV were made available in the Genesis event, which were be redeemable on a 1:1 basis for cSOV. This represents a 200,000 increase from 1,800,000 SOV from SIP 0002.
The purchase opportunity would last 1 week, on a first come, first served, basis. If the full allocation of tokens was sold, the sale would end. At each step along the Sovryn roadmap, the community continues to astonish us with their enthusiasm and ever-increasing levels of participation. After opening the Genesis Round for early users, demand was instant and heavy beyond our expectations. The Genesis sale sold out in only 18 minutes.
SIP-0004 was created due to various circumstances surrounding the Genesis event, where the approved allocation (SIP 0003) was to allow 2,000,000 cSOV tokens to be reserved for 50 BTC. In practice, 67.956 BTC were received, from approximately 800 addresses. Up to 641,946.1868 new tokens were proposed to be created. This new token is referred to in this proposal as “cSOV-2” and is effectively equivalent in purpose to cSOV. The supply of cSOV was increased through the minting of an additional 641,946.1868 cSOV. These cSOV were distributed at a rate of 2500 sats/cSOV to all addresses from which funds were received during Genesis. To compensate this extra supply the allocation of SOV for future programmatic sales was reduced by 641,946.1868 SOV.
All SOV acquired in the Genesis sale are automatically staked for Bitocracy, so that OG users who acquired SOV have an active voice in guiding development of the protocol. The tokens will be staked for 10 months, with 1/10th becoming liquid each month after the public sale. Governance staking will begin at the conclusion of the public sale. No SOV will be transferable before the public sale. Staked funds will be released to cSOV holders who choose not to convert to SOV within two months from the date of the SOV TGE.
The RSK address of the cSOV token referenced is 0x0106f2ffbf6a4f5dece323d20e16e2037e732790
The RSK address of the cSOV-2 token referenced is 0x7f7dcf9df951c4a332740e9a125720da242a34ff
SIP 0005 has passed on 16-Feb-2021, allowing participants of the Genesis Reservation system to redeem their reserved cSOV tokens for SOV from 18-Feb-2021. They will also have the choice to redeem cSOV for RBTC if they decide to exit the system. Go to https://live.sovryn.app/wallet to either claim your SOV or to redeem your RBTC. In this video we show you how to claim your SOV.
All funds collected by the system during the Genesis sale (and all subsequent sales by the protocol) are held by the protocol treasury. This treasury is controlled by the Bitocracy participants (SOV token stakers) - they will choose how to use these funds. It is expected that the funds will be used to provide early liquidity to the system, support ongoing system development and maintenance, and promote adoption. It will be up to the SOV stakers to decide.
The Genesis Reservation system was a great success, seamlessly processing massive demand with over 1000 participants using the system at once. It also officially kicked off the world’s first Bitocracy. Those users who redeem their Genesis cSOV for SOV are the newest members of the Bitocracy.
Participation in the Bitocracy governance model requires only a browser wallet with zero verification, providing a completely permissionless way to help steer the protocol as well as its revenues.
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