March 16, 2023 – London, United Kingdom
Sovryn, the main Bitcoin-based DeFi (decentralized finance) platform, launches the Sovryn Greenback (DLLR).
The Sovryn Greenback introduces a brand new customary of stablecoin, 100% backed by Bitcoin to supply unparalleled censorship-resistance, safety and reliability.
In response to the regulatory and banking issues centralized stablecoins have just lately skilled, the Sovryn Greenback affords a decentralized various, backed by and redeemable for Bitcoin. The Sovryn Greenback goes dwell at present and is on the market globally.
The Sovryn Greenback affords customers the chance to carry a secure and dependable digital asset that’s pegged to the US greenback with out being uncovered to the dangers related to centralized stablecoins like Tether or USDC.
Centralized stablecoins have lengthy been some extent of concern for the cryptocurrency neighborhood. These cash, reminiscent of Tether, have been criticized for his or her lack of transparency and being weak to transaction-censorship, which has raised considerations about their long-term stability.
Centralized stablecoins have additionally frozen consumer funds in response to regulatory strain. Latest occasions have added to questions surrounding the long-term viability of most present stablecoins.
In distinction, the Sovryn Greenback is designed to be an ultra-reliable and safe decentralized stablecoin. DLLR is aggregated from different Bitcoin-backed stablecoins and pegged to USD.
The Sovryn Greenback maintains considerably over-collateralized reserves of BTC to make sure it’s at all times redeemable for BTC by any holder. It can’t be censored since there isn’t a intermediary, it isn’t reliant on financial institution deposits like USDC and it isn’t algorithmic like Terra UST.
The Sovryn Greenback was designed to be safe, extremely liquid and sensible. It may be simply transformed to Bitcoin, USD or different stablecoins, making it an important type of fee and diversified capital that may at all times stay liquid.
One of many key benefits of the Sovryn Greenback is its low fuel charges, which allows cost-effective transactions with out compromising on stability and reliability. Low-cost transactions are being enhanced even additional with Lightning Community integration.
Bitcoin-backed stablecoins have an vital position to play in increasing the use instances for Bitcoin. Regardless of the rising adoption of Bitcoin, many potential customers presently desire stablecoins for funds and low-risk financial savings.
This use of centralized USD-pegged digital belongings is very prevalent in rising economies.
Consequently, lots of the most financially weak persons are uncovered to the various dangers of present stablecoins. Bitcoin-backed stablecoins present these customers the advantages of Bitcoin with out the wild value swings and volatility.
Bitcoin-backed stablecoins are a brand new class of stablecoin. The Sovryn Greenback acts as a normal for this class of stablecoins by combining them right into a single coin for deeper liquidity and stability.
Constructed on Bitcoin layer two, the Sovryn Greenback is issued by the Sovryn Mynt protocol and unifies current BTC-backed stablecoin issuing protocols Cash-on-Chain and Zero with further protocols to be added sooner or later.
Edan Yago, core contributor of Sovryn, mentioned,
“The market is flooded with unstable and dangerous stablecoins. The Sovryn Greenback offers customers with a safer and permissionless various. DLLR is a totally clear, censorship-resistant and really secure foreign money constructed on Bitcoin that we consider will revolutionize the stablecoin market.”
Sovryn’s DLLR offers customers with a real various to centralized stablecoins like Tether, USDC or BUSD. By leveraging Bitcoin’s decentralized structure, Sovryn affords a very censorship-resistant stablecoin that’s dependable, safe and sensible.
About Sovryn
Sovryn is a decentralized, community-driven platform that has turn into a number one Bitcoin layer two ecosystem.
Launched two years in the past, the protocol now hosts nearly all of Bitcoin-native DeFi and has processed $2 billion in trades and tens of tens of millions of {dollars} in lending exercise.
Sovryn has additionally launched the Zero protocol, which permits Bitcoin holders to borrow {dollars} with their BTC at zero % curiosity.
For extra data, go to right here.
Contact
Magnus Suverän, core contributor of Sovryn
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