DeFi on Bitcoin - Sovryn is a decentralized Bitcoin trading & lending platform

John Light is head of product at Sovryn, a decentralized Bitcoin trading and lending platform. Sovryn is one of the first platforms to bring decentralized finance products to the Bitcoin protocol.

Bitcoin was the first and original cryptocurrency, but it is slow, and limited in functionality. Competitors such as Ethereum, Binance Smart Chain(BSC) and Solana have now become the primary destination for developers looking to build dapps and DeF ecosystems.

Bitcoin remains the biggest and most decentralized cryptocurrency and the hardest form of money. Now developers are bringing DeFi to Bitcoin.

Sovryn is built on the Rootstock (RSK) platform, a Bitcoin sidechain compatible with the Ethereum Virtual Machine that can support the smart contracts protocol. RSK is the most permissionless and censorship-resistant Bitcoin sidechain: RSK is permissionless and its consensus mechanism is merge-mined PoW with about 50% of Bitcoin’s hashpower currently mining RSK. This means that RSK is mined by more hashpower than any other chain, except Bitcoin itself.

Source: Brave New Coin