How to Buy And Sell Runes Tokens on Sovryn DEX 2.0

Runes trading has come to Sovryn! You can now buy and sell runes tokens on the new Sovryn DEX, launched on the BOB (Build on Bitcoin) network.  

Read on to learn how to buy and sell runes in a decentralized manner.

Runes are Bitcoin-native fungible tokens powered by the Runes protocol. 

Bitcoin runes are etched (created) by storing metadata such as token name and symbol in an OP_RETURN output in a transaction. OP_RETURN is a type of unspendable output used for storing data associated with a transaction.

Since OP_RETURN outputs aren’t spendable, they are not included in the UTXO (unspent transaction output) set. So, runes do not clog the Bitcoin network compared to other Bitcoin-native fungible tokens issued using the BRC-20 standard. As a result, runes are more efficient than their predecessors. This improvement has initially created a strong demand for these new Bitcoin-native tokens.

Casey Rodarmor announced the Runes protocol in September 2023 and launched it at the Bitcoin halving block in April 2024.

The new Sovryn decentralized exchange, DEX 2.0, has been launched on the Bitcoin Layer 2 network Build on Bitcoin (BOB). It has similar features to the previous DEX built on Rootstock, one of the oldest Bitcoin L2s. 

On the Sovryn DEX 2.0, you can trade multiple tokens; stake the native token of Sovryn, SOV; and provide liquidity to automated market maker (AMM) pools. Some other tokens trading on this new DEX include POWA, DAI, WBTC, USDT, and ETH. 

POWA is a Runes token created by Sovryn and issued in the 2024 Bitcoin halving block (840,000). More runes tokens will be added by Sovryn on the DEX soon.

SOV stakers on BOB earn rewards like SOV stakers on Rootstock. However, Sovryn governance-related voting with SOV (Bitocracy) on BOB isn’t currently available. Also, providing liquidity to AMM pools on BOB will earn you trading fees and Spice and Runes points.

Sovryn’s DEX provides some distinct advantages for buying and selling runes compared to on-chain exchanges like Magic Eden and OKX.

First of all, fees are lower on Sovryn. The transaction fee is significantly lower, and gas is cheap compared to an on-chain fee.

Second, you can buy any amount of runes. On-chain DEXes require you to buy runes in predetermined lots. The AMM pool on Sovryn allows you to buy any amount you want.

Third, you can swap between runes and any other asset on the Sovryn DEX—stablecoins, wrapped BTC, ETH, or other runes when they become available.

Now, let’s take a look at how you can buy runes (POWA for now) on the Sovryn DEX 2.0.

• Download and set up the MetaMask Chrome extension or equivalent for other browsers, if you don't already have one. You need MetaMask because dapps (decentralized apps) on BOB are built for an EVM (Ethereum Virtual Machine)-compatible environment secured by Bitcoin. 
• Next, top up your wallet with ETH.
• We are swapping tokens on BOB, so add the Bitcoin layer 2 network on MetaMask. 
• Go to the BOB explorer and click on the “Add BoB” button on the bottom left. Your MetaMask wallet will then open, and you can add the network to your wallet. 

• Next, switch the active network to BOB.
• Once done, add POWA to your token list by clicking “Import tokens.” This will allow you to view your POWA tokens after purchase. The contract address of POWA on BOB can be found here.

• After importing POWA, bridge ETH from Ethereum mainnet to BOB. Use the BOB bridge for this process. 
• Once done, switch the wallet network to BOB.
• Open the Sovryn website in your browser.
• Click “Go to dapp.”

• At the top right corner of the application, click the drop-down arrow and select “BOB.” 
• Next, hit the “Get started” button. This option will allow you to view the wallets you can connect to the DEX 2.0.

• Select “Browser wallet” and click on “MetaMask.” 

• After connecting MetaMask to Sovryn, go to the top menu labeled “Convert.”
• Select ETH and POWA in the respective fields and enter the amount you wish to spend.

• Click “Confirm” to complete the transaction.
• Wait for POWA to hit your wallet.

That’s it! That’s you can buy POWA tokens on Sovyrn’s new DEX 2.0.

If you have POWA tokens in your wallet, you can sell them for ETH, USDT, or any other supported digital asset by following these steps:

• Load your MetaMask wallet with more ETH for transaction fees and bridge it to BOB.
• After bridging, switch the active MetaMask network to BOB.
• Import the token you wish to receive after selling POWA. You can find various token contract addresses on the BOB explorer. 
• Go to the Sovryn website and click “Go to dapp.”
• Next, select BOB from the drop-down menu and then click “Get started.”
• Connect your MetaMask wallet to the DEX.
• Hit the tab titled “Convert.”

• In the first field, choose POWA and enter the amount.

• Choose a token of your choice in the second field.
• Click “Confirm” to complete the transaction.
• Wait for your new token to reflect in your wallet.

And that’s it! That’s how you can sell POWA tokens on Sovryn’s new DEX built on BOB. 

‍Connect your wallet to the Sovyrn DEX to start buying and selling runes tokens.