Launching the Sovryn Dollar

The path Mynt has taken to get to mainnet has been long and winding. From its origins as a Sovryn subprotocol to its recent welcome into the fold as a core part of Sovryn, Mynt and the teams working on it have persevered through numerous changes and challenges. Now the determination and hard work has paid off.

Today we are excited to announce that Mynt and the Sovryn Dollar are live on Rootstock mainnet!‍

The addresses for the Mynt and Sovryn Dollar contracts, along with all other Sovryn smart contracts, can be found in the Verified tab of the mainnet contracts spreadsheet in the Sovryn Wiki, and the source code can be found in the Mynt GitHub repo.

Entrepreneurs and developers are invited to check out the contracts and start building! More details on this at the end of this post.

Mynt is a smart contract system that aggregates multiple BTC-backed stablecoins in a single smart contract to create a new stablecoin, called the Sovryn Dollar (DLLR), that is exclusively backed by BTC and pegged to USD. By aggregating multiple BTC-backed stablecoins, DLLR is designed to be more scalable and more resilient to market volatility than any of the individual stablecoins backing it.

Mynt is launching with initial support for two stablecoins: DOC, which is issued by Money On Chain, and ZUSD, which is issued by Zero. Money On Chain and Zero both rely on a combination of algorithmic and incentive-based mechanisms to stabilize the stablecoins issued using their respective smart contracts. Importantly, both DOC and ZUSD are over-collateralized by BTC and rely on the decentralized Money On Chain Oracle System to ensure proper collateralization ratios.

Because DLLR is exclusively backed by BTC, and both its BTC collateral and monetary policy are secured by smart contracts, DLLR gets as close as possible to combining the relatively stable purchasing power of USD with the trustless auditability and censorship resistance of BTC. These features help set DLLR apart from the opaque and centralized fiat stablecoins that currently dominate the market.

‍Learn more about the Sovryn Dollar in the Sovryn Wiki.

With today’s launch of DLLR, a DLLR/RBTC pool has also been deployed and funded with initial liquidity of 250,000 DLLR/10 BTC. Liquidity providers are invited to join the pool to earn a share of fees from DLLR trades plus liquidity mining rewards starting at 30,000 SOV per week for the first two weeks. Two weeks from now, the rewards on the DLLR/RBTC pool will be decreased to 25,000 SOV per week. To finance this expansion of liquidity mining, rewards on the SOV/RBTC and XUSD/RBTC  AMM pools are immediately decreasing to 15,000 SOV per week.

Important note for LPs: Sovryn developers are currently working on an update to the liquidity mining contract that will allow for 100% liquid rewards. Once this work is complete and deployed (ETA one month) LPs will be able to claim their rewards and all rewards earned from the DLLR/RBTC pool up to this point will immediately be 100% liquid. Any rewards claimed before the liquid rewards update goes live will be vested over ten months as usual. If you want to save on gas and have 100% of your earned rewards from the DLLR/RBTC pool be liquid, wait to claim your rewards until the liquid rewards update goes live in approximately one month.‍

Additionally, with the DLLR/RBTC pool now live, DLLR holders can now trade their DLLR for any other asset listed on the Sovryn exchange using the Swap and Spot trading features in the Sovryn Alpha web app.

Reminder: At this early stage of the DLLR pool’s existence, while there is relatively low liquidity, be mindful of slippage. You can compare the estimated maximum price you will receive to the wider market prices using the new “Maximum price” indicator shown on the order form in each trading app to get a sense of how much slippage your order will incur as you adjust your trade amount:

With the recent approval of SIP-0054, there is now a direct integration between Mynt and Zero. This integration enables users to manage lines of credit, stability pool balances, and redemptions with DLLR. The benefit of this integration is that all of these interactions can be done using a single transaction instead of the two or three transactions that were previously required before the integration.

Today we are also releasing a new Sovryn web app centered around Mynt and Zero. This new web app includes an easy to use interface for converting DOC or ZUSD to/from DLLR using Mynt, as well as taking advantage of the new integration with Zero enabled by SIP-0054. Check out the release announcement for more details about the new Sovryn web app and all of its features.

Thank you and congrats to the whole Sovryn community for helping with this milestone. From design, to development, to review, to testing, to documenting, to strategizing, to partnering, to promoting;  every aspect of this release has taken effort from all corners of the community. Today, we can take a moment to savor the accomplishment. Tomorrow, we resume the work to bring the Sovryn Dollar to the world.

With DLLR now live, we are looking forward to bringing the power of BTC-backed stablecoins to the people who need them the most: the people who are concerned about the reliability of fiat stablecoins; the people who need privacy and censorship resistance when doing commerce online; the people locked out of the traditional banking system; the people struggling to survive as their currency is devalued by severe inflation. We have heard their stories and their calls for help, and with DLLR we can now answer the call. If you think DLLR can improve your life and the lives of others in your community, get in touch and we’ll do what we can to help with onboarding!

One of the next important focus areas for Sovryn contributors will be on building out a developer portal for DLLR so that entrepreneurs and the open source community can more easily build on Mynt and the rest of the Sovryn smart contract system and help bring BTC-backed stablecoins to the masses. DLLR needs wallets, merchant tools, privacy layers, fiat on/offramps, scalability solutions, and so much more, and we need all the help we can get to bring these solutions to the people who need them. If you can’t wait for the developer portal and want to start building right away, check out our GitHub repos, and join the #integrations channel on Discord to get in touch with our developer community if you need any help.