The day has finally arrived, we are officially LIVE on Uniswap! This is the first major ‘listing’ of SOV on another exchange apart from itself. As you will know Uniswap is one of the largest decentralized exchanges on the Ethereum Blockchain and in the overall cryptocurrency ecosystem and marks a major milestone for Sovryn.
The listing comes on the heels of a controversial discussion around TVL that was triggered yesterday by Sovryn’s listing on DeFiLama. Sovryn shot to #14 in the rankings after DeFiLama included vested SOV within its TVL metric. Many Ethereum influencers jumped onto the conversation to object, fanning the flames on a conversation over the validity of current TVL models in crypto. The debate was publicised in an article on Cointelegraph today.
It is against this backdrop that we have now launched onto Uniswap. The controversy that played out on Twitter was unlooked for, but sparked a much needed debate. We hope it will continue until rational standards can be found that all projects on all chains can benefit from.
SOV has now been listed on Uniswap as eSOV. Users can transfer SOV across to Uniswap via Sovryn’s recently released ETH bridge, transforming SOV into eSOV, and vice versa to come back onto the RSK network. Listing will grant everyone the ability to trade SOV/eSOV with other ERC20 tokens via Uniswap, as eSOV is the ERC20 token version of SOV.
It is important to note that eSOV cannot be used for staking or receiving voting power, and must be converted back to SOV via the ETH bridge in order to receive these benefits. The creation of eSOV will introduce Sovryn to an entirely new audience, and allow SOV to be traded with virtually every other cryptocurrency in the near future.
Initial liquidity to the eSOV/WETH pool will be provided by the Sovryn Treasury (Multisig), and there will not be an incentive for providing liquidity into the Uniswap pool by Sovryn. Also, typical Uniswap fees will be charged for transactions. RSK fees have spoiled us haven’t they?
eSOV Mainnet Address: 0xbdab72602e9ad40fc6a6852caf43258113b8f7a5
Uniswap listing eSOV is a huge leap towards the manifestation of our future reality. All you must do is stay tuned and stay Sovryn.