News & Updates

Sovryn community votes Pomp in!

March 25, 2021
min read

A key vote by the Sovryn community has taken place to determine the participation of a syndicate of strategic partners led by Pomp Investments. On 24th March the vote was successful with 99.87% of the votes in favour. Sovryn will now welcome an additional 180 BTC of investment.

The investment round will provide additional capital to the Sovryn treasury, run SovrynBTC nodes, and provide broad strategic assistance to grow the Sovryn ecosystem. In return investors will receive 1,500,000 SOV at a price of 12,000 Satoshi per SOV. Tokens will be subject to a 16-month linear vesting period with a 3-month cliff.

The investment syndicate comprises a vast network of highly reputable and strategically important individuals and organisations whose collective audience runs into millions. Welcoming them into the Sovryn community is expected to help accelerate the adoption of Sovryn.

The community vote on the investment proposal, called SIP14, exercised the decentralised governance structure that underpins Sovryn. Known as the Bitocracy – Sovryn’s governance system lets stakeholders shape the platform by making collective decisions on Sovryn Improvement Proposals (SIPs). Adherence to this open and transparent structure sets Sovryn apart from other DeFi protocols.

To participate in the Bitocracy voting process, SOV holders stake their SOV tokens. Votes are weighted to the amount of SOV held and the length of time staked. The Bitocracy upholds the principles of decentralisation that initially attracted Anthony Pompliano to the project who commented,

“I have always believed that the bitcoin industry would eventually have to bring decentralised sound money and decentralised infrastructure together. While some people want to bring bitcoin to Ethereum via tBTC or WBTC, I have been a big believer that decentralised infrastructure will get built on top of, and around, bitcoin.

After evaluating many of the projects in the space, I am excited about the prospects of Sovryn and believe that the team and community has a high probability to build one of the core decentralised infrastructure stacks to ensure that bitcoin remains decentralised, sovereign, and aligned with the original bitcoin ethos.”

The future of Sovryn is bright. To stay-up-to date on current and upcoming votes visit Sovryn’s Bitocracy Discord channel.


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