Sovryn: The Best Way to Buy Bitcoin

If you have stablecoins and want to buy bitcoin, Sovryn is the fastest, cheapest, and most convenient way to do it. 

From start to finish, fees on Sovryn will cost you 0.55% plus about $35 to get genuine BTC on bitcoin. And you’ll accomplish all of that within the Sovryn dapp. If you use Uniswap, you’ll pay around 1% in fees when you include bridging out to bitcoin plus the currently very high Ethereum gas fees. And you’ll need to find a separate service to bridge WBTC to mainchain BTC.

The process of buying bitcoin on Sovryn is straightforward. Starting with stablecoins on Ethereum or BSC, you’ll end with genuine mainchain bitcoin. Here’s how:

1. Go to the Sovryn dapp. Click Get started and connect your EVM-compatible wallet (like Metamask) to Rootstock. See our wallet setup guide for details.
2. After connecting your wallet, click Transfer Assets and choose Stablecoins.
3. On our partner site Babelfish, select your starting chain where your stablecoins reside and your destination chain (Rootstock). Select the stablecoin and amount you want to transfer. Then click Convert and confirm. Your stablecoins will be bridged to the XUSD stablecoin on Rootstock.
4. Return to the main Sovryn dapp. Click your Account button and select Portfolio.
5. Your stablecoin balance will be listed as XUSD in a table under Total assets. Click Convert. Fill in the amount, select XUSD as the from token and BTC as the to token. Confirm in the dapp and in your wallet.
6. Click Transfer Assets and choose BTC. 
7. Click Send and Continue. Then fill in the amount and click Continue again.
8. Enter your destination bitcoin mainchain address and click Continue and confirm.
9. Your BTC will arrive in your bitcoin wallet in approximately 1.5 hours

Sovryn offers a number of advantages over alternatives for buying bitcoin—privacy, low fees, speed, on-chain bitcoin, security, the convenience of buying with multiple crypto assets, and integrated financial services. Read on for more details on Sovryn’s options and advantages.

Sovryn is able to offer distinct advantages over other buying options because of its multichain presence. Sovryn is a decentralized exchange (DEX) that currently operates on two chains—BOB and Rootstock. 

BOB (Build on Bitcoin) is a hybrid Layer 2 rollup that combines bitcoin security with the programmability of Ethereum. BOB gives native support to ERC-20 tokens, access to DeFi liquidity, and easy on- and off-ramps with major exchanges.

Rootstock is a bitcoin sidechain, deriving its security from merge-mining with the bitcoin network. The native token of Rootstock is RBTC, a 1:1 BTC peg. All fees are paid in RBTC, so you don't need a separate asset just for transaction fees.

Unlike a centralized exchange (CEX), Sovryn does not compromise your privacy with KYC (Know Your Customer) requirements or slow down your transaction as you wait days for KYC approval. Sovryn will never ask for your identity details, because we don’t need to. You will not be subject to exchange hacks that release your private information into the wild or even steal your funds. 

You hold your own funds with your own private keys. You don’t have to trust an exchange to hold your funds, keep them safe, or lend them out without your permission. You won’t be prevented from trading because you happen to be located in the wrong jurisdiction. You will be able to exercise your sovereignty!

In addition to these benefits, Sovryn on Rootstock offers bitcoin-level security through merge-mining. Once transactions are written to the blockchain they quickly become virtually impossible to rewrite due to Proof-of-Work (PoW) security.

Sovryn is almost always 80% cheaper than Uniswap, with gas fees on both chains being a mere fraction of those on Ethereum L1 where Uniswap and many other DEXs are active. Many exchanges charge 0.5% to 1% for transactions. Swaps with Sovryn on Rootstock are 0.35%. On BOB, swaps are 0.1% to 0.5%.

If you’re looking for high speed, BOB delivers a block time of only 2 seconds compared to about 12 seconds for Ethereum. This is a significant advantage during volatile market periods or if you are a high-speed trader.

Compared to a CEX with its KYC requirements and delays, Sovryn wins hands down. Sovryn is able to swap for bitcoin and bridge to bitcoin immediately, with no privacy-invading delays.

Unlike standard DEXes like Uniswap, Sovryn offers the option of acquiring on-chain bitcoin. BOB and Ethereum offer wrapped versions of bitcoin—WBTC and tBTC. These are created by locking bitcoin in a federated multisig and issuing a wrapped token that represents a claim on that bitcoin. While these are useful representations of bitcoin, they don’t have all the advantages of bitcoin—full decentralization, bitcoin mainchain security, censorship resistance of the bitcoin network, and the ability to move funds on the bitcoin network itself.

If you want genuine on-chain bitcoin, you can acquire it through Sovryn on Rootstock. First, bridge in an asset such as stablecoins from Ethereum or BSC. Then purchase RBTC through the Sovryn dapp. Once you have RBTC, you can bridge it out via FastBTC on the portfolio page for on-chain BTC.

Sovryn allows you to buy bitcoin with a wide variety of assets. If you want wrapped bitcoin, you can buy it with USDT, USDC, DAI, ETH, wstETH, rETH, DLLR (bitcoin stablecoin bridged from Rootstock), SOV (the governance token of Sovryn, bridged from Rootstock), or even a Rune token.

If you want on-chain bitcoin, you can bridge in USDT, USDC, or DAI from Ethereum or BSC, ETH from Ethereum, or BNB from BSC onto Rootstock.

Sovryn offers not only swaps to bitcoin. It offers an array of financial services within the same DEX—lending, borrowing, margin trading, and liquidity provision. Users can lend bitcoin or buy bitcoin on margin, for instance. These options are currently more developed on Rootstock but will eventually appear on BOB.

Visit the Sovryn dapp and buy the world’s most perfect asset today!

What is Sovryn and how does it differ from centralized exchanges (CEXs)? 

Sovryn is a decentralized exchange (DEX) that allows users to buy bitcoin with advantages such as privacy, low fees, speed, and on-chain bitcoin transactions. Unlike centralized exchanges, Sovryn does not require KYC and users maintain control of their private keys, ensuring higher security and censorship resistance.

What are the benefits of Sovryn's multichain presence on BOB and Rootstock? 

Sovryn operates on two chains: BOB and Rootstock. BOB is an Ethereum rollup offering high-speed transactions and access to the Ethereum DeFi ecosystem with bitcoin security. Rootstock is a bitcoin sidechain providing bitcoin-level security through merge-mining, with all fees paid in RBTC.

How does Sovryn ensure privacy and security for its users? 

Sovryn does not require KYC, protecting users' privacy. Users hold their own funds with private keys, eliminating the risk of exchange hacks or unauthorized lending. Sovryn also offers bitcoin-level security through Rootstock's merge-mining.

What are the fees for trading on Sovryn compared to other exchanges? 

Swaps on Sovryn's Rootstock are charged at 0.35%, while on BOB, fees range from 0.1% to 0.5%. Additionally, gas fees on Rootstock are typically 10-20% of those on Ethereum, and BOB's network fees are just a few cents, making Sovryn a cost-effective option.

Can I acquire on-chain bitcoin through Sovryn? 

Yes, Sovryn allows users to acquire genuine on-chain bitcoin through Rootstock. By bridging assets such as stablecoins from Ethereum or BSC, users can purchase RBTC on the Sovryn dApp and then bridge it out via FastBTC for on-chain BTC.

What assets can I use to buy bitcoin on Sovryn? 

Sovryn supports a wide variety of assets for buying bitcoin. You can use USDT, USDC, DAI, ETH, wstETH, rETH, DLLR, SOV, or Rune tokens for wrapped bitcoin. For on-chain bitcoin, you can bridge in USDT, USDC, DAI from Ethereum, or BNB from BSC.

How fast are transactions on Sovryn compared to Ethereum? 

BOB, an Ethereum rollup on Sovryn, offers block times of just 2 seconds, significantly faster than Ethereum's 12-second average. This high speed is particularly beneficial during volatile market periods and for high-frequency traders.

What financial services does Sovryn offer besides bitcoin swaps? 

Sovryn provides an array of decentralized financial services, including lending, borrowing, margin trading, and liquidity provision. These services allow users to lend their bitcoin, borrow assets using bitcoin as collateral, take a leveraged position in bitcoin, and earn fees by providing bitcoin for trading liquidity.