Sovryn’s Transformative 2024

In 2024, Sovryn achieved major milestones, from expanding to multichain interoperability with the launch of the Rune and DLLR bridges to rewarding our growing user base with $500,000 in POWA token airdrops. We also introduced SPICE rewards to tens of thousands of users, refined the user experience, and laid the groundwork for supporting BitcoinOS in the future. Here’s a summary of what we accomplished.

2024 saw the debut of the Rune Bridge, a groundbreaking tool enabling seamless Bitcoin deposits and ERC20-compatible Rune Tokens on RSK. This bridge was one of the first of its kind, connecting ecosystems like no other and empowering users with enhanced flexibility and accessibility.

Following this innovation, we enabled DLLR bridging between RSK and Ethereum, taking interoperability to the next level.

The Zero protocol also shined with improvements, including enabling ZUSD redemptions for RBTC and refining the way collateral is handled.

These upgrades weren’t just technical achievements, they were steps toward making Sovryn an even more robust and user-centric platform.

We took a monumental step forward by partnering with BOB, marking our expansion into the Ethereum ecosystem and beyond. This collaboration was a statement of intent to unite two of the largest blockchain communities under the banner of decentralized finance.

This move aimed to bridge Ethereum's vast user base and liquidity into the world of Bitcoin DeFi, extending Sovryn’s trading services to a broader audience. By combining the strengths of the second-largest crypto ecosystem with Bitcoin’s security and stability, we created new opportunities for financial sovereignty.

As part of Sovryn’s expansion to BOB, staking of bridged SOV tokens was enabled on BOB. This allowed liquidity providers on BOB to receive fees from trading on BOB.

The significance of this milestone didn’t go unnoticed. Both CoinDesk and Decrypt highlighted the importance of our partnership, calling attention to Sovryn’s innovative approach and the potential to reshape decentralized finance.

This expansion was just the beginning of our journey to make financial sovereignty accessible to all.

Sovryn experienced tremendous growth, becoming the go-to platform for SPICE rewards. Over the course of the year, our user base expanded from just 1300 to an impressive 42,461 users, reflecting the growing appeal and value of the Sovryn ecosystem.

This surge in participation highlights Sovryn’s ability to engage and reward its community, positioning the platform as a leader in decentralized rewards systems. By fostering this growth, Sovryn has ensured that more users than ever are able to participate in and benefit from the ecosystem.

From the moment users logged into sovryn.app, they were greeted with an increasingly intuitive and polished experience. Whether it was an improved portfolio display, enhanced market-making tools, or better mobile usability, every update had one goal: making Sovryn more accessible and enjoyable.

Highlights include:

• Launch of a dedicated Protocol Stats page, offering detailed analytics for AMM and lending pools.
• Enhanced collateral handling for margin trading.
• Streamlined staking and voting processes, ensuring seamless participation in governance.

One of the standout moments of 2024 was Sovryn’s innovative response to the challenges surrounding the Bitcoin Halving. We took proactive measures to ensure a seamless experience for our users while laying the groundwork for the future of decentralized finance.

• Runes Bridge UI: The user interface for the Runes Bridge was integrated into our dApp, preparing for post-Halving activation. The first Rune to be bridged to RSK was our very own $POWA token, showcasing Sovryn’s leadership in DeFi innovation.

As the industry faced hurdles with Rune Token airdrops, such as inconsistent wallet addresses and Bitcoin transaction limits, Sovryn developed a groundbreaking solution. By bridging Runes to Rootstock in a single transaction, we enabled highly efficient token distribution.

This streamlined approach reduced costs, transaction times, and user complexity. Our automatic data gathering for stakers and traders eliminated the need for users to provide additional wallet information. POWA became the first project to test and benefit from this efficient distribution model, solidifying Sovryn’s role as a problem-solver during a critical moment for the crypto world.

We made a significant breakthrough with the successful launch of POWA. This achievement solidified Sovryn’s role as a leader in Bitcoin-native token technology and decentralized finance innovation.

Key Achievements:

• $500,000 Airdrop to Stakers: Sovryn rewarded its community with an airdrop valued at $500,000 in POWA tokens. This was a gesture of gratitude to our dedicated stakers and a demonstration of Sovryn’s commitment to sharing the benefits of innovation with its users.
• Revolutionizing Token Distribution: POWA set a new standard for Bitcoin-native tokens by being more advanced and functional than traditional BRC-20 tokens. Its unique features make it an industry-first, driving new opportunities in the Bitcoin ecosystem.
• Integrated Earning Programs: Through the POWA Points program, Sovryn empowered its community to earn POWA by staking, trading, and even engaging on social media, fostering deeper community participation and engagement.

A New Era for Bitcoin Tokens: The introduction of POWA wasn’t just about launching a token; it was about setting a precedent. POWA embodies the potential of Bitcoin-native token technology and highlights Sovryn's commitment to innovation, community rewards, and decentralized growth.

From fixing bugs to addressing usability issues, each release contributed to a smoother, more efficient ecosystem. Notable achievements included the introduction of conversion pair charts and revamped Spice Leaderboards, giving users better tools to navigate the complex world of decentralized finance.

On the governance side, updated processes for proclamation proposals showcased our commitment to inclusivity and adaptability, empowering the Sovryn community to play an active role in shaping its future.

In November 2024, Sovryn’s Bitocracy reached a landmark moment with the approval of SIP-0083: Sovryn - BitcoinOS Contributor and $BOS Token Launch. This proposal underscored Sovryn’s leadership in incubating and contributing to BitcoinOS, a revolutionary initiative enabling any code to execute on Bitcoin, representing a fundamental upgrade to the Bitcoin protocol.

What We Achieved with SIP-0083

• BitcoinOS Milestones: some text
  • The first ZK proof verification on Bitcoin mainnet (July 2024)
  • Open-source release of Bitcoin ZK proof verification code (September 2024)
• Incubation and Strategic Contributions:
  Sovryn actively contributed to BitcoinOS’s development by providing:some text
  • Project incubation
  • Research and design partnership
  • Community engagement and development support
• $BOS Token Launch:
  Sovryn will facilitate the launch and distribution of the $BOS token, with 10% of the total supply allocated to the Sovryn community.

BitcoinOS, integrating with major projects like Cardano, Merlin Chain, and Nubit, is positioned to revolutionize Bitcoin Layer 2 technology with trustless bridging, interoperability, scalability, and privacy. Sovryn’s contributions have helped establish BitcoinOS as a frontrunner in Bitcoin-native technology.

Throughout 2024, Sovryn made significant strides in enhancing its infrastructure to support innovation and growth. Key accomplishments included:

• Cost Optimization:
  Reduced AWS costs by streamlining processes and optimizing resource usage.
• System Reliability:
  Implemented robust monitoring systems to enhance network reliability and performance.
• RSK Node Stability:
  Resolved critical RSK node issues, ensuring ecosystem stability.
• Innovative Integrations:
  Deployed and tested new subgraphs and integrations, including support for BOB and BitcoinOS.

Additionally, Sovryn's relentless focus on security and efficiency resulted in:

• Adaptation of Merkle tree distributors for better scalability.
• Enhanced staking rewards for BitcoinOS.
• Rollout of advanced developer tools for the ecosystem.

These efforts not only improved Sovryn’s operational efficiency but also solidified its position as a leader in decentralized governance and Bitcoin-native innovation.

Throughout 2024, Sovryn made significant strides in enhancing its infrastructure to support innovation and growth. Key accomplishments included:

• Cost Optimization:
  Reduced AWS costs by streamlining processes and optimizing resource usage.
• System Reliability:
  Implemented robust monitoring systems to enhance network reliability and performance.
• RSK Node Stability:
  Resolved critical RSK node issues, ensuring ecosystem stability.
• Innovative Integrations:
  Deployed and tested new subgraphs and integrations, including support for BOB and BitcoinOS.

Additionally, Sovryn's relentless focus on security and efficiency resulted in:

• Adaptation of Merkle tree distributors for better scalability.
• Enhanced staking rewards for BitcoinOS.
• Rollout of advanced developer tools for the ecosystem.

These efforts not only improved Sovryn’s operational efficiency but also solidified its position as a leader in decentralized governance and Bitcoin-native innovation.