Brought to you by Sovryn
February 10, 2022
Win a share of $10k SOV in the Perpetual Futures Trading Competition!
Sovryn brings innovations from the broader blockchain ecosystem to Bitcoin while not compromising the values cherished by the community such as security, sovereignty, trustlessness, and decentralization. Those core values are at the heart of Sovryn. But when it comes to innovation, they put us at a disadvantage compared to other ecosystems or protocols that cut back on the principles of Bitcoin.
We’ve launched Sovryn Labs to deal with this dilemma.
“Sovryn Labs will allow us to experiment with new technologies and products, learn, and innovate. For these experiments, we may venture out to other chains, to ultimately bring them back polished and seasoned to RSK”
The first project we’re launching is Sovryn Perpetual Futures Contracts, which use a novel type of highly capital-efficient AMM. Perpetual Futures will go live in March.
Sovryn Perpetuals will enable you to go leveraged long and short on different assets. We start with a BTC/USD perpetual collateralized in BTC and will add more products going forward.
With Perpetuals you will be able to hedge your BTC and you can use your BTC to gain exposure to virtually any other asset. Sovryn Perpetual Futures allow you to put your Bitcoin to work without middlemen in yet another way.
Let’s take the next step towards a world built on and around Bitcoin!
To kick off the release of Perpetual Futures, we’re holding a trading competition using BTC/USD Perpetual Futuress.
The trading competition is a risk free opportunity for you to demonstrate your trading skills to the community, while having a chance of winning a share in the prize giveaway!
You’ll be given test funds to use in the competition. So, this is a great opportunity to give Sovryn’s latest features a test drive, in a sandbox environment, with the potential of a real reward at the end.
Join the competition and compete for a share of the total prize money of $10k in SOV
The trading competition begins on February 15th. This is a great opportunity for people who want to hone their trading skills ahead of the hard launch, after our contracts are audited.
Sovryn will distribute a total prize money giveaway of $10k in SOV. The SOV amount is based on the average price of the previous 30 days on the Sovryn exchange and will vest monthly for a period of 10 months. The amount will be paid to the wallet-address used in the competition or the wallet-address submitted with the bug-report.
Sovryn is giving away $7.5k SOV to be shared among the best 3 traders and $2.5k SOV as a bug bounty or improvement suggestion
The trading competition will use BTC/USD Perpetual Futures deployed to Binance Smart Chain (BSC) Testnet. On BSC we have a block-time of about 3 seconds, compared to about 30 seconds on RSK. The faster block time is beneficial for a leveraged product like perpetuals to provide the user with a decent trade experience.
For the mainnet launch, even when on BSC, we will allow the possibility for the user to pay gas fees in BTC rather than BNB, while trading fees will be in the collateral currency of the perpetual.
In the spirit of Sovryn Labs, we will ultimately bring this product back to RSK, enabled by (for instance) the introduction of rollups.
Sign up on the competition page for full instructions!
Winners will be announced on 25th of February on the competition website.
Bug bounty/improvement suggestion prize winners will be announced at a later date after a thorough analysis of all feedback, along with a report on findings and next steps.
Best of luck, and stay Sovryn!
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