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Sovryn Launches Bitcoin-Supported Stablecoin Linked to USD

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On March 17th, the Bitcoin based DeFi protocol, Sovryn, launched a 100% Bitcoin supported stable currency, Sovryn Dollar (DLLR), which is aggregated from other

Sovryn Launches Bitcoin-Supported Stablecoin Linked to USD

On March 17th, the Bitcoin based DeFi protocol, Sovryn, launched a 100% Bitcoin supported stable currency, Sovryn Dollar (DLLR), which is aggregated from other Bitcoin supported stable currencies and linked to the US dollar.

DeFi Protocol Sovryn Launches Bitcoin Supported DLLR

Analysis based on this information:


On March 17th, the Bitcoin-based DeFi protocol Sovryn launched a new stablecoin called Sovryn Dollar (DLLR). This announcement is significant as it marks the first 100% Bitcoin-supported stable currency that is aggregated from other Bitcoin-supported stable currencies and pegged to the US dollar.

DeFi or decentralized finance refers to financial protocols that run on top of public blockchain networks like Ethereum and Bitcoin. These protocols eliminate the need for intermediaries, such as banks and brokers, and enable anyone with an internet connection to access financial services. One of the key features of DeFi is its ability to create stablecoins that are pegged to an asset like the US dollar or gold.

Stablecoins are digital currencies designed to provide the benefits of cryptocurrencies, such as decentralization and security, while reducing their volatility. As such, they are an essential component of the DeFi ecosystem, as they enable users to hedge against the fluctuations of cryptocurrencies like Bitcoin and Ethereum.

Sovryn, the Bitcoin-based DeFi platform that launched DLLR, is one of the fastest-growing DeFi protocols. It offers a range of financial services such as margin trading, lending, and borrowing that are all accessible using Bitcoin. Sovryn uses a platform called Rootstock (RSK), which is a smart contract platform built on top of Bitcoin. Rootstock uses a two-way peg, a bridge linking the Bitcoin and RSK blockchain, enabling Bitcoin to be used as a gas or transaction fee on the RSK sidechain.

The new Sovryn Dollar (DLLR) will be used as a primary currency for trading, settling loans, and collateral on the Sovryn platform. DLLR represents a significant milestone for the DeFi ecosystem, demonstrating its ability to bridge different cryptocurrency ecosystems and increase the usability of Bitcoin in DeFi.

Overall, the launch of Sovryn’s 100% Bitcoin-supported stablecoin represents a significant step forward for the DeFi ecosystem. This development enables even more users to benefit from access to DeFi services without the risks of cryptocurrency volatility. As DeFi services continue to expand and mature, we can expect stablecoins to play an increasingly central role.

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