Sovryn idea is beautiful.
Defi on Bitcoin.
Imagine hundreds of new members daily, using the fast, bitmex-like UX exchange where every SOV holder gets a fee share.
Team works on developing and implementing features nowhere seen, not even outside-bitcoin-defis like ETH, sol etc…
simplicity and community love naturally marketing everything…
Now get back to reality.
Imagine a horse.
a stallion. Racing one… one sheikhs pay MILLIONS for…
Stallion that can out gallop pretty much every horse out there…
And now put a fucking 300 pounds fat woman on top of that stallion, and take it to a race.
What chances does that stallion has against slim and in good shape jockeys?
Why are people not betting on that stallion?
Why it has no support?
Is it because the beautiful animal is not magnificent… or is it because the cheeseburger sauce is still dripping from the mouth of the 300 pound jockey on top of it?
That unfortunate super weight in Sovryn is its tokenomics.
For every token money-paid, there is too many tokens that dilute that worth.
And this pains me.
Another thing that pains me is that I led my community to hold united even in series of Sovryn troubles believing that the leadership is willing to not just ass-fuck that horse, but to also feed and nurture it a bit by sharing the sacrifice themselves… let’s say average jockey weight is 108 pounds and this stallion’s jockey has 308 pounds… if he shares a bit of sacrifice with the stallion, and drops down to 208, it gives stallion a fighting chance… or 158… he will be heavier, but still, the strength of this stallion will manage to carry it on… however when I realized the Sovryn leadership, Yago, doesn’t want to share the sacrifice with you, the community… it saddens me to see a such beautiful animal run on the sidelines with super heavy jockey… waiting for age to eat it alive.
Same happened with BZRX.
It was a beautiful project at invention.
At 2018… when the futures just started out by BitMEX, it was the FIRST project to propose a decentralized futures trading… I immediately supported the idea. The team was legit, idea support-worthy… just the leadership incapable of developing at pace. 2018, 2019,2020,2021 passed and the project was still not fully and properly launched, guess what happened?
Dydx came, competitors came, crushed BZRX into oblivion… the head start vanished, and the biggest news in 2 years for bzrx = rebrand to ooki.
I see the pattern repeat in Sovryn.
Leadership is full of excuses. They lie.
They said “it’s normal because it’s complex project” only later to see the team falling apart for the second time. People abandoning Yago.
At first I too listened to his stories. I too believed it. Because I saw a visionary whose idea it is.
But tell me what’s so special about the idea?
let’s make a defi on bitcoin. This phrase is coined by me by the way. First. Taken on by Sovryn.
Other edge is Yago is since early days of BTC so I liked it.
The thing I loved is since pre-sale days he asked the community for everything, I participated on one of the first governance calls etc.
It took me months, year+ to realize… the pattern.
Yago sweet talks you, only to do later what he wants.
SIX TIMES hurting Sovryn!
Six times I informed him of critical events with which he agreed on the phone yet to do his own way.
Uniswap being the latest.
I told when we were at $80-ish per SOV, brother, you are not on any other exchange now, it forces people to use your still-complicated system to buy the token, let’s keep it this way until you simplify the system… no… again, greed made it happen, uniswap bots got plugged in, people started dumping and the sov-btc peg was lost (1000 for 1 sov if someone remembers).
I would so much more appreciate if someone would directly tell me: “hey man, let me lead my thing my way, and I will not do it”, than sugar coating things only to make you like a fool.
At least 30 times over the year I told or mentioned Yago he should truly listen to the community.
It tells you a real character of a person when they raise capital and they don’t care about missed deadlines and everything.
Sovryn at start missed communication.
Every deadline missed requires a heavy apology!
Because deadlines are NOT ok to be missed. The excuse is not “it’s a complex project”.
It’s your promise to the community.
Why I did this community intervention to Sovryn now?
Because Sovryn is now a 6 year old dog… still have time to be in his prime, at peak of his strength, but it’s the LAST TIME… last call… if it doesn’t happen, it will be eaten alive by newer, more community-caring, less-greedy-tokenomics project.
What’s about Sovryn so special that can’t be taken by some fast-developing team, copied and built upon? Simply. Fast. Effectively.
I want Sovryn to succeed. And it hurts me as I see where it was going.
I want the first thing to see on live.sovryn.app the roadmap, interactive roadmap with status and dates which are accountable. If any deadline is missed, I want an immediate comment below it on the UPDATE, and the new deadline).
I want honesty and the proper focus of the team.
And maybe, someone, realizes, they have a friend here!