Firstly - let’s look at what the main purpose and benefit of Origins is supposed to be - to allow more projects to launch into the Sovryn, and wider RSK ecosystem, bringing in new users, and awareness of the ecosystem (which benefits SOV more than having a bonded token). So in that context let’s look at the major concerns raised by the community.
- The bonding curve - the reason why we have SIPs is to enable community discussion and by no means is this being steamrolled through the community without debate. However, the reasons behind the teams’ decisions have been discussed in the SIP and will be elaborated on here.
The amount we would need to be contributed by SOV stakers, and public participants in the sale would be massive - roughly around $7M USD in order to maintain a proper reserve ratio - while the long-term tethering to SOV may yield benefits (there is no argument there) but the capital requirements will be large as the SOV community would need to fund that.
To reiterate - the purpose of Origins is to bring new participants INTO the Sovryn/RSK ecosystem, so that the entire ecosystem benefits, while also benefiting SOV stakers - this is another reason why we chose a simpler method for OG/SOV transactions which moves to the next point.
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User Experience. There have been a few comments about how we should ‘just do better UX’ the points we raised in the SIP were that users wanting to transact OG/SOV would need to commit 3 transactions - including a 10 block wait time, rather than the 2 transactions usually required in a usual AMM (with almost no wait time) this is not something that User Interface/User Experience can fix - it is a property of a bonding curve, think ‘its a feature not a bug’ and if we want to attract new users to the ecosystem, this will be a major hurdle that they will face, and potentially turn them away from participating in the protocol.
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Origins being independent of Sovryn - A significant amount of token supply and ongoing revenue is rewarded to SOV stakers - and this cannot be changed (due to Sovryn’s Veto voting power in OG) Origins will always be a subsidiary of Sovryn - however, the function of Origins is to benefit the ecosystem not only from rewards, but by bringing new projects, and users into the ecosystem - which will benefit EVERYONE.
We believe that bringing new projects and users into the ecosystem, outweighs the benefit of having the token bonded to SOV - this is our main motivation behind this move. We want to grow the ecosystem, engage more projects and more users - and we see this as the best path forward for the benefit of all existing and future participants in SOV.
Happy to continue the discussion on this so that we can reach an optimal solution not only for Origins but the wider Sovryn community.