SIP: Proposal to add Cardano to Sovryn

For the very same reasons Ethereum has been added to Sovryn platform, I would like to make a proposal to add Ada (Cardano) to Sovryn as a RBTC/ADA trading pair. Cardano is now the 3rd largest cryptocurrency by market cap and is on track to rival Ethereum once it launches smart contract functionality on the 12th of September. I think the same great innovations we’ve seen on Ethereum will likely find its way onto Cardano, with many new innovations that will dramatically transform the global financial infrastructure. Cardano was created by a cofounder of Ethereum who quickly realized that it would not scale properly in its current form and the way Ethereum is approaching it now is risky and untested. The way I see it, there is a three way race between Ethereum, Rootstock, and Cardano for smart contract platforms. I believe these three will complement each other and improve each other through market competition, and I think it would be wise for Sovryn to be progressive towards the possibility Cardano being a solid contender in this race, and taking the same approach it has with Ethereum in adding it as a trading pair in the Sovryn ecosystem. I’m not the best writer by any means, or programmer, but I have a lot of staked Sovryn until the year 2024 and am a long term believer in this project. If this is a dumb idea or not feasible yet because Cardano has not even launched the ability for us to bridge assets from it, please respond in the comments, but otherwise, I think adding Ada and RBTC/ADA trading pairs would be a net positive for our fast growing ecosystem, and I expect in the future it is possible we will be adding some diamonds in the rough that have come out of the Cardano ecosystem. Cheers!

7 Likes

I would add Polkadot to this list as well. Or think about adding it if their auctions are successful.

1 Like

Hi - bit late, but nevertheless: I can follow your logic which you laid out pretty clearly, and I think ADA has actually proved itself by finally delivering smart contracts. That said, the ecosystem lags that of Ethereum by three years and tech told us in the past that sometimes the bigger network effect simply beats the possibly better tech.

Also, there are imho just too many question marks over the integrity and leadership Style of the founder. And it is not personal, I see patterns across Crypto and DeFi that worry me. Thorchain gets a lot of positive vibes, the idea is genius, yet I can’t help but wonder why the multisig holders are all anonymous, given that the project originated from Binance universe, again with a founder who some authorities are after. We cannot put our future into the hands of people that are nothing but transparent and demonstrably nice and genuine.

That in combination with a TPS of ADA that is nowhere near Solana or even Radix, I think ADA will not actually be that systemically important. I agree with you that some L1s will complement each other to form the fabric of the next version of our digital global society. On that note, I’d rather add Solana now or Radix later to Sovryn.

3 Likes

I concur: Cardano’s ostensible vision for Africa, while worthy, is certain to run afoul of any eventual Chinese CBDC; not to mention this refreshingly unsentimental critique of its technical foundations and robustness.

ADA will be sure to enjoy a suitably warm welcome once Sovryn supports user-created liquidity pools in the vein of Bancor et al.: but I wouldn’t prioritise its inclusion at the present juncture.

1 Like