Sovrynisation : Doing our part to make sure Sovryn is an competent exchange for users to migrate to

All these centralized exchanges is banning people from their platforms. Houbi banning chinese citizens from their derivatives, Binance is not allowed in several countries, All these events are making these exchanges slowly squeze users out of their own platforms, And where will all these people go to margin trade, lend, borrow and other features they wanted to use?

Some will quit, others will move to decentralised platforms for sure, but which ones?

The ones that are most competent and well-know for being decentralised and feature rich.

We, Sovryns, have to take intitaives to put our platform out there in the best way possible. We need to ensure that everything is working correctly from our part.

So far, I see these improvements to be taken seriously and performed urgently.

  1. Staking rewards to be industry standard or above : Which will ensure for future onbarding users that system is well balanced, rewarded and will continue to do so.

To improve this part i suggest to also include swap fees to be shared among the stakers not just spot trade fees, where the former is large in transaction size in the Sovryn platform.

  1. What differentiates us should be working properly: We are Bitcoin Defi which allows for margin trading, lending and borrowing Bitcoin. But margin trading is one of our uniqueness, recently we had liquidity issues which made people unable to close their positions. We should solve this and make sure never to happen again.

  2. Oracles/Arbitrage/Instrument : We also need to employ some measures to make sure the prices of tradables in the Sovryn platform is similar to general market price.

We need to facilitate the arbitrage opportunities to be exhausted quickly by rewarding those whome performs Arbitrage or by making it an new yieldable financial instrument in the platform, where people can deposit their assets and those assets will be used by the platform to perform arbitrage and share the weighted profit among those who deposited.

  1. Uniqueness : More features that are not available anywhere else other than in the Sovryn platform.

  2. Synergy : Reach out and help.

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This is the github link for sharing swap fees among stakers.

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Thank you @StanTheGreat for getting this started.

To get everyone on the same page, a list of 1) what should work; 2) what does work; 3) what doesn’t work, might be useful. Then, a transparent and forthright process of improvements could beginn, and the level of priority, ETA and status could be assigned or indicated.

I have gotten burned twice by using margin trading on Sovryn, and I do not use Sovryn for anything at all anymore, not even yield farming; the trust is gone. I don’t stake my SOV anymore, as I hope there will be a 3rd party platform that provides reasonable staking rewards, and I don’t want my SOV locked up in the current conditions.

Before this turns into a complaint post, I hold a large bag of SOV, and I have no intention of selling, provided we can promote good ideas and prevent bad ones from being realised, assuming they go for a vote, unlike eSOV on Uniswap.

The last time I checked, the SOV token address was still hidden in “Troubleshooting”, and delegating voting power would leave part of the original voting power undelegated. (I use multiple wallets, as not to end up on some whale list, and I now again vote with each individual wallet, not delegated to a single address.) These issues were mentioned very early on, and an actual checklist with levels of priority, ETA and status could help everyone keep track.

“Soon, maybe, wait, be patient …” might be good enough for other DAO’s, but we don’t need to be treated like mushrooms, unless there is some strategic aspect I have missed.

Sovryn has amazing potential, and it takes a lot more than the past few weeks’ events for me to fully and permanently lose faith. Faith can be restored, and future mistakes can be prevented.

I’m sure we all have many ideas, and I really look forward to having them all discussed, listed, and actioned.

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This temporary issue arised due to transition from usdt to xusd. We can know for sure chances of similar problems to show up again is slim. If there is still any unclosed position then we need to provide liquidity in that pool for them to close it.

The rewards are high and smart contracts are working well so there is no reason for not YF other than concerns for IL or don’t have assets.

This is part have been discussed very rigorously in General Commons and in previous Bitocracy drafts and devs are working to come up with an well equipped solution soon. Staking is how we vote for proposals to change and fix any problems, even if it’s fundamental.

This seems to be a problem on staking contract which can be fixed. Just need to raise it to the team using tickets, direct messages and in the group chat, which i am sure you have already done.

Regarding faith, we have just started runing and these problems and issues that we face are the bumps along the journey that makes the effort we put forward in the form of discussions, collaboration, researching and implementation worth it.

Let’s start here, what are the 1,2,3’s that you think is important for the platform and their ETA’s?

Meanwhile, I will prepare my own.

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Others are much better suited to elaborate on what works and what doesn’t, so I’ll just point out what should work:

  • Trading, borrowing, and lending BTC are the core features of Sovryn. Making/keeping that stable, safe and secure must have constant priority with zero unannounced downtime or issues.

  • 100% of original voting power must equate to 100% of usable delegated voting power. (First raised late Jan.)

That’s all I’ve got, for now.

(Possibly off-topic)
Desired changes and additions:

  1. Important decisions (yes, Uniswap) must be voted on.
    1.1. eSOV should be removed from Uniswap, if that is deemed beneficial.

  2. SOV Token Emission should be adjusted to market conditions.

  3. XMR Bridge would be great. (@exiledsurfer advised to try via Hackathon; who’ll help?)

  4. Noob-friendly first-time Sovryn experience with ALL relevant details displayed in all first-glance and obvious places.

Step-by-step and click-by-click guided setup, including links and CoinGecko-style buttons to add token contract addresses to wallets.

We can make this a full-blown Mutant-guided tour, eventually; a unique, fun and useful feature people will talk about. Virtually guide people to and through Sovryn. Don’t make them swim upstream and negotiate hurdles. Sovryn must feel all-inclusive, not the usual ‘good luck, DYOR, we don’t really care, figure it out in chat …’ (to a complete novice).

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Probably not a good idea, would do more harm than good, now that it’s out there.

I’d vote for this, assuming you mean token emissions are increased/decreased to keep pace with usage metrics. This could even be built into the contract. But realistically, I doubt it’s even an option because most of the 50 Mn tokens that are already owned likely already have committed release dates.

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Since there was never a vote, this should at least be thoroughly discussed. It would seem that the Bitocracy went right out the window.

Yes, and it is never too late to implement this, and we might as well do it earlier rather than later.

Not to be cynical, but how democratic is voting, really, at the moment? IDK exactly who controls how many votes, but I’d guess it’s extremely concentrated. I doubt you’d get a different result even if it were put to a vote.

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Fair point. Though I’d argue that the emission schedule is much less important after 50% of total supply becomes circulating.

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That is exactly why it is imperative that we have this properly discussed. Let’s put this Bitocracy to the test, rather than just questioning whether our vote even counts.

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I concur. However, we should (want to) bring about every bit of improvement that we can.

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My point was that the latter is a pre-requisite for the former. Otherwise what even is the point of Bitocracy? I realize I may be going quite off topic here, but I suggest we add the following to your list of desired changes.

  • An ongoing list of which wallets/people control how many votes as a percentage of total.
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That is the point at which I get a bit cautious. While some wallets and their owners are already known, ‘outing’ people seems opposed to my desire for more privacy. I spread my SOV over multiple wallets precisely in order not to end up on such a list. However, I still find that this should be discussed, as there may well be more compelling reasons for it.

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One point that I do now emphasise is the one of making fist-time access to SOV much more novice-friendly.

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It’s tricky for sure. Maybe the list can be pseudonymous but I’d rather everyone knows what their vote is worth vs the potential scenario where we’re under a romantic illusion of our vote being worth something.

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Yes, with the issues that have now manifested, I certainly prefer that there be clarity.

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Looking at the comments above and the post title - I would throw in my thoughts.
What Should Work (to drive adoption and usage)

  1. Becoming SOVRYN - there are some inconsistencies that have emerged as the platform goes through growing pains. From which wallets are recommended to how they are described - the Wiki and UI notes should be clear and consistent
  2. Overall UI and Tools - seen lots of progress here over the past month so I know this is a focus. More in this area is good but a population that is focused on trading and lending is going to keep focusing on those tools and features. What other areas can we look at to make this attractive? If Savings style accounts (for example) this can be an overlay to LP Yield Farm with insurance for lower returns and lower risk - for example - as a start on the platform while they learn.
  3. DeFi for securities (NFT issuance engine for asset trading - stocks, real estate, cars, boats, planes, etc) If DeFi is not just for individual traders but SOVRYN companies - we should consider these features (IMO)
  4. Promotion - with the improving UI and broader appeal of features - promotions are a big part of the growth curve. The Referral for SOVRYN is a GREAT idea in this regard but I think continued examination is warranted. I also like the SWAG store concept for community affiliation! (Pay with SOV)
  5. Finally - best for last - SPEED. Bitcoiners are already getting exposed to Lightning network level speeds and as that mainstreams - lag in settlement and lag in pricing will go from friction to pain to poison.

While I think stakers deserve a better reward structure than currently available - it is less of a long term structural problem (again IMO) if we solve for the items above.

Stay SOVRYN

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This is an really great idea.Whenever a new wallet is joined then we can show as default. And if someone needs it on command then we can place it as a dropdown button under the “Help” tab, one as “Tour” and another one as “Wiki”.

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This i love. There is something one of the team member, me and few others are very interested on that if implemented well then that alone will be the reason for the masses to use Sovryn.

Plus, an store through which we can buy physical goods using NFT technology and to add in synthetic assets.

It’s all good and i would say for the latter we can wait but, oh man! I am waiting for the first one that i talked about.

Agreed, integration with lightning network can be used for our advantage in many ways. Also waiting for the results of Hackathon. So much exciting stuffs! And we are just starting out.

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