18 Feb 2021
This proposal SIP 0005 has passed allowing participants of the Genesis Reservation system to redeem their reserved cSOV tokens for SOV. They will also have the choice to redeem cSOV for RBTC if they decide to exit the system.
Genesis participants can now access the redeem function in “My Wallet” on the Sovryn app. There, they can easily choose to redeem their cSOV for SOV or RBTC.
SOV Redemptions: Those that redeem for SOV will be subject to a 10-month linear vesting period and will be part of the Sovryn Bitocracy governance system which controls the protocol and treasury. This is the basis for Sovryn’s qualified governance system which ensures and incentivizes long term participation.
RBTC Redemptions: Those that redeem for RBTC instead of SOV choose to exit the governance system but are still welcome to use the Sovryn protocol and purchase SOV tokens on the free market when they become liquid.
The Genesis Reservation
Launched on January 25, 2021 and ending in just minutes, the Genesis Reservation system issued specialized NFTs to OG users of the Sovryn protocol. Each NFT unlocked access for these OGs to stake BTC or RBTC to reserve cSOV tokens at 2500 sats per cSOV.
A series of Sovryn Improvement Proposals (SIPs) were developed and voted on by the Sovryn governance system in order to initiate, process and complete the Genesis Reservation system presale:
- SIP 0003 was voted into issue up to 2 million cSOV for the Genesis Reservation system.
- SIP 0004 enabled the adding of up to 640,746.1868 new cSOV tokens (cSOV-2) as a solution to the almost instant oversubscription when Genesis opened and to counter subsequent allocation overage.
- SIP 0005 proposed the redemption of all cSOV tokens for SOV.
The Genesis Reservation system was a great success, seamlessly processing massive demand with over 1000 participants using the system at once. It also officially kicked off the world’s first Bitocracy. Those users who redeem their Genesis cSOV fo SOV will become the newest members of the Bitocracy.
Participation in the Bitocracy governance model requires only a browser wallet with zero verification, providing a completely permissionless way to help steer the protocol as well as its revenues.
Welcome to DeFi for Bitcoin.