10 Feb 2021
Sovryn Individuals who signed up to the Origin Presale Waitlist will now become eligible for selection to pre-deposit. With several thousand people on the waitlist, the presale is likely to be oversubscribed. In the interests of holding a fair sale, the selection of participants will be randomized.
500 addresses per hour will be randomly selected to receive the pre-deposit information, until the full allocation of 2,000,000 SOV is fully subscribed. This process is slated to begin at 1pm UTC on Thursday 11th February. Selected addresses will receive an email from [email protected] providing them with the activated link to participate. The pre-deposit will take place at origin.sovryn.app. Sovryn will never send deposit addresses directly via email!
WARNING: Beware of scammers sending you emails asking you to send your funds.
- Do not send funds to any address you receive via emails; only transfer to the address which is generated on the Sovryn sales page. Those addresses that were randomly selected will receive a link via email to the Origin predeposit interface (origin.sovryn.app).
- Double check the URL and verify the SSL certificate (by clicking on the lock icon next to the URL to see if the SSL is valid) BEFORE sending your funds.
Origin Presale Key Points
The Presale price and other details of the Origin Presale are to be determined by and subject to a vote on SIP 0006, which proposes:
- A sale of SOV to Sovryn supporters before the tokens become transferable and liquid.
- 2,000,000 SOV to be tendered for this Origin Presale in a dutch auction.
- Prices to have a maximum starting price of 10,000 sats and a clearing price of 3000 sats.
- Bitocracy to have the ability to capitalize the Sovryn protocol treasury for funding the roadmap, system maintenance, and adoption and marketing initiatives.
- SOV allocated as part of the proposed Origin pre-sale will become liquid and transferable between four to six weeks after the completion of the Origin Pre-sale, pending governance vote on SIP-0006.
To review and/or join the discussion and a SOV tokenomics dialogue around SIP0006, head over to the Sovryn Forum.
Important information about the Origin pre-deposit process
- Participants may deposit up to 0.1 BTC. Once the Origin pre-order is concluded, pre-deposits will be automatically applied and exchanged to SOV at the closing price of the Origin pre-sale - subject to the approval of SIP-006. If 200 BTC of pre-deposits are received, deposits will be halted, since the maximum clearing price will have been reached.
- Excess deposit amounts above the 0.1 BTC cap will not be converted to SOV and will not be refunded. Excess amounts will be considered a donation to the Sovryn protocol.
- The closing price of the Origin pre-sale will be determined at the conclusion of the auction process, as described in SIP-0006. The price per SOV can fluctuate between 3,000 and 10,000 sats per SOV and the clearing price to convert to SOV may fall anywhere within this range. Funds deposited will be automatically applied at the clearing price.
- Don’t deposit more than you can afford to lose. BTC is the most valuable asset in the world. Sovryn is a risky, early stage project. By participating, you are placing your BTC at risk.
How to Pre-Deposit in Sovryn Origin Presale
Once you have received an email confirming you have been randomly selected for the Sovryn Origin Presale, follow these steps:
- Go to the link provided
- Connect your RSK wallet to the dapp (this is where you will receive your SOV after pre-deposits)
- Enter the email address you used to receive the Origin Presale email
- Confirm you are Sovryn
- Click to generate a BTC deposit address
- Send BTC to that address from a wallet other than your connected RSK wallet (sending from exchanges is not advised)
- Receive confirmation of your Origins Pre-order deposit
- Kick back and think of everyone else praying the random generator picks them next.
*You can only pre deposit BTC
Origin Presale Background
Since the Genesis Reservation Presale completed in minutes on January 25, 2021, much has happened leading up to this Origin Presale:
- Bitocracy v1 governance system was launched.
- Genesis Reservation Presale completed, raising $2.5 million in 18 minutes.
- 4 governance votes on Sovryn passed with high participation rates; our community is engaged.
- 1000 concurrent users came through the Genesis Reservation system and it worked seamlessly. We are also substantially improving the nodes to ensure that the system can experience higher and higher throughput.
- We took what we learned from Genesis to create the Origin Presale, which will have added functionalities, including:
- Enabling the option to have a Dutch auction
- Instituting a prefunding mechanism so there’s no need to rush in at the same moment at the start of the sale as we saw with Genesis.
If you signed up for the waitlist, watch for an email from Sovryn letting you know when it is your turn to pre-deposit via origin.sovryn.app.
A huge thanks goes out to our dynamic community members, who have been instrumental in supporting the Sovryn protocol, testing out at each step of the way, and avidly participating in the world’s first Bitrocracy governance system.