Bitcoin’s fastest growing ecosystem Sovryn has been listed on leading cryptocurrency exchange AscendEX, a move that will help drive up adoption and interest in the first DeFi operating system designed for the world’s leading cryptocurrency. Sovryn (SOV) is a non-custodial and permissionless smart contract based system is developed to be the world’s first Bitcoin-native application, offering users access to decentralized lending, borrowing and margin trading.
AscendEX will allow its users to trade the SOV token against USDT and BTC, permitting both deposits and withdrawals. In addition, the exchange will also conduct three promotional events to drive up interest in trading this token among its users, which are set to run from 15 September for a period of one week. The events will offer participants pooled rewards in USDT that can be earned via referrals and by trading the SOV token on the platform during the period.
Sovryn is an AMM protocol developed for Bitcoin, bringing DeFi capabilities to the crypto king and letting it make its mark in the sector that has been experiencing rapid growth over the past year, even through the periods of lull that cryptocurrencies have gone through. The protocol supports instant trades between tokens in a cost effective manner, lets users perform long and short trades and even borrow leverage from the lending pool. In addition, token holders also have the opportunity to lend their holdings to margin traders and borrowers, earning interest in the process. What’s more, investors can use their BTC tokens from any Bitcoin wallet via smart contracts and decentralized products on the Sovryn protocol. SOURCE https://www.fxleaders.com/news/2021/09/16/bitcoin-based-defi-protocol-sovryn-sov-gets-listed-on-ascendex/