Blockchain

Bitcoin DeFi platform Sovryn reveals $1.25M bug bounty; raises $10M in token presale

Published

1 month ago

March 5, 2021

Sovryn, a Bitcoin-based DeFi protocol, has announced that the Origin presale of its governance token SOV, has raised the equivalent of 10 million USD at a price of 9736 sats per SOV at current prices.

The presale close takes the total digital asset funds raised by Sovryn to $16 million. Further, this raise has allowed the leveraging of Immunefi to run one of the largest single bug bounty rewards in history; offering white hat hackers up to $1.25 million to uncover critical bugs relating to the Sovryn smart contract.

“Throughout the proposal drafting process for SIP-8, the Sovryn team and community have provided valuable feedback and sharing ideas on how to improve the program. This clear communication enabled us to achieve a 100% approval rate on our proposal from all in the community who voted, which was a true honor. We are sure the Sovryn network will become more secure through the existence of this bug bounty program, by incentivizing whitehats to look through the code as well as incentivizing blackhats to disclose bugs, instead of exploiting them.”
– Immunefi Co-Founder, Travin Keith

Token Presale

Origin’s presale allowed participants from the Sovryn community to deposit up to 0.1 BTC; with over 3,000 Sovryn protocol supporters participating in a sale that was orchestrated to allow for maximum participation. The wide distribution of SOV tokens enables the realization of the decentralized governance system which is the ultimate aim of the Sovryn project.

The approach of the Sovryn protocol to security is one of open-source transparency or “security by sunlight“. The Sovryn protocol has been exposed to critical examination throughout its development, in contrast to “security by obscurity” approach favored by traditional institutions.

Bitcoin’s community has always placed a strong emphasis on security. Where other DeFi projects only audit once, at product launch, Sovryn audits on an ongoing basis. Sovryn is secured by merge-mining with the Bitcoin blockchain and the attention to security runs through the heart of the Sovryn mission. The latest deployment of the bug bounty program on Immunefi with a maximum payout of $1.25 million for catastrophic bugs in its first week builds on an existing regime of rigorous penetration testing and biweekly internal and external technology audits.

“The Sovryn developer team/community takes security seriously and this successful presale has allowed us to take that to the next level, encouraging thousands of hackers to try to penetrate our decentralized protocol. Forged in the white-hot fire of this testing, the armor of our security will emerge all the stronger.”
– Sovryn Co-Founder, Edan Yago

Source: sovryn.app

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Source: https://www.cryptoninjas.net/2021/03/05/bitcoin-defi-platform-sovryn-1-25m-bug-bounty-raises-10m-sov-token-presale/

Related Topics:Bitcoin blockchain BTC DeFi funds governance price Projects Security smart contract Technology token Tokens Transparency US USD

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Blockchain

Bitcoin Bull Mike Novogratz Predicts Existential Crisis Unless the US Creates a Digital Dollar

Published

2 hours ago

April 10, 2021

Republished by Plato

Mike Novogratz, a veteran investor, and a huge Bitcoin supporter noted the U.S. is currently in a good economic position. Still, the nation can face a major competitive disadvantage unless it engineers a digital dollar soon.

The Importance Of An E-Dollar

Novogratz, chief executive of digital merchant bank Galaxy Digital GLXY, underlined the value that a digital dollar could bring to the US. In a Friday interview with MarketWatch, he stated:

”To me it is an existential crisis, we need a digital dollar.”

Furthermore, the investor expressed his view over the current COVID pandemic and the negative impact on the U.S. market and the world, in general. He referred to the trillions of dollars of monetary and fiscal spending done to help eliminate the worst of the economic aftershocks the disease caused:

”If our fiscal and monetary policy starts looking like it’s from a Banana Republic…you are going to run into some Minsky moment where confidence breaks down.”

With his statement, Mike Novogratz referenced Hyman Minsky, who exposed a view in the recent past that a period of distortions in the financial system eventually ends very badly.

The existence of a digital dollar sounds even more important after some stock-market investors have been warning about a surge in US inflation in the past weeks.

The Competition With China

During the interview, Novgorotz claimed that while in the U.S., the development of an e-dollar is still under question and researches, China has fired the first salvo on the digital currency front.

The biggest economy in Asia conveys great support to its digital yuan. According to some experts in the field, its new currency is a weapon that the country can use to compete with the U.S. and other developed economies.

As CryptoPotato recently reported, PayPal CEO Peter Thiel said that Bitcoin could be used as a Chinese financial weapon against the U.S.

In the meantime, Novogratz said that there is ”zero evidence of the Chinese government buying Bitcoin” much less weaponizing it, referring to the comments made by Peter Thiel:

”Sometimes he likes to say things that are provocative.”

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Source: https://cryptopotato.com/bitcoin-bull-mike-novogratz-predicts-existential-crisis-unless-the-us-creates-a-digital-dollar/

Blockchain

Ripple becomes tidal wave, leads weekend pump and notches legal victories

Published

4 hours ago

April 10, 2021

Republished by Plato

Amid a weekend pump carrying multiple cryptocurrencies higher, Ripple’s XRP looks to be leading the way with a push as high as 30% on the daily — carried on the back of a string of legal victories and rumors of relisting at some exchanges.

Where Bitcoin and Ethereum are up merely 2.7% and 3.4% respectively on the day, XRP climbed to $1.36 before retreating to $1.32, where it sits at the time of publication. The digital currency is now up 111% on a 7 day basis, and a staggering 544% on the year. The recent push has also buoyed XRP back into the top 10 cryptocurrencies by marketcap, behind only BTC, ETH, and BNB at #4.

🙂 pic.twitter.com/qYIf6RPOoY

— sats (@satsdart) April 10, 2021

The rally flies in the face of a lawsuit from the Securities and Exchange Commission, which charges that XRP’s $1.3 billion ICO was an “unregistered securities offering.” The news led multiple exchanges to delist the currency, and XRP lost its place as the 3rd largest currency by marketcap, at time looking as if it would even fall out of the top ten.

The bad news for XRP didn’t stop with the SEC, either. In March Ripple CEO Brad Garlinghouse announced that the company would be “winding down” its relationship with Moneygram — a once highly-touted partnership that investors often pointed to as proof of the digital currency being on a path towards becoming “the standard” for payments and settlement.

Despite the deluge of negative headlines, it appears all buyers needed was a small ray of hope to jump back in — and they’ve gotten exactly that. Ripple lawyers have notched two victories in their legal battle against the SEC, including winning access to internal SEC discussion history regarding cryptocurrencies, and a court denied the SEC the ability to disclose the financial records of two Ripple execs, including Garlinghouse.

Ripple executives themselves seem heartened by the news, with CTO David Schwartz saying the US isn’t “prepared” to regulate cryptocurrencies (a possible dig at the ongoing legal proceedings).

All in all, it’s just another week for one of the most controversial cryptocurrencies in the space.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/ripple-becomes-tidal-wave-leads-weekend-pump-and-notches-legal-victories

Blockchain

Why this OlympusDAO’s product could be amongst DeFi most lucrative

Published

4 hours ago

April 10, 2021

Republished by Plato

Taking the market by storm, OlympusDAO’s native OHM is up 95.8% this week alone and 31.1% in the past two weeks. At the time of writing, OHM is trading at $812,76 with 7.3% profits in the 24-hour chart.

With a market cap of just $68 million, OlympusDAO might have gone unnoticed by many investors. However, it has a mechanism called Bonds which promises to be one most important and lucrative in the DeFi sector.

According to research firm Messari, this protocol is attempting to create a stable currency backing every OHM with DAI and OHM-DAI. The objective is to maintain a “fundamental check on inflation” and a currency with an undiluted purchasing power.

Unlike Tether and other stablecoins, OHM is not pegged to any other asset. Its stability is achieved via the DAO (Decentralized Autonomous Organization) when it alters variables to obtain more profitability for stakers.

This is done via the sales contract connected to the protocol’s treasury and a liquidity pool (OMH-DAI) on decentralized exchange Sushiswap, as shown below. Messari explains:

When OHM trades above 1 DAI, the protocol mints and sells new OHM. When OHM trades below 1 DAI, the protocol buys back and burns OHM. In each case the protocol makes a profit. Olympus DAO distributes these profits 90% to OHM stakers pro rata and 10% to a DAO.

How OlympusDAO’s bonds operate

The Bonds are a treasury component to get liquidity with it users can trade Stake Liquidity Provider tokens to get OHM directly with the protocol, as an OlympusDAO developer explained.

Once the trade is completed there is a vesting schedule of 5 days. During this time, the user can redeem the tokens but has incentives to get them at a discount. The latter is determined by the number of bonds in the protocol, more bonds are equal to a lower discount.

Via this mechanism, as the developer said, OlympusDAO restrains its own growth, to have become “steadier”.

The liquidity from a bond is locked in the treasury and used to back new $OHM. That liquidity now belongs to the market and, by extension, the token holders. The more liquidity the protocol builds up, the more confident holders can feel.

The users are basically contributing to OlympusDAO by adding liquidity. In retribution, the user gets a reward in OHM at a much cheaper price during a specific period. That way, both the user and the protocol can benefit.

We are already seeing this happen. Since launching bonds a week ago, the protocol has accumulated 26% of the pool (~$1.7m worth of liquidity) pic.twitter.com/kGoPQYGDyq

— ZΞUS Ω (3, 3) (@ohmzeus) April 8, 2021

OlympusDAO offers LP a variety of strategies around OHM which they can leverage to obtain a bigger profit than on the spot market. The developer claims:

All of this serves to create a long-term, sustainable bootstrapping mechanism for the protocol, with participants as the main beneficiaries. A good system shouldn’t offer one opportunity to “make it”; it should offer them in perpetuity with diminishing returns. This is how you produce wealth; slowly, through compounding gains.

Ethereum is trading at $2096,58 with a 1.2% profit in the 24-hour chart, after dropping from its ATH at $2,198.