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Key Takeaways
- Sovryn is a Bitcoin-based DeFi platform built on the Rootstock sidechain that offers various financial services typically found in centralized markets.
- Users can earn interest on their Bitcoin holdings on the platform by lending them out, borrowing funds for other investments, or using leverage of up to 5x long/short when trading positions.
- Sovryn is giving away their upcoming Rune tokens through the “Runes & Extra Spice” program.
What Is Sovryn?
Sovryn is a Bitcoin-based DeFi platform that offers various features through smart contracts without relying on a middleman.
On the platform, you can leverage your trades (up to 5x long or short), place buy and sell orders, participate in lending pools to earn interest, borrow crypto for various strategies, and manage all your crypto assets in one place. Sovryn even has its own automated market maker (AMM) that lets you swap tokens quickly and easily, with minimal fees and price impact.
Basically, it operates as a decentralized exchange (DEX) built on Rootstock, a blockchain connected to Bitcoin that allows for smart contracts. This technology is similar to what powers Ethereum and lets Sovryn function much like other famous DEX.
How To Qualify For An Airdrop?
Runes
In this airdrop, Sovryn is giving away Runes. These will be tradable on the platform once the Runes token standard launches around the Bitcoin halving. You must collect Rune points to qualify for the airdrop.
Spice
Sovryn has also teamed up with Build on Bitcoin’s (BOB) Fusion campaign, which uses a “Spice Points” system. BOB is an upcoming Layer-2 solution designed to leverage Bitcoin’s security and Ethereum’s liquidity for faster and more scalable transactions.
As part of this collaboration, you can earn additional “Spice Points” through the BOB campaign, which can boost your Rune points from Sovryn’s airdrop.
Participants are required to transfer Ethereum-based tokens to the BOB Chain. After doing this task, users will be rewarded with Rune and Spice points simultaneously. Following the campaign’s conclusion, Sovryn will also award an extra 50% Spice points to participating users.
Participating in Sovryn’s airdrop earns you twice the rewards, as you will receive points from both Sovryn and BOB.
To join:
👉 STEP 1: Head over to https://gobob.sovryn.app/.
👉 STEP 2: Deposit an Ethereum-based token such as ETH, wBTC, tBTC, wstETH, rETH, USDT, USDC, and DAI. Deposited funds will be locked for the duration of the campaign.
👉 STEP 3: Refer more users to earn more Spice points.
👉 STEP 4: Monitor your points at https://gobob.sovryn.app/rewards.
Final Thoughts
This airdrop campaign is time-sensitive and is expected to end on April 24th, 2024. So, make sure to do the tasks required to qualify for the airdrop.
That’s about it for this airdrop guide! If you have any questions, please do not hesitate to contact us on our official social media channels. Good luck!
