Sovryn partners with BOB to drive Ethereum DeFi users to Bitcoin
Ahead of Bitcoin halving, Bitcoin DeFi platform sovereign is in partnership with shotIt is an L2 that allows Bitcoin builders to leverage the liquidity and user base of Ethereum.
This collaboration will usher in a new era of cryptocurrency interoperability and utility by integrating Bitcoin’s unparalleled security with Ethereum’s dynamic and expansive DeFi ecosystem.
The Sovryn-BOB alliance comes at a critical time, with Bitcoin halving (a process that limits the supply of new Bitcoins by reducing the rewards for mining new blocks) just 35 days away. This event has historically generated significant activity and interest within the cryptocurrency space, making the timing of this partnership particularly noteworthy.
Sovryn is the largest Bitcoin-based DeFi platform, boasting a total value locked (TVL) of $136 million. By expanding its DeFi suite to BOB, Sovryn aims to bridge the gap between Bitcoin’s strong security and liquidity and Ethereum’s diverse and innovative DeFi products.
This integration is expected to streamline the transition for Ethereum users to the Bitcoin ecosystem by leveraging the broad user base and liquidity inherent in both platforms.
“By joining forces with BOB, we are not only expanding Sovryn’s reach, but creating a DeFi ecosystem that will be accessible to millions of Bitcoin users around the world,” said Edan Yago, Sovryn co-founder.
Yago also argued that this partnership has the potential to surpass Uniswap’s performance by leveraging the combined strengths and user bases of Bitcoin and Ethereum.
Uniswap L2 volumes on platforms including Arbitrum, Polygon, Optimism, and Base surpassed Achieved $200 billion by February 2024.
By combining the security of Bitcoin and the DeFi capabilities of Ethereum, Sovryn and BOB create a seamless, integrated experience that can attract users from both ecosystems and potentially increase the adoption and utility of DeFi services.
Sovryn is set to release the highly anticipated Dex 2.0 on BOB, with the goal of ‘bringing Ethereum DeFi users back to Bitcoin’.
This next-generation decentralized exchange promises lower gas fees, faster transactions, and improved capital efficiency compared to existing platforms like Uniswap.
BOB co-founder Alexei Zamyatin calls Sovryn ‘the OG of Bitcoin DeFi.’ “We are excited to expand Sovryn’s BTC DeFi suite to millions of users on Ethereum and other L2s,” added Alexei.
He also highlighted the broader mission of the collaboration, which aims to reconnect the majority of Web3 users, who favor Bitcoin at heart, with their preferred cryptocurrency.
“90% of Web3 users are essentially Bitcoin users,” says Alexei. “Our job is to bring them back.”
Also Read: OptiMine Allows Layer 2 Blockchains to Inherit Bitcoin PoW Security
