Sovryn

Halal Rating :
Uncomfortable
Contract: 0xbdab72602e9ad40fc6a6852caf43258113b8f7a5
Last Price $0.18 Last updated:
Rank 968
1D Change 0.09 %
Market Cap $11.05m
Circulating supply 60,157,772
Maximum supply 100,000,000

Crypto Overview

Categories
  • Ethereum Ecosystem
  • Bitcoin Ecosystem
  • RSK RBTC Ecosystem

Purpose and Utility

Sovryn is a decentralized finance (DeFi) protocol built on the Bitcoin-based RSK network. SOV is the protocol's native token used for governance and staking. It aims to bring Bitcoin-native DeFi capabilities including trading, lending, and derivatives.

Business Model Analysis

The platform's core functionalities include decentralized exchange services, margin trading, and lending markets. While the trading aspects align with halal principles as they involve actual asset exchange, the lending and borrowing features are interest-based which raises concerns from an Islamic finance perspective.

Real-World Adoption

The protocol has achieved notable adoption within the Bitcoin DeFi ecosystem, with active trading volumes and liquidity provision. However, a significant portion of the activity involves interest-bearing lending products.

Platform Development

Sovryn maintains active development with regular updates and improvements to the protocol. The project has a dedicated team of developers and has demonstrated consistent progress in expanding its feature set.

Token Distribution

The SOV token distribution includes allocations for the team, early investors, and community treasury. While there are vesting schedules in place, a significant portion of tokens is controlled by the founding team and early investors.

Rating Justification

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