Sovryn Dollar
Crypto Overview
Purpose and Utility
Sovryn Dollar (DLLR) is a Bitcoin-backed stablecoin launched in 2023 on the Rootstock (RSK) network. It aims to provide a decentralized dollar-pegged currency that maintains stability through Bitcoin collateralization. Users can mint DLLR by depositing Bitcoin as collateral.
Business Model
The system operates through smart contracts that manage collateralization ratios and liquidation mechanisms. Users lock BTC as collateral to mint DLLR tokens. The protocol maintains price stability through algorithmic mechanisms and collateral requirements.
Real-World Adoption
DLLR has seen adoption within the Sovryn ecosystem, primarily used for trading and as a stable store of value. The token serves as a means of accessing dollar-denominated value while remaining within the Bitcoin ecosystem.
Platform Development
The project maintains active development with regular updates to the protocol. The team consistently works on improving security features and stability mechanisms. The project is built on the established Rootstock platform, which provides Bitcoin-based smart contract functionality.
Token Distribution
The token distribution model focuses on user minting rather than pre-allocation to founders. Users create DLLR by providing BTC collateral, making it a user-driven supply model.
Crypto Impact
To assign a comfort level investing in Sovryn Dollar from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Sovryn Dollar.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.