Sovryn, a bitcoin-based decentralized finance (DeFi) protocol for buying and selling and lending, has raised $10 million in a token sale.
Sovryn stated its “governance token” SOV was on sale, every for 9,736 satoshis, i.e., 0.00009736 bitcoin, or round $5.
Meaning Sovryn collected 200 bitcoin by the sale, co-founder Edan Yago advised The Block. On condition that bitcoin’s worth is risky, the collected quantity might rise or fall sooner or later.
Yago stated the raised funds will probably be stored within the protocol’s treasury, and the group will resolve the best way to make the most of them.
Sovryn at this time additionally launched a bug bounty program price as much as $1.25 million by way of a bug bounty platform referred to as Immunefi. The protocol seems to be to reward white hat hackers for figuring out “essential bugs” regarding its good contracts.
Sovryn went live last December and at the moment has 4,000 energetic addresses, Yago advised The Block. The protocol’s quantity and complete worth locked information aren’t recognized but. Yago stated analytics instruments round Sovryn’s information are at the moment being rolled out.
The token sale spherical brings Sovryn’s complete funding so far to $16 million. Earlier this 12 months, the protocol raised $2.5 million in a token sale, beforehand $2.1 million from venture firms, and “further smaller gross sales within the interim on a strategic foundation,” Yago advised The Block.