| SIP | Title | Author | Status | Track | Created |
|---|---|---|---|---|---|
47 |
Add Ordinal Doge Token ($oDOGE) to Sovryn AMM Pools |
francis105d1 (@fjdone) |
Rejected |
Proclamation |
2023-03-15 |
Add Ordinal Doge Token ($oDOGE) to Sovryn AMM Pools. Find the full description for this SIP:
https://forum.sovryn.com/t/sip-0057-add-ordinal-doge-token-odoge-to-sovryn-amm-pools/2880/6
Outline of SIP-0057 Proposal:
Listing $oDOGE on Sovryn AMM. (*Possibly be renamed $SoDOGE for the Rootstock chain.) Paired with RBTC for launch so that $SoDOGE would be “ON Bitcoin”
$oDOGE to seed the AMM with $50-$100k $oDOGE and $50-$100k RBTC (Bitcoin bridged to RSK through Sovryns FastBTC) The combined Sovryn and oDOGE communities will provide additional liquidity as trading begins. The $oDOGE community may withdraw the $oDOGE funds, but the minimum period before that will be possible is at least 12 months after the deposit (the oDOGE community has no motive for doing that, but it’s important to note either way). $oDOGE reserves the right to add any additional tokens to incentivize liquidity providers in the pools
The $oDOGE team will provide initial liquidity to the pools, so there is no need for Sovryn to seed the liquidity. This will increase liquidity on the Sovryn protocol, increase $USD stables bridged in which will help to bolster the new $DLLR launch and will increase overall volume and trading fees for all Sovryn stakers. It creates another way to earn APY, and arbitrage any price differences between Uniswap, CEX, and our Sovryn Protocol.
Motivation:
For example increase trading volume and TVL on the Sovryn dApp. Find more also by visiting the following link
https://docs.google.com/document/d/1c6WmkBXR7EXJxxITyXo1cBqtUJ3sbF4V4DT_KUfafK0/edit?usp=sharing
To list oDoge tokens we still need some work to do but declaring that the Sovryn community wants to add oDoge to the list of traded assets in the Sovryn DEX is just the first step in that direction. We will still need to create probably a final SIP which will include the parameters that will allow for the AMM pool to last at least 12 months.
If locking funds on the current AMM format that Sovryn uses or the way all AMM pools work on Sovryn have a locking option by default without having to create extra work for Sovryn developers it will mean this SIP will only need for Exchequer to just adhere to the will of the community, if no additional work is need to guarantee funds will remain lock for at least 365 days after the first day the AMM pool is up and working.
Copyright and related rights waived via CC0.