SOV Genesis Round Closes in 18 Minutes!

25 Jan 2021

At each step along the Sovryn roadmap, the community continues to astonish us with their enthusiasm and ever-increasing levels of participation. After opening the Genesis Round for OG users today, demand was instant and heavy beyond our expectations - even with BTC falling 25% in the week leading up to it (in fiat terms, if you are into that kind of thing…).

The Genesis Round was specifically for Sovryn’s early contributors and was initiated by the world’s first Bitocracy. A community vote held last week opted to initiate the Genesis Round and to increase the number of cSOV reservation tokens available from 1.8 million to 2 million due to demand.

Genesis Round details:

• cSOV tokens provided the pre-reservation mechanism for Sovryn community members to stake funds to receive the right to SOV tokens on a 1:1 basis.
• The stake required was 2500 Satoshis per cSOV token.
• Participants who convert their cSOV to SOV will be subject to 10 months linear vesting with 1/10th of the total amount released on a monthly basis from the date of the end of the upcoming SOV Programmatic Sale.
• Staked funds will be released to cSOV holders who choose not to convert to SOV within two months from the date of the SOV TGE.

Since the Bitocracy voted with the go ahead for the Genesis round last week, the team has worked quickly and tirelessly to put every part in motion in order to hold the sale as intended by the Sovryn community.

The cap of 50 BTC was reached (and exceeded) in the time it takes to mine just 1 Bitcoin block.

A few notes for participants:

• Some transactions were still being processed at the time of writing this post. We are monitoring the blockchain and all transactions to make sure that everyone who sent funds before the cap was reached will receive their cSOV. Those that may have sent in funds after the round closed will be refunded if necessary.
• To those Sovryn OG users who were unable to participate due to the extremely high demand, we want you to know that the whitelist will be made available to you ASAP to ensure your place in the upcoming Programmatic Sale.
• There have been some issues with email providers sending crypto related emails straight to spam. To ensure you get all Whitelist and Programmatic Sale information, please go into your email and whitelist community@sovryn.app with your email provider. For Gmail go to:
  • Settings
  • All Settings
  • Filters and Blocked Addresses
  • Create New Filter
  • Put community@sovryn.app in “To” box
  • Create Filter
  • Click “Never send to spam”
  • Create Filter

The team will evaluate every aspect of the Genesis Pre-sale to prepare for the Programmatic Sale so that it succeeds and exceeds every expectation, just as the Genesis pre-sale did.

This round was open only to early users of the Sovryn platform, who used Sovryn prior to January 8th. If you joined Sovryn after that, welcome aboard. We will be releasing our Whitelist for the SOV programmatic sale soon and hope you take the opportunity to be first in line.

Celebration time!

To celebrate the successful Genesis Round, we’re holding an exciting AMA in Discord on Tuesday, January 26, to answer questions and to invite everyone to join a Community VICTORY LAP.

Bring your best victory lap meme for Sovryn and get a chance to win 100 $SOV tokens for the best meme!

@EdanYago, contributor to Sovryn, will lead the AMA and speak on the outstanding success of the $SOV Genesis Pre-sale, while recounting the inspiration and mission for the first DeFi for Bitcoin secured by Bitcoin PoW.

Join our vibrant Discord Community to stay involved and informed!

Look out for the AMA tomorrow 4pm GMT in the Discord Community Voice channel!

Stay in the know:

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• Sovryn Black Paper