SIP 0035 goes to vote: Origins as a Subprotocol

02 Nov 2021

SIP-0035: Origins as a Subprotocol - is now live for voting in the Sovryn Bitocracy! Have your say in the future of a new subprotocol. Voting will be live for 24 hours from the moment it starts.

What is SIP-0035: Origins as a Subprotocol?

Origins is the launchpad platform for Bitcoin-based DeFi that allows projects to kickstart their communities, raise community funding, and do so in a way that they can raise Bitcoin natively. It’s the launchpad for projects that build upon Bitcoin and Sovryn’s ecosystems.

What is SIP-0035 looking to solve?

This SIP builds the Origins platform for the purpose of launching its own ecosystem. This allows the community to vet projects, acts as a self-regulating system to avoid bad actors and scams. It’s also a way for the community to decide on what they want to fund next and then come together to kickstart that. These decisions will be an expression of the collective Sovryn vision.

How does SIP-0035 solve this?

The Origins project will necessitate a token for coordination and staking in the project. The token allows for the governance of what things can be launched on Origins. OG holders have the power to govern the Origins treasury and how funds are used for the Origins subprotocol. Staking OG can be a means of securing allocations in a token sale to avoid gas wars (WIP).

Origins is being developed and launched by the Sovryn Bitocracy. The majority of revenue coming from the Origins subprotocol will go towards OG stakers, with a portion dedicated to SOV stakers. But in essence, Origins will be its own self-governing protocol that manages its own local platform, while anchored and supported by the Sovryn Bitocracy.

The advantage for SOV token holders & stakers are:

• Origins is part of the Sovryn protocol. And will always be linked to it through a Bonding Curve, thus having everlasting economic incentive. SOV is the coordination token of the Sovryn community, and as more projects are launched, the use of SOV to coordinate them will grow.
• Veto Governance power over the Origins Governance.
• Staking Reward from Origins Revenue
• The fee is collected on sell transactions in the Bonding Curve.
• Opportunity for allocations from token launches on the Origins platform.

Time to Vote:

• Have your vote on whether SIP-0035 should pass or be rejected in the Sovryn Bitocracy here
• See the discussion behind SIP-0035 on the Sovryn Forum here
• See the proposed SIP word-for-word in GitHub here, but most importantly:

#StaySovryn