Sovryn Partners with BOB to Bring Ethereum DeFi Users to Bitcoin

Sovryn Partners with BOB to Bring Ethereum DeFi Users to Bitcoin

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Ahead of the Bitcoin halving, Bitcoin DeFi platform Sovryn has partnership with BOB, an L2 which allows Bitcoin builders to tap into Ethereum’s liquidity and user base.

This collaboration is set to merge the unparalleled security of Bitcoin with the dynamic and expansive DeFi ecosystem of Ethereum, heralding a new era in cryptocurrency interoperability and utility.

The Sovryn-BOB alliance emerges at a crucial time, with the Bitcoin halving—a process that reduces the reward for mining new blocks, thereby limiting the supply of new bitcoins—just 35 days away. This event has historically triggered significant activity and interest within the crypto space, making the timing of this partnership particularly noteworthy.

Sovryn stands as the largest Bitcoin-based DeFi platform, boasting a total value locked (TVL) of $136 million. By extending its DeFi product suite to BOB, Sovryn aims to bridge the gap between Bitcoin’s robust security and liquidity and Ethereum’s versatile and innovative DeFi offerings.

This integration is expected to streamline the transition for Ethereum users to the Bitcoin ecosystem, capitalizing on the vast user base and liquidity inherent to both platforms.

Edan Yago, Sovryn Co-founder, mentioned, “By joining forces with BOB, we are not only expanding Sovryn’s reach but also creating a DeFi ecosystem that is accessible to millions of Bitcoin users worldwide.”

Yago further asserted that this partnership has the potential to outshine the achievements of Uniswap by leveraging the combined strengths and user bases of Bitcoin and Ethereum.

Uniswap’s L2 volume on platforms including Arbitrum, Polygon, Optimism, and Base surpassed $200 billion milestone in February 2024.

By combining Bitcoin’s security with Ethereum’s DeFi capabilities, Sovryn and BOB are creating a seamless, integrated experience that could attract users from both ecosystems, potentially increasing the adoption and utility of DeFi services.

Sovryn will launch its highly anticipated Dex 2.0 on BOB with an aim ‘to bring Ethereum DeFi users back to Bitcoin’.

This next-generation decentralized exchange promises lower gas fees, faster transactions, and improved capital efficiency compared to existing platforms like Uniswap.

Alexei Zamyatin, Co-founder of BOB, calls Sovryn ‘the OG of Bitcoin DeFi’. “We’re excited to help scale Sovryn’s BTC DeFi suite to millions of users from Ethereum and other L2s,” Alexei added.

He also highlighted the broader mission of the collaboration, aiming to reconnect the vast majority of Web3 users—who at heart prefer Bitcoin—with their preferred cryptocurrency.

“90% of Web3 users are Bitcoiners at heart—our mission is to bring them back,” Alexei said.

Read Also: OptiMine Enables Layer 2 Blockchains to Inherit Bitcoin PoW Security

Arun Shakyawar

Arun Shakyawar is a Tech writer based out of Los Angeles. He holds an Engineering degree in Electronics and communications, and an MBA in marketing. He specializes in TMT. Before writing full-time, Arun worked as a management consultant with leading consulting firms. As a consultant he developed interest in blockchain technology, and now actively tracks blockchain and digital asset markets. Arun can be reached at arun@alexablockchain.com.

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