| SIP | Title | Author | Status | Track | Created |
|---|---|---|---|---|---|
0079 |
Transfer of SOV from Adoption Fund to Exchequer Build on Bitcoin Mainnet |
Armando (@SovrynArmando) |
Approved |
Contract |
2024-03-22 |
Pursuant to the successful approval of SIP-0078, Sovryn will be launching on BOB (Build on Bitcoin), once mainnet is available. As part of BOB’s launch, they will be providing certain rewards for funds that are pre-deposited in a timelock contract prior to mainnet launch (the “BOB Timelock Contract”). They announced this campaign today and some details can be found here.
The Adoption Fund is designated to be used to further promote the Sovryn protocol and increase awareness and adoption.
The Adoption Fund currently holds 13,827,325.41 SOV which is available for withdrawal and which is no longer subject to the Adoption Fund vesting schedule (as of March 21, 2024).
This SIP proposes that a total of 13,800,000 SOV be transferred to the Exchequer for the purpose of pre-depositing these funds into the BOB Timelock Contract, for the duration of the timelock. Once the timelock period is complete, and the SOV deposited has met all the requirements to receive the corresponding rewards, the SOV will be returned to the Adoption Fund as soon as technically possible.
The rewards generated by this pre-deposit will be used to incentivize users to provide liquidity to Sovryn’s AMMs launched on BOB.
The BOB Timelock Contract is managed by the BOB team, and grants them control over the funds deposited therein. Despite the fact that the Sovryn team has reviewed this contract, there is always the risk of an exploit or misuse of the funds in the contract, which can result in the loss of deposited funds. This risk is mitigated by the fact that the SOV deposited into the BOB Timelock Contract will be SOV bridged to Ethereum (eSOV) and in the event of a loss of funds, the bridged assets can be cancelled and the original SOV (on Rootstock) will not be affected.
Transfer a total of 13,800,000 SOV from the adoption fund contract (0x0f31cfd6aAb4d378668Ad74DeFa89d3f4DB26633) to the Exchequer multisig address (0x924f5ad34698Fd20c90Fe5D5A8A0abd3b42dc711)
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