I am leaving the Sovryn community.
I am cutting my losses with #Sovryn and I am stopping all activity related to #SovrynBTC, the token #SOV, and the decentralized exchange #DEX. I have had enough, and I wouldn't recommend the service or the token to anyone from now on.
It is not just because of price but because that project takes good ideas instead of doubling down on what works. They cripple what works in favor of a future feature that is not proven instead of working and making sure what already works keeps on working.
You could start a SIP to try to make the change, but why bother when all you can do is just hold Bitcoin and let everything else rot? Their ZeroProtocol was a success, but it was taking liquidity from zUSD to xUSD so that users could buy more Bitcoin with their loan, but that feature is now paused as result opening a line of credit is as good as waste, and a 0.5% fee.
And it seems like creating an AMM pool for rBTC/zUSD is a bad idea because they want to create yet another stablecoin DLLR, and they are going to wait and paused the most successful feature of Sovryn, and bring DLLR. Instead of just creating the pool because they are saying liquidity here and there.
I think they want to create that DLLR because they want to print money out of thin air, they can't print tokens with zUSD and rBTC, but they could with DLLR. I don't if xUSD is printed money as it is right now, but the fact they don't have liquidity probably points to that, as such trading anything else that is not actual dollars could become a problem.
If you open a line of credit right now, you will be only able to repay your line of credit or add to the stability pool and it seems no one is willing to do that. You could redeem your zUSD into rBTC but that will come at a premium, as such opening lines of credit will only set you back 0.5% because of the fee. As such Bitcoiners will stop using the feature, stakers will receive fewer fees, and eventually, if the issue is not fixed soon Bitcoiners will just move on.
I have learned that when people say they don't have the liquidity that is code for we were implementing fractional reserve and we don't have the assets one to one as such we must pause this or that activity. You can't convert your zUSD into xUSD that only tell me that stablecoin is not so stable and that liquidity issue could become a real rug pull.
I am not saying this is happening or I have proof of it, but I have learned to stay away from projects that start with this just to be safe. My reputation as a writer has a price and that price is if I don't like something I will stop mentioning it.
At least I have learned there are more second-layer solutions on top of Bitcoin, and I tried them and got burned. Lesson learned. I have the knowledge I gained from using LigthningNetwork not only from my LND but also from my mobile node. I could continue just holding some Bitcoin and be done with it.
Probably will come back to ReadCash and Noise. the app again just to write and continue my hobby.