Sovryn Debuts POWA - the Pioneering Rune Token on Bitcoin

LONDON, England, March 13, 2024 (Newswire.com) - Sovryn, the leading decentralized exchange for Bitcoin-based protocols, today announced the launch of POWA, the pioneering token based on the groundbreaking Runes protocol. Runes represent a new standard for issuing fungible assets directly on the Bitcoin blockchain with significant advantages over existing options like BRC-20 tokens. These Bitcoin-native tokens will form the backbone of BitcoinOS, enabling a wide range of financial applications and use cases on the most secure and decentralized blockchain network.

Developed by notable Bitcoin developer Casey Rodarmor, Runes improves upon BRC-20 by utilizing an efficient UTXO-based model that minimizes blockchain bloat while natively integrating with Bitcoin's architecture. Key benefits include faster transaction speeds, lower costs, and the ability to function without a separate native token as required by some protocols.

While technically formidable, POWA injects Runes' debut with a dose of Bitcoin culture and memes. The token's name is a playful riff on Bitcoin "Proof of Work" mining and the power of creative blockchain development.

However, POWA is more just than a meme—it represents a new frontier as the first-ever Rune traded on a live platform. The community can accumulate POWA by earning "Points" through activities like staking, trading on Sovryn, and engaging on social media.

Sovryn contributor Edan Yago stated:

"POWA marks just the beginning of unlocking Bitcoin's vast potential as a platform for tokenization. With Runes, we've cracked the code for bringing real-world assets and tokens to Bitcoin's highly secure and decentralized network." 

Runes are poised to redefine how developers think about building on Bitcoin. With POWA showcasing what is possible, the Sovryn team is excited for developers, businesses, and creators to explore issuing their own Bitcoin-native tokens and assets in an efficient, scalable, and capital-efficient way.

POWA trading is scheduled to go live on Sovryn in the coming weeks, with more Rune tokens slated to follow. The move solidifies Sovryn's position as the premier decentralized exchange for trading the next generation of Bitcoin assets and financial instruments.

To start earning points toward your POWA allocation, visit the POWA website here. 

About Sovryn 

Sovryn, the leader in Bitcoin DeFi, with over $2 Billion dollars traded. Sovryn has recently announced BitcoinOS--a bitcoin compute superlayer that will serve as the most feature-rich decentralized finance (DeFi) platform for Bitcoin. Sovryn currently operates on the Rootstock Bitcoin sidechain,offering the largest bitcoin-centric non-custodial and permissionless smart contract system for borrowing, lending, and margin trading.

Sovryn is also the protocol behind the Sovryn Dollar (DLLR)--an aggregated, non-custodial, bitcoin-backed stablecoin. Sovryn aims to facilitate a full-stack financial operating system on Bitcoin using rollup technology that is open and available to all. By debuting POWA and the Runes protocol, Sovryn cements its position at the vanguard of Bitcoin DeFi innovation and tokenization.

Media Contact

Contact Name: Shir Comay

Contact Email: [email protected] 

Sovryn is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Source: Sovryn