Sovryn's bitcoin-based DeFi protocol raised $2.5 million Bi | Top DeFi

Sovryn's bitcoin-based DeFi protocol raised $2.5 million

Bitcoin-based decentralized finance (DeFi) protocol Sovryn announced Thursday that it has raised $2.5 million in a pre-sale of tokens. Co-founder Edan Yago said the funds are mainly for further development of the Sovryn protocol, its security and its bug bounty program.

He said the pre-sale was reserved for his community, allowing participants to protect their right to buy SOV, the protocol's own token, which launches next month.

Jago said the protocol's transaction fees are 30 to 100 times lower than those of Ethereum-based DeFi protocols. The current average transaction cost in Ethereum is about $8.5, according to YCharts.