Pomp Ignites Debate Whether Bitcoin Defi Project Sovryn Has Surpassed Uniswap V3
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Pomp Ignites Debate Whether Bitcoin Defi Project Sovryn Has Surpassed Uniswap V3

June 10, 2021      Sahaj Sharma

Analysts such as Pomp have indulged in debates whether a Bitcoin money market protocol Sovryn has a TVL of $52 million or $2 billion and have it surpassed Uniswap V3. Sovryn is built on the smart contract platform RSK, which is based on Bitcoin and has recently appeared to be uplifting through the Defi rankings. 

Pomp Argues Bitcoin Defi Project Sovryn Has Higher TVL than Uniswap V3

Anthony Pompliano, who is better known as Pomp, has recently shared data with his Twitter followers on a decentralized finance data aggregator Defi Llama. He gave indications that the protocol has summed up a total value locked (TVL) of $1.95 billion, which ranked it in the 14th position for the sector, leaving behind Uniswap v3.

Pomp released a statement mentioning that the platforms focused on Ethereum like Defi Pulse do not list Bitcoin Defi projects such as Stacks and Sovryn. The statement read:

“One would be in the top 15 of the TVL list and the other would be the top 25. Why are they not included?”

In addition to this, it has been witnessed that the post shared by Pomp has gathered criticism from the proponents present in the ecosystem of Ethereum, who disproved the idea that Sovryn had accumulated this much TVL.

Bobby Ong on Market Capitalization Becoming the Primary Metric of a Token

The co-founder of CoinGecko, Bobby Ong, released a statement regarding the market capitalization of coin and how it has become a primary measure for its success.  He said:

“It’s not the perfect measure […], but it is the most straightforward measure for people to understand and use as a benchmark.”

Moreover, analysts have also recommended placing a greater prominence on amalgamating TVL with other necessary metrics to exemplify the capital efficiency of lucidity in a given protocol, arguing:

“For a DEX, looking at Trading Volume / TVL will give a measure of how efficiently the liquidity is utilized to drive fees for the protocol and LPs.” 

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#Bitcoin #DeFi #Pomp #Sovryn #Uniswap V3
Sahaj Sharma
Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.