Source: Adobe/artiemedvedev

Yield farming was the hottest crypto trend in 2020, contributing to the decentralized finance (DeFi) craze on Ethereum (ETH) last year. What you may not be aware of, however, is that you can also yield farm “on Bitcoin (BTC).” 

Read on to learn how to yield farm “on Bitcoin” with the RSK-powered DeFi protocol Sovryn.

What is Sovryn?

Sovryn is a decentralized, non-custodial, and permissionless protocol for BTC borrowing, lending, and trading. What’s more, it’s the first DeFi application that allows you to yield farm “on Bitcoin” by providing liquidity to the dapp (decentralized application)’s liquidity pools. 

On Bitcoin? Yes, but not directly on the Bitcoin blockchain. 

Sovryn operates on the Rootstock (RSK) Bitcoin sidechain, which is compatible with Ethereum’s Virtual Machine (EVM). As a result, smart contract-powered dapps can be built on RSK, which benefits from the security of the Bitcoin network. Transactions on the Sovryn app are merge-mined with Bitcoin to capitalize on Bitcoin’s security model. 

The Sovryn dapp doesn’t take custody of your coins, handing you complete financial sovereignty while you borrow, lend, trade, or yield farm. In addition to decentralized lending, Sovryn allows for trustless trades and swaps. This is made possible by the use of an oracle-based Dynamic Source…