Global currency project Sögur (SGR) was listed on UK-based cryptocurrency exchange EXMO on September 17. The listing sees Sögur initially granted trading pairs against Bitcoin (BTC), Tether (USDT), and the exchange’s internal token, EXMO Coin (EXMO).
Sögur’s addition to EXMO follows swiftly on from a recent token holder vote which saw immediately impactful changes made to SGR’s economic protocol, as well as a project rebrand.
Sögur (SGR) Listed on EXMO
EXMO enabled deposits of Sögur starting on Sept 17, and commenced trading in SGR on Sept 18. The listing sees Sögur take its place among over 180 different trading pairs, on a platform which allows for the purchase of digital assets using eight fiat currencies. The exchange was founded in 2013, and boasts of over 1.8 million users worldwide. Gateway pairs include BTC, ETH, USD, EUR and RUB (Russian ruble).
Founder of Sögur, Ido Sadeh Man, said he looked forward to working with EXMO, and said the listing would help in bringing about the prized liquidity which every token-holder craves. He said:
"We are thrilled to be listed on EXMO, making the SGR token more accessible to a larger audience. We recognize that developing relationships with crypto exchanges is a key part of Sögur’s evolution, and this listing will bring much-valued liquidity that crypto traders are seeking. We look forward to continuing to work with the team at EXMO."
Maria Stankevich, EXMO’s Head of Business Development, said listing Sögur was an attractive proposition due to how the protocol tempers price fluctuations. Stankevich said:
"We are delighted to offer EXMO customers the opportunity to buy and trade SGR. We believe SGR offers our traders an interesting opportunity as we see great value in Sögur’s approach of creating value growth, thanks to its bonding curve model."
Volatility Reduction
Sögur’s bonding curve model reduces price volatility by issuing tokens from a smart contract, where the price is adjusted according to data taken from external data readings. In Sögur’s bonding curve model, the value of tokens increases along with the circulating supply. This rewards early adopters, while also disincentivizing holders from selling.
The Sögur team recently announced it had employed the use of leading blockchain oracle project Chainlink for use in setting up a real-time off-chain price feed. Chainlink rose to become the number one project in its field in 2020, and a prominent feature of the market cap top ten.
At the same time, Sögur underwent a rebrand (from Saga), to further punctuate updates made to its economic model as a result of a recent token holder vote. Under the newly implemented system, Sögur’s bonding curve mechanism will be activated when the project hits a $2M combined market cap, as opposed to $100M. This will bring Sögur’s incentivization features into full effect immediately.