SovCube Timelocking dApp with Rewards — An Overview

The earliest users of the mainnet dApp will double their investment with the Timelock Rewards system.

4 min readFeb 13, 2024

Lock your BSOV Tokens for a long time into the secure SovCube vault…And earn rewards.

With this post I will summarize the features of the new dApp.

Currently in Testnet — Wait for Mainnet release or test it out yourself!

Right now the dApp is on Goerli Testnet, and you can try it out before it goes live on Mainnet! Join the SovCube Telegram to get help to get you started with testing.

SovCube main website: https://sovcube.com

SovCube dApp Testnet: https://testnet.sovcube.com

Summary of SovCube dApp Features

Contract 1 (old)

This is the old SovCube contract that was created in 2019, where over 1 million BSOV Tokens were timelocked. The old users may use the SovCube dApp to withdraw their tokens, still limited to the weekly withdrawal limit of 1000 BSOV Tokens.

Contract 2 (new!)

This is the new SovCube contract with Timelock Rewards. The contract has the following features:

Timelock your BSOV Tokens: You can timelock your BSOV Tokens, which will be locked until the universal 1000-day Lock Time expires. The 1000-day Lock Time starts from the day the mainnet contract is deployed, and is not counted from the day you timelock your tokens. the earliest users have to wait the longest, and the later users don’t have to wait that long.

The dApp page with the “Timelock” feature selected.

Receive Timelock Rewards: The Rewards Reserve contract will have 300,000 BSOV Tokens that will be sent to the users of the Timelock Contract. The first 150,000 tokens that are timelocked will receive a ROI of 100%, also known as Tier 1. For every 150,000 tokens that are timelocked, the Tier system will progress to the next Tier, and the rewards will halve to 50% ROI, and so on. This means that even if people have timelocked in total over 450,000 BSOV Tokens, the rewards are still pretty high at a 12.5% ROI. The rewards are locked for 1000 days starting the moment you “Accept Incoming Tokens”, and they are also subject to the weekly withdrawal limit of 100 tokens.

Withdraw BSOV Tokens with a Slow-Release Withdrawal Mechanism: After the Lock Time has expired, you may start withdrawing your BSOV Tokens, but at a weekly withdrawal rate of 100 tokens. This makes sure that tokens aren’t too quickly released on the market, so that the BSOV price stays more stable, and aren’t subject to huge price drops when the Lock Time expires.
Send Locked Tokens: Even if you have timelocked your tokens, you can still use them! You may send, gift or pay other people with timelocked tokens. After someone receives timelocked tokens, they are locked for 1000 days, and are also subject to the weekly withdrawal limit of 100 tokens.

Future plans for Governance Treasury DAO

There are already plans of deploying a Governance Treasury contract that will let the top timelockers vote on proposals to spend money from a treasury, a.k.a a DAO (Decentralized Autonomous Organization). This highlights the importance of timelocking tokens using only a single address, because the top timelockers may even receive rewards for voting and participating in the governance process, regardless of if they vote yes or no to a proposal. The BSOV Tokens that are sent to the proposal creators after an approved vote will also be subject to a timelock, and the weekly withdrawal limit, so that we avoid shocking the market price of BSOV.

The Governance Treasury contract will need to be funded through donations from the biggest BSOV holders, and is a work in progress.

How was SovCube funded and developed?

A long-term voluntary contributor called Rouse (me), has developed the new SovCube contracts, and bought over 300,000 BSOV Tokens to fund the Timelock Rewards.

What the hell is BSOV Token anyway?

BSOV Token is an ERC20 token that was deployed on Ethereum the 17th of June, 2019. The token started out as a PoW-mineable and deflationary token, where all tokens were minted through mining, meaning there was no pre-mine or ICO. The deflationary mechanism works by burning/destroying 1% of the amount of every transaction, even when trading on decentralized exchanges (DEX) like the Uniswap dApp. The community of BSOV Token is very vocal about the global issue of inflation, and especially the issues that are created by Centrally Controlled Inflationary Currencies like fiat-currency, which means the US Dollar among others.

The 2nd of December, 2022 a bug in the mining function effectively stopped all future mining of BSOV, capping the minted supply at 3,980,500 tokens. This means that no further inflation is ever possible on that contract. You can read more about this in my other article here: BSOV Token Has Stopped Minting New Tokens