UK-based cryptocurrency exchange EXMO commenced trading for Sögur (SGR) on Sept 18, following the announcement of the token’s listing one day earlier. Sögur, which aims to deliver self-sustaining, fairly governed global currency tools, has commenced trading against Bitcoin, Tether and EXMO’s in-house platform token (EXMO).
The new listing for Sögur follows hot on the heels of a project rebrand which saw its name changed from Saga (SGA). The rebrand coincides with a vote by Sögur’s token holders to fasttrack the activation of the protocol’s bonding curve mechanism, which is designed to quell price volatility.
Sögur (SGR) Goes Live on EXMO
SGR trading is now live on EXMO against BTC, USDT and the EXMO token. The listing marks the culmination of increased efforts by the Sögur team to bring increased liquidity to SGR token holders, soon after launching in 2019.
EXMO currently hosts over 180 trading pairs, composed of dozens of altcoins and numerous fiat currencies. Sögur founder Ido Sadeh Man said the listing would expose Sögur to a wider audience, and deeper liquidity pool.
“We are thrilled to be listed on EXMO, making the SGR token more accessible to a larger audience. We recognise 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,” he said.
Sögur’s advisory team includes Dr. Jacob Frenkel, Chairman of the Board of Trustees of the G30 and of JPMorgan Chase International, as well as Prof. Myron Scholes, an economics Nobel Laureate. The project was created in 2019 in lieu of an ICO, following a successful $30m funding round by accredited investors.
Maria Stankevich, head of development at EXMO, said the platform’s users would be intrigued by the prospect of Sögur’s unique pricing mechanism. Known as a bonding curve model, the mechanism sees new SGR issuances priced by an algorithmic protocol which serves to reduce volatility. 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.”
The bonding curve model incentivizes early adoption by virtue of the fact that as the circulating coin supply increases, so too does the price. This is achieved by an algorithm which reduces the latest issuance price whenever the supply increases, and reduces it whenever the supply decreases. This, coupled with SGR’s autonomous minting via an oracle-fed smart contract, greatly reduces the likelihood of flash crashes caused by errant traders on spot exchanges.
An SGR token reserve is maintained with the ETH proceeds from the sale of Sögur and a portion of the ETH is converted to the SGR pool depending on the SGR price on a given day. The reserve pool is held in the form of a basket comprising the currencies used by the International Monetary Fund (IMF).