$ROWAN/$LINA Liquidity Pool on Sifchain Explained
Dear Linear community,
Linear is always seeking to expand its footprint in the world of DeFi and on October 27th we were pleased to announce the launch of the ROWAN/LINA pool on Sifchain. In this article we will expand on what Sifchain are building and how you can earn rewards by providing liquidity to the pool.
What is Sifchain
Sifchain is an omni-chain solution for DEXes that supports cross-chain transactions between Ethereum and IBC chains. Built on the Cosmos SDK, Sifchain has Thorchain’s cross-chain capabilities plus pegged tokens that support transactions through an extensive selection of blockchains. IBC enables Sifchain users to export Cosmos-specific assets onto Ethereum and transfer Ethereum assets across any IBC-enabled blockchain.
You can read more about Sifchain on their website and blog: https://sifchain.finance/
How to LP and earn rewards
If this is your first time interacting with Sifchain and using their DEX, ensure you have both Keplr and Metamask browser extensions installed. We recommend using Chrome or Brave.
For this brief overview we will assume you are holding your assets (ETH, LINA and ROWAN) on Ethereum and using Metamask.
- Go to https://dex.sifchain.finance/ and connect your wallets.
- Click on balances and locate the tokens (ETH, LINA, ROWAN) and press “Import”. Enter the amount you wish to import and confirm the transaction. To successfully import a token it will need to go through 50 confirmations (roughly 10–20 minutes).
Note: To import tokens from Ethereum to Sifchain you will need some ETH to pay for the transaction fees and to export tokens from Sifchain to Ethereum you will need some Sifchain ETH to pay for transaction fees.
- Once you’ve imported your tokens successfully, click on Pool and select ROWAN/LINA.
- Next, press “+ Add Liquidity” and make sure the “Pool Equally” slider is turned on (green) Enter the amount of LINA you want to add and the amount of ROWAN will automatically be calculated. Press “Add Liquidity” and confirm the transaction in your wallet.
You are now providing liquidity and have started earning rewards!
*Note: the LINA that can be imported onto Sifchain at this time is the ERC-20 version.
Another option, and a cheaper one if you want to avoid paying Ethereum transaction fees, is to buy native ROWAN straight from AscendEX and transfer it to your Keplr wallet.
- Now that you have ROWAN in your Keplr wallet, go to https://dex.sifchain.finance/ and connect your wallet. Make sure you switch your wallet from Cosmos to Sifchain.
- Once you’ve connected your Keplr wallet, click on Swap and select From ROWAN To LINA. Select the amount of ROWAN you want to swap for LINA, click Swap and Confirm the transaction. In this example we swapped roughly half of the ROWAN in our Keplr so we can later Pool Equally.
- Now that you have both LINA and ROWAN tokens, click on Pool, select ROWAN/LINA and then click “+ Add Liquidity”.
- Next, press “Add Liquidity” and make sure the “Pool Equally” slider is turned on (green) Enter the amount of LINA you want to add and the amount of ROWAN will automatically be calculated. Press “Add Liquidity” and confirm the transaction in your wallet.
The routes described above are only two ways on how to get started, you may of course do any combination of route 1 and 2 depending on where you are holding your assets but remember that you will need some $ROWAN on Sifchain in order to pay transaction fees.
For a complete guide on how to set up Keplr, use Sifchain and their DEX, please refer to Sifchain’s documentation and/or their video tutorials on youtube. They also have a great community and admins on Telegram that are always happy to help https://t.me/sifchain.
About Linear Finance
Linear Finance is a cross-chain compatible, decentralized delta-one asset protocol that allows users to get synthetic exposure to various assets, including cryptocurrency, commodities, and market indices. Users can utilize our cross-chain swap functionality to instantly swap assets across leading blockchain environments and DeFi protocols with unlimited liquidity and zero slippage.