Sifchain Biweekly Update
16 March 2021
Happy St. Patrick’s Day! It has been seven months since the founding of Sifchain. In February 2021, we raised over $26 million from our public token sale with an average price of $0.41 and launched BetaNet with over $10 million in total value locked (TVL). Currently, TVL is above $26 million and the price of Rowan is $1.20. We are humbled by the market’s warm reception to Sifchain. We endeavor earnestly to deliver a quality product for Sif’s disciples.
Our technical priorities are software development (e.g. more engineers and planning around software architecture), testing, quality assurance, product management, design (e.g. user experience feedback and iteration), developer operations, and developer relations.
Our non-technical priorities are marketing, economics (e.g. simulation models and new crypto-economics team), business development (e.g. adding liquidity and trading volume), legal, and human resources.
Decentralized Exchange (DEX)
We welcome traders and developers to give feedback and participate in our network! The best ways to join our community are Telegram, Github, and Discord.
For now, in order to take full advantage of the Sifchain DEX, you must have a Keplr wallet for managing assets on Sifchain and a MetaMask wallet for managing assets on Ethereum. Check out our usage guide article, video tutorials, and “getting started” documentation!
Validator and Delegator Rewards
It should take half an hour to set yourself up as a validator. Sifchain has been running a 12-week validator subsidy program that started on February 19, 2021, at 5:00 AM GMT alongside the launch of BetaNet. You’ll see details about this incentive program in the BetaNet usage guide article.
Delegation is a great way to earn validator income without running your own validator. You can do so in Keplr.
Liquidity and Swapping Rewards
Sifchain allows users to swap any asset on any bridged chain (like Ethereum) for any other assets. Liquidity providers can add liquidity into Sifchain’s liquidity pools where they earn income.
Check out our article about swapping and our article about liquidity pooling!
Product Updates
- Fixed APY bug where percentage was not represented correctly.
- Set up notification for users for pending peg transactions.
- Set up the correct error message — “Transaction Failed” when a user runs out of gas instead of a generic message — “Rejected.”
- Keplr wallet now showing all correct balances/tokens.
Global Media
We consistently broadcast up-to-date information about the progress and vision of Sifchain. If you are a content creator with a following, contact us to collaborate at info@sifchain.finance!
Sifchain made a presentation at the DEFiiCON conference entitled ““Future of Blockchain: Omni-Chain Trading and DeFi for DAOs” alongside notable decentralized finance (DeFi) contemporaries. As centralized finance (Wall Street and government institutions) fails to guarantee our security and prosperity, DeFi is rapidly evolving.
In this new economic paradigm, the world will be connected through a free and fair exchange of value between anyone anywhere. This future necessitates that decentralized autonomous organizations (DAO) are able to deploy coordinated capital and that infinite cross-chain interoperability is standardized. Technologically, this future necessitates a departure from Ethereum to more diverse and frictionless transaction networks.
Sifchain appeared on a production by OmniFlix Network and Citizen Cosmos. OmniFlix is a peer-to-peer media network with the standards required to mint, manage and monetize digital media assets. Citizen Cosmos is a podcast about the Cosmos blockchain ecosystem, web3 builders, and their technological ambitions.
Sifchain conducted a Chinese language ask-me-anything (AMA) with AEX Exchange and an AMA with Mandy ICO Research.
Updates for Airdrop, Liquidity Mining (LM), and Validator Subsidies (VS)
We are grateful for all who participated in the Sif meme campaign between February 19 and February 26. We are nearly done with a distribution module for this and look forward to giving out the first 25% of the rewards to the Sifchain faithful who qualified.
We are also hard at work getting features up to display liquidity mining and validator subsidy rewards in our user interface (UI) on a per-user basis. For LM, this means getting it into https://dex.sifchain.finance and for VS that means getting it into Keplr. These rewards will be distributed through the same aforementioned distribution module when it is complete.
We apologize that we have not done this sooner and look forward to completing these projects in the near future.
SifDAO Tribe
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