Sifchain Public Token Sale Announcement
At long last, the bounties of Sif are ready for you to enjoy. Read on to learn about Sifchain’s native token. See for yourself how the marriage of crypto-economics and technology will bring prosperity to our community. Sign up here to be in the know!
* Note: The official token sale start date is Friday, February 19, 5:00 AM GMT. The official token sale end date is Friday, February 26, 6:00 AM GMT. The official token sale page is https://purchase.sifchain.finance/ and it’s the only official page for registered participants to purchase eRowan. This announcement is effective February 17, 2021.
Rowan Details
Rowan will be the functional token of the Sifchain network. For convenience, token sale purchasers will be able to purchase wrapped Rowan tokens — eRowan — on the Ethereum network. All eRowan will be convertible to Rowan 1:1 on the Sifchain network when BetaNet launches. All unsold eRowan will be returned to the Ecosystem pool.
Quick Facts
- Total Rowan Supply: 1 Billion
- Minimum Contribution Amount: 1.00 USDT
- Maximum Contribution Amount: None
- Accepted Form of Payment: USDT
- Accepted Wallet: Metamask
- ERC20 Token Name: eRowan
- ERC20 Token Symbol: EROWAN
- Total eRowan Supply: 70 Million
Participation Guidelines
- Token Sale Registration Start Date: 11 January 2021
- Token Sale Registration End Date: 24 January 2021, 11:59 p.m. GMT*
- Token Sale Start Date: 3 February 2021, 12:00 AM GMT
- Token Sale End Date: 11 February 2021, 1:00 AM GMT
- Eligibility: Non-U.S. participants only; certain jurisdictions excluded
Applicants domiciled in any of the following countries/regions are ineligible to participate the token sale: United States, Albania, Bosnia and Herzegovina, Montenegro, Macedonia, Kosovo, Serbia, Belarus, Burma, Crimea, Cote D’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Central African Republic, Iran, Iraq, Liberia, North Korea, Sudan, Syria, Zimbabwe, Yemen, Venezuela, Nicaragua, Mali, Burundi, Lebanon, Libya, Somalia, Sudan, and/or any other country or territory that is the subject of country-wide or territory-wide sanctions from the United States.
Note: The lockup countdown for the seed and private rounds, and the team and team reserve starts at MainNet, not BetaNet (which launches alongside the public round). During BetaNet, the tokens cannot be sold as BetaNet time does not increment the lockup countdown.
Token Pricing
[Edit: Check https://medium.com/sifchain-finance/sifchain-token-sale-updates-28d6ce9f67ea for new details]
So, why does pricing work this way? It is common for token sales to set a static token price throughout the duration of the sale or to tier the pricing based on the number of days elapsed. In such cases, a token purchaser buys at a price that does not reflect demand for the token. Therefore, a small group of purchasers can benefit by participating in the token sale before others have a chance to enter. Our goal is to ensure fairness by giving every qualified buyer the chance to purchase tokens at a price commensurate with the available supply and community demand.
Using Rowan
On the first day of the token sale, Sifchain will deploy a BetaNet version of the protocol. Thus, token sale participants will be able to convert eRowan to Rowan via cross-chain Ethereum<>Sifchain transactions. In effect, users will be able to pool, stake, and/or delegate their tokens on-chain. Therefore, Sifchain’s tokens will have utility from the very first day. Read on to see how you can use Rowan. Our Token Economics Paper is a great resource if you want to learn even more.
Staking
Validators secure the Sifchain network by ensuring the legitimacy of transactions. By staking Rowan, you receive validator tokens. Validators receive block rewards. The more transactions that occur on Sifchain, the more block rewards there are for validators.
Block rewards vary according to an inflation rate set by Sifchain governance, to yield an annual percentage rate (APR) between 10% and 100% (mostly below 30%). Staking requires you to run a validator. Instructions are accessible here.
Block rewards are rebalanced with liquidity provider income in order to generate validator income. Liquidity provider income varies from pool to pool: between 1% and 100% (mostly below 30%).
This rebalancing policy works between two subsystems with similar ranges, albeit different market forces. The two subsystems’ rewards are kept even over time, so that users are incentivized to deploy capital to both subsystems, in a way that keeps roughly the same amount of capital in each subsystem.
Delegating
If you want to support Rowan’s crypto-economic security but cannot run your own validator, you can delegate your capital to a validator. Delegators earn validator tokens, minus a commission rate retained by the validator.
The commission fee is used by the validator to sponsor technical improvements to Sifchain. Validators are encouraged to offer reports about their contributions to Sifchain’s technical infrastructure. Delegators are encouraged to select validators based on their ability to support Sifchain’s technology innovations.
Pooling
You can pool Rowan and eRowan in Continuous Liquidity Pools (CLP). You can also set up a CLP. When tokens are traded/swapped, poolers earn swap fee revenue according to the pool they select. Liquidity pool rewards are given through on-chain mechanisms which are fully automated and autonomous of any single user.
As the market sets pool APR for Sifchain, we expect them to normalize against rates for pools on other decentralized exchanges (DEX) like Uniswap and Sushiswap which use a liquidity formula known as XYK.
In BetaNet, all pools will use the CLP liquidity swap formula inspired by THORChain. The following formula determines a slip-based fee, with a higher fee charged to the trader when their swap causes a larger price slip.
As verified here in a Gauntlet Network multi-agent simulation of profit seeking traders, liquidity pools with Sifchain’s CLP swap formula attract more liquidity than those with an XYK model. Traders benefit from lower trading fees against this deeper liquidity. Poolers with the CLP formula also benefit from strong swap demand and earn more revenue overall than XYK poolers.
Validator Subsidy
Sifchain will run a 12 week validator subsidyprogram to incentivize people to invest early in its economy. Rewards are subject to change based on community feedback and governance over time.
In the future, we expect that the community of SifDAO (Decentralized Autonomous Organization) will implement specialized distribution methods (e.g. targeting specific pools, changing the rate of validator subsidy rewards offered for specific initiatives, adjustments based on target market depth and/or trade volume).
The validator subsidy rewards below are influenced by Sifchain’s rebalancing policy for validator and liquidity provider subsystems. As such, the relative income between subsystems is subject to change.
Poolers
- Edit: Find the token geyser pooler rewards here https://medium.com/sifchain-finance/betanet-usage-guide-58b72657e524
Validators
We will offer all validators up to an additional 30 million Rowan in rewards, proportional to the amount of Rowan they bond to the network. For each week:
How do you earn validator rewards?
- Bond your Rowan.
- At the end of the reward week, you will earn your validator rewards as calculated above.
As mentioned previously, validator subsidy rewards are offered to keep the validator subsystem balanced with the liquidity provider subsystem. The actual amount of validator subsidy rewards will vary week to week depending on the liquidity provider (pooler) validator subsidy rewards.
Distribution of Rowan to Rune and Atom Holders
The essence of Sifchain is cross-chain compatibility. The Sifchain team is eager to connect all relevant blockchains commercially and technologically. It is only natural that we start with communities with similar values.
Sifchain will offer 0.5% of all Rowan to Rune-holders and 0.5% to Atom-holders during BetaNet’s launch. Details will be shared later.
SifDAO Tribe
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Legal Disclaimer
Nothing in this post shall constitute or be construed as an offering of securities or as investment advice, strategy, or investment recommendations by Sifchain or any of its affiliates. This post is for information purposes only.
The Rowan token and Sifchain protocol are in development. If you are a United States person or entity or, from a country in the U.S. sanctions OFAC list, you are prohibited from accessing our platform and services. You are also advised to only trust official Sifchain sources regarding development.
This communication contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “intend,” “believe,” or other comparable terminology. These statements involve risks, uncertainties, assumptions, and other factors that may cause actual results or performance to be materially different. We cannot assure you that the forward-looking statements will prove to be accurate. These forward-looking statements speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.
Any financial assessment that may be included herein have been compiled by Sifchain and are based on assumptions supplied by Sifchain which have not been verified by any outside accountants. Therefore, any financial projections are limited to presentation in the form of forecasting information regarding the assumptions of Sifchain and do not include any evaluation of the support for the assumptions underlying the forecast. The financial projections are based upon information available to Sifchain as of the date of the particular compilation, are subject to material uncertainties, and should not be viewed as a prediction or an assurance of actual future performance. Hence, no investment decision should be made based solely on any projections included herein. Any financial projections contained herein will depend upon future events, many of which will be beyond Sifchain’s control and, accordingly, no assurance can be given that Sifchain’s assumptions will prove true, that its projected results will be achieved, or that variations between the projections and actual future results will not be material.
