Sifchain Finance
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Sifchain Finance

Sifchain Status Update and Community Expectations

Overview

Sifchain’s foundation is the cryptocurrency market. Sifchain as a product is designed to meet the sorely unmet need for a highly performant omni-chain decentralized exchange. The Sifchain team prides itself on the overwhelmingly positive reception it has received from institutional investors and validators with little to no marketing. We will now start communicating to the general cryptocurrency market more aggressively in anticipation of our public token sale.

This article will provide a status update on Sifchain relative to its near term goals and lay down expectations for how the Sifchain community will evolve over time to meet its long term goals.

Status Update and Roadmap

We deployed the testnet to a roaring 150 testnet developers with cross-chain token swapping from Ethereum to Sifchain and back alongside liquidity pool token swapping using a slip based fee. These functions were run locally on a computer. We will soon upgrade our deployment of Peggy, the Ethereum <> Sifchain bridge, so that it is deployed on an Ethereum testnet. Participants in Sifchain’s testnet will then be able to test the end-to-end use case of turning an Ethereum token to a pegged Sifchain token, swapping that token in a Sifchain liquidity pool, and then redeeming a Sifchain pegged token for its native equivalent on Ethereum.

After this testnet upgrade is released, the core Sifchain team and everyone in the Sifchain community will help test the network to ensure it is ready for mainnet. We’ll announce details about a bug bounty program soon as well as other ways people who are aligned with our mission can help.

When mainnet launches, we believe Sifchain will be one of the most quickly adopted DEXes. It will support token swaps for the ETH and ERC-20 tokens the market is familiar with from Uniswap, but with 100x the transactions per second supported by Uniswap, resulting in cases of up to 100x reductions in fees.

The market continues to tolerate Ethereum’s fees only because there is no consensus alternative. Once Sifchain’s mainnet is live and users are benefiting from average fees of less than $0.01, Uniswap’s fees (and the fees of any direct competitors) will have become egregious by comparison. Even if they were able to implement a rollup, an unoptimized Sifchain would still dwarf them in performance right after the Sifchain mainnet launch. After Sifchain’s mainnet is deployed, serious portfolio managers will reallocate from Ethereum AMM DEXes like Uniswap to Sifchain to reduce fees per swap and/or increase the frequency of swaps to achieve alpha.

Uniswap data from https://medium.com/offchainlabs/arbiswap-our-port-of-uniswap-v2-on-arbitrum-rollup-2fe3c64bef00

It is imperative that we deliver on this mission. The core team is laser focused on having a successful token sale and mainnet launch in Q4 2020 to have the funding and native ecosystem necessary to achieve other parts of Sifchain’s vision with an expanded organizational structure including SifDao.

Call to Action for Team and Community

TEAM AND COMMUNITY

The Sifchain core team and community need to work hand in hand to ensure that Sifchain’s mainnet is well-tested and well-supported, and that the full vision of the protocol is carried out beyond mainnet. If Sifchain’s mission appeals to you, we urge you to stay in contact by joining our Telegram, following us on Twitter, joining our Discord, and subscribing to our Newsletter.

If you feel called to contribute more, we encourage you to start by reviewing the code we’ve open sourced at https://github.com/Sifchain. You can always address outstanding Github Issues https://github.com/Sifchain/sifnode/issues and speed up time to completion. We’ll be attributing rewards for some development help over Gitcoin. Until we can get our Gitcoin account set up, you should just feel free to review the issues filed in https://github.com/Sifchain/sifnode/issues and if you fix one and we accept your pull request, you will receive $250 or more via USDC.

If you’re looking for a way to contribute to Sifchain while earning income, we will provide opportunities to do that. If you want to invest in Sifchain’s success fund a bug or feature reward for a new issue or small feature. In special cases, the Sifchain core team may even invest alongside you!

Another way to contribute is with code reviews. Look at our developer documentation https://github.com/Sifchain/sifnode/tree/develop/docs and our pull requests https://github.com/Sifchain/sifnode/pulls. This is a great place to review what’s coming to the protocol. You can identify ways to improve the protocol and submit PRs of your own. The Sifchain core team doesn’t guarantee it will accept your PRs without substantial revision, or that it won’t leave your PR without being able to review it in depth, but it intends to put as much effort into cultivating community contribution as it can.

Yet another thing you can do is maintain a Sifchain testnet node. We have a strong community of testnet operators who serve as the first user of all of Sifchain’s code. By running and maintaining a Sifnode, you help the community test and operate at scale.

We are excited to continue development on Sifchain and look forward to providing the community with future updates.

To follow Sifchain, join our social media channels:

🌾 Telegram: https://t.me/sifchain

🌾 Twitter: https://twitter.com/sifchain

🌾 Website at https://www.sifchain.finance

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