Sifchain Trading Competition
When: 7:00PM UTC May 2nd, 2021 to 7:00PM UTC May 9th, 2021
Where: Sifchain’s official BetaNet Dex
What: Trading competition with 500,000 ROWAN in awarded prizes!
How: Click HERE to access the Google Form to Register for the trading competition and Accept the Terms and Conditions.
Traders, this is your chance to:
- Test your trading skills against yourself and other participants
- Place directional swaps or explore arbitrage opportunities using Sifchain’s DEX against other DEXes
- Trade with lower swap fees and at a higher speed
Registration
To register for participation, please enter your Sifchain address in this Google Form:
Any of Sifchain’s token pairs can be used in the competition.
Sifchain currently supports trading with the following Rowan token pairs:
1INCH, AAVE, AKRO, ANT, B20, BAL, BAND, BAT, BNT, BOND, COCOS, COMP, CONV, CREAM, CRO, DAI, DAOFI, ENJ, ESD, ETH, FTM, GRT, IOTX, KEEP, LINA, LINK, LON, LRC, MANA, OCEAN, OGN, PAID, REEF, RFUEL, RLY, RNDR, RUNE, SAND, SNX, SRM, SUSD, SUSHI, SXP, TIDAL, TSHP, TUSD, UMA, UNI, USDC, USDT, WBTC, WFIL, WSCRT, YFI, ZRX
You can add Rowan or any of the above tokens to your Sifchain address at any time. [Note: A previous version of the competition rules banned adding tokens to your address during the competition. This is now allowed.]
The competition will host an unlimited number of participants, and the top 25 performers in each tier will receive prizes (100 prize winners in total).
Prize Pools
The total prize pool will be distributed to users based on total profit and address balance tier. Total profit is the amount of profit generated regardless of the amount a user started with. For example, if a user has $1,000 worth of tokens at the start and $1,500 worth of tokens at the end, their percentage profit would be 50% and their total profit would be $500. [Note: A previous version of the competition rules stated there would be a prize pool for percentage profit. We will likely include such a pool in future competitions but not in this one.]
At the end of the competition, all entrants will be sorted into one of four tiers based on their Tier Profit. Tier Profit = Final Balance — Starting Balance — Address Deposits + Address Withdrawals. As mentioned above, users can deposit funds into their wallets during the competition, although deposits will not count towards Tier Profit. Likewise, users can withdraw funds during the competition but that will not enable them to move to a lower tier (discouraging whales from swooping into a lower tier to take its prizes).
Within each tier, entrants will be ranked based on their Prize Profit. Prize Profit = Final Balance — Starting Balance — Address Deposits. Note that Address Withdrawals are not considered for Prize Profit although they are considered for Tier Profit. We encourage all participants to avoid withdrawals until the end of the competition.
Prizes will be distributed one week after the trading competition ends.
How Sifchain’s BetaNet DEX Works
Before the start of the competition, we encourage traders to familiarize themselves with how Sifchain works. Users will need to import their Ethereum tokens such as USDT, ETH, and YFI onto Sifchain via pegging. Sifchain’s UI requires the use of a Cosmos-compatible browser wallet such as Keplr.
Sifchain requires the use of Rowan to pay gas for transactions. You can acquire the Ethereum version of Rowan and then transfer it from Ethereum to Sifchain.
You can find out more from the tutorials and documentation.
The Sifchain team is working on a trading API for the DEX. Here is a draft API spec, we welcome any feedback on this API on our Discord (link below). It won’t be ready for this trading competition so most users will execute their swaps through the UI (perhaps an enterprising few will run or connect to a validator and then execute swaps through the CLI!)
Disclaimer
Rowan and eRowan are not being offered in the United States or to U.S. persons. Sifchain’s DEX is not available to people in restricted jurisdictions.
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.
Forward-looking statements
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.
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