Sifchain Update — Beginning of July 2022
This article is a recap of the development and project progress for Sifchain for the first and second week of July, 2022.
SifDAO
This month was momentous for SifDAO as they build frameworks and processes that will enable DAO contributors to be autonomous.
The central component of that is the DAO compensation framework, which took into account feedback from all of the current working groups in the DAO: the token listing council, the validator delegation council, and the Sifchain ambassadors.
We also kicked off the SifDAO Roundtable, a bi-weekly event for DAO contributors to incubate DAO projects and help contributors find team-members for their work. Read on for more about what the DAO has been up to.
Check out the DAO Notion to stay up to date on all information related to SifDAO and the councils. Did you know that each council keeps public meeting minutes? You can also find the log-book for all council members within the DAO council pages.
Council Updates
Validator Delegation Council
The Validator Delegation council opened the Applications for the Validator Delegation Program on July 12th. Read more and apply here.
Token Listing Council
The Token Listing council has motioned for the core team to change the reference pair of the DEX to USDC, which will increase the likelihood of have USDC maintain parity with the dollar on the DEX, generate trading activity for arbitrage bots in the pool, increase the trading volume to the pool, and increase liquidity rewards for poolers.
The council is also in the final stages of allocating protocol-loaned-liquidity (PLL) to the ROWAN:DAI pool. Read the proposal here.
Lastly, the council is working on criteria to hide low liquidity pools behind a toggle on the DEX UI to improve the user experience for traders on the DEX.
Governance
SifDAO passed the following proposals:
- DAO compensation
- Ratify the Token Listing Council — this proposal clarified the authorities of the token listing council
- Elect Long from Notional to the Validator Delegation Council — Long from Notional has been added to the Validator Delegation Council, bringing the total voting members of the council to 5.
As of July 13, the “Disable Delegations to Validators with >10% voting power” proposal is under discussion, which aims to implement behavior that disables the ability to delegate to validators with too much voting power. If it passes, this behavior will help make Sifchain’s network more robust.
Stay tuned in the #DAO-chat on discord.gg/sifchain or on commonwealth.im/sifchain to participate in governance.
Marketing
Sifchain has applied for a grant with Cardano’s Project Catalyst Ideas & Innovation Lab. Grant awards are voted on by public governance by ADA holders. Marketing has been focused on working on the campaign to increase awareness of Sifchain within the Cardano community, and getting the Sifchain and Cosmos communities engaged to support the campaign!
Sifchain applied for the grant because there is currently no bridge between Cosmos and Cardano. We’re excited to be applying for a grant to help build our Peggy 2 bridge because it would connect the Cosmos and Cardano ecosystems, helping to bring more users and liquidity to both.
It would help support our team in offsetting costs associated with Peggy 2’s development, like engineering, testing, and business development/marketing.
Keep in mind that work on the Peggy 2 bridge is well underway, and fully funded. The grant would simply help us prioritize connecting to one of the most passionate communities in crypto, Cardano.
Our team was featured in the Project Catalyst Town Hall on July 13. We’ll be in spaces with the Cardano Community on July 14 and 15. Follow us on Twitter for up-to-the-minute updates on spaces and more.
Product & Engineering
Updated Core Feature Timeline
- Cosmos SDK .45 Upgrade (with support for AuthZ): ETA July 2022
- Re-enabled Asymmetric Liquidity Adds: ETA August 2022
- Margin Trading 1.0: Soft launch Aug 2022
- Peggy 2.0 Launch: Upgraded ETH<>Sifchain bridge to Peggy 2.0: October 2022
- Peggy 2.0 Next chain integration: November 2022
Peggy Bridge Team
The Peggy Bridge Team continued working through the remediations from the four audits of the Peggy 2.0 code. They also completed all audit findings from the recent CLP refactoring audit, meaning that this refactor code is now good to get into the deployment process.
Front End Team
The front-end team continues to work through additional user flows on the new upgraded version of the DEX. Flows completed this past week include the import/export user flows, as well as the connect wallet user experience.
The team has completed the initial wireframes for the UX for Margin 1.0! Soon we will tap into community members to give feedback on these designs.
Data Team
The data team Implemented a Data Services Starter kit with our new tool of sif-etl! Users can download code from our public github repo and build fully operational backend services including timescale database with a single command.
The team has also designed new Event Signatures to support margin trading and future rewards enhancements.
And lastly, the team is implementing liquidity provider metrics to support margin trading analytics.
The data team continues to build the tools & the associated documentation that will enable developers to more easily onboard to Sifchain. The team held an interactive introduction with a group of developers from the Sifchain community. The developers from the community will help shape the tool development and education.
Developer Relations Team
The DevRels team is creating robust documentation and easy to follow video tutorials to assist onboarding external developers & projects into Sifchain. This includes:
The team also held its weekly developer call aimed at educating and getting feedback from community developers.
Sifnode Team
The Sifnode team has finished all development-related work to support an upgrade to the 0.45 version of the Cosmos SDK, and the next sprint will be focused on final testing and prepping for deployment to BetaNet. This will enable the AuthZ capability that the community is very excited about!
Margin Trading Team
The Alpha MVP test of margin trading product with community members is still in progress. An update on this includes:
- The testers discovered and flagged a bug, which the Dev team is fixing.
- The testers have asked insightful questions that have provided helpful information for how we are going to educate the community on the margin solution.
- The testers have provided context on what it is they are interested in for product direction, helpful for UX direction.
The team released software upgrade v0.13.4, which contained preparations for margin trading and preparations for reward module modifications.
Get Involved
This is what we’ve been working on in the last two weeks, and we give regular updates via Medium & Discord to keep you in the know.
Plus, here are three simple things you can do to get involved in Sifchain right now:
✅ View & vote on DAO proposals at https://wallet.keplr.app/#/sifchain/governance
✅ Provide liquidity on the dex at https://sifchain.network/
✅ Tell your friends about how epic Sifchain is and join our Telegram & Discord!
Official Channels
Media & content creators, contact us at communications@sifchain.finance.
