Sifchain Update — End of July 2022
This article is a recap of the development and project progress for Sifchain for the second half of July.
SifDAO
With its many moving parts, SifDAO continues to assert its position as one of Cosmos’s trailblazing DAOs. From a governance perspective, the past two weeks have been largely devoted to the final steps of DAO compensation for the councils, while the councils themselves forge ahead in their respective domains.
Council Updates
Validator Delegation Council
The validator delegation enrollment period is closed. The council’s latest update, addressing the frequently asked questions about the process, can be found here: Validator Delegation Council Update #2.
Now, the council members are focused on the scoring process itself and building the tooling needed to automate this process where possible. All developments in this area will be open-sourced and shared with the wider Cosmos community.
Token Listing Council
The token listing council has been streamlining the process to attract liquidity for tokens listed on the DEX. They have also passed a vote to add MNTL to the DEX alongside $15,000 of liquidity from the Asset Mantle team.
Lastly, the council’s work on hiding low liquidity pools and changing the reference pair from USDT to USDC is coming to a head, and we expect these changes to be implemented on chain very soon.
Sifchain Ambassadors
Have you heard about the Sifchain Ambassadors? The Ambassadors are a group composed of Sifchain enthusiasts, called upon to popularize the project using their own preferred methods. Today, these activities are largely related to the development of communities around the world. However, the ambassadors are always growing, and if you are passionate about Sifchain and feel an ambassador role would suit you, please contact Oleg.
Here is a glimpse into the ambassador’s activities:
- This month, we have initiated rewarding our ambassadors for their diligent contributions, following the 6 month compensation framework.
- The PostHuman team maintains a list of their contributions here.
- The Stakely team continues to support Sifchain in the Spanish community, as well as maintains a ROWAN faucet, a useful function for new Sifchain users.
Governance
The following proposals are in discussion periods:
- Kwak Tax Compensation
- Token Listing Council Compensation
- Validator Delegation Council Compensation
- Sifchain Ambassadors Compensation
- DEX Liquidity Protection & Liquidity Provider Distribution
Communications
The bi-weekly SifDAO roundtable meeting took place on July 21st. You can find the meeting minutes here: Roundtable Meeting #2.
For July, the SifDAO Townhall is took place at noon on July 29th. The townhall was a great opportunity for anyone who is new to the chain to learn about what is going on, ask questions, and have dynamic conversations with the contributors building Sifchain and SifDAO. Catch the replays that are posted on the Sifchain Official YouTube page.
Other Updates
The code to block delegations to validators with greater than 10% voting power as well as hard-code the minimum commission rate at 5% is completed and is awaiting the testing & release process.
Get Involved
Stay tuned in the #DAO-chat on discord.gg/sifchain or on commonwealth.im/sifchain to participate in governance.
Business Development & Marketing
Grant Initiative
As you may have heard, Sifchain is campaigning hard to win a grant from the innovation lab at Cardano, Project Catalyst. The grant would help us offset costs to build the Peggy 2 bridge and create a path for us to connect Cardano & Cosmos as the next integration after Ethereum Mainnet.
First, a brief explanation of Project Catalyst: they’re Cardano’s ideas and innovation lab, and they have recurring open application rounds for grants. Any project can submit an idea, and the Cardano community votes on the ideas that they think will most help to grow Cardano.
ADA holders vote on their preferred ideas in funding rounds. Sifchain’s grant application is part of the Fund 9 funding round.
The voting qualification snapshot takes place on August 4. Ensure you follow the voting directions to have your wallet qualify for voting!
- Read more about why we submitted for the grant
- Dive into the voting process
Other grants we are applying for include TRON and Hedera Hashgraph! We will release more details and information on these soon.
Citadel DAO Launches a Sifchain DEX App
Citadel.one has launched their integration of the Sifchain DEX into their App! Citadel makes it easy to combine your Cosmos, ETH, and BTC wallets into one platform, allowing you to swap, stake, vote, and more across chains in one place!
The Citadel.one team have been fantastic partners. Join us on August 8 for a LIVE product demo of the app in the Sifchain Discord.
**Click here to access the Sifchain DEX app on Citadel.
Product & Engineering
Updated Core Feature Timeline
- Cosmos SDK .45 Upgrade (with support for AuthZ): Soon! In final testing
- Re-enabled Asymmetric Liquidity Adds: ETA August 2022
- Margin Trading 1.0: Soft launch ETA 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 to resolve the remediations from the four audits of the Peggy 2.0 code.
Front End Team
The front-end team continues to work through the upgraded version of the DEX. This past sprint they completed work on updating the navigational bar elements, a refined swap component, and they started upgrading the liquidity pool action user flows.
The team has also now incorporated the Sifchain upgrading branding elements into these new designs! This means that the new version of the DEX will not only have improved user flows, but will have a completely upgraded look & feel.
The team has completed the initial wireframes for the UX for Margin 1.0 and has started to get feedback from community members on these screens. Next will be to incorporate this feedback into the designs.
Data Team
The data team worked on optimizations of certain data feeds, such as token price and token volume. They also spent time creating the necessary endpoints to support margin trading. This is critical so users can have clear and easy visibility of all on-chain activities.
The team also added a dockerized version of Sif-ETL database. As a reminder, SIF-etl is one of the tools that the data team has been working on to enable developers with everything they need to build alongside Sifchain.
The team spent time with marketing going over the capabilities of their developer toolset of Sif-api, Sif-etl, and Sifchain.js. The team is hyped about this and excited to share all of its power soon to the developer world!
Developer Relations Team
The DevRels team continues to create documentation and video tutorials to assist the onboarding of 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
In testing the 0.45 version of the Cosmos SDK, the Sifnode team has run into some bugs around the support for Ledger devices. The team is focused on fixing these bugs and getting this upgrade into the deployment process. As a reminder, this will enable the AuthZ capability that the community is very excited about!
Margin Trading Team
The margin team focused on load testing this past sprint and has made significant progress in ensuring this feature will work at scale. The team also has been focused on the following features/bug fixes:
- MTP health calculation
- Automatic interest payments
- Closing payments
- Insurance fund routing
Once the MTP health calculation bug has been fixed, the alpha-test group will continue to test and provide their feedback.
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.
