Sifchain Update: 26 Sept. — 2 Oct. 2021
Sif’s Blessings
As are her ways, Sif has blessed the cryptocurrency markets with good fortunes. There are so many ways to earn with Rowan.
Sifchain’s Block Rewards — Rowan Only
Sifchain’s block rewards require Rowan to stake or delegate and currently yield >60% APY.
Sif’s Harvest — Rowan and EthFi or CosmosFi Tokens
Sifchain’s DEX is currently providing high, easily accessible liquidity mining rewards for its Rowan:[CosmosFi or EthFi Token] targeting ~345% APY (though as of this post they are >1000% APY).
Quickswap Liquidity — Rowan and CosmosFi Tokens
Quickswap on Polygon is offering > 800% APY on Rowan:Atom and Rowan:Quick. Quickswap users can earn Quick with this farm. Soon, other Rowan:[CosmosFi] pairs like $AKT, $XPRT, $IRIS, and $REGEN will also be incentivized with this program.
Dinoswap Liquidity — Rowan and CosmosFi Tokens
Dinoswap on Polygon is offering its highly lucrative Fossil Farms and Extinction Pools for Rowan:[CosmosFi] pairs like $AKT, $XPRT, $IRIS, and $REGEN as well as Rowan:Quick and Rowan:DFYN pairs. User can earn $Rowan and $Dino with this program
More to Come
There are so many options here to earn with Rowan, but we’re just getting started. Expect more amazing opportunities to come. Also, look forward to AMAs and other cross-community engagements with partner projects.
We’ve been smashing all sorts of records, including a local price high and a TVL all-time-high, as well as records in trading volume, swaps per minute, and swap volume! We’re climbing the ranks in number of IBC transactions on Map of Zones.
This is all without incentivized trading. In a couple of weeks, Sifchain’s DEX will not just be providing rewards for pooling but also executing trades. The main economic engine of markets is traders with potential alpha taking directional trades. If this program is successful, it will increase the liquidity utilization on Sifchain and income for poolers.
SifDAO
The community pool now has its funding from block rewards. If you have any initiatives you’d like to see started, put together a proposal and share with other SifDAO members to see if the community pool will fund it.
Team Updates
Each week, Sifchain’s Engineering teams report progress of their top priorities. Here are this week’s updates:
Sifnode
What is the team working on?
The Sifnode team has nearly completed the feature development work required to enable the transfer of Ether and ERC-20 assets from Ethereum through Sifchain and ultimately into other Cosmos-based DEXes. With this capability in place, it will become possible for Cosmos-native users to access Ethereum tokens without ever having to leave the Cosmos ecosystem.
Peggy
What is the team working on?
Building upon the theme of blockchain interoperability that has characterized the Sifnode team’s work this week, the Peggy team is also advancing this mission by establishing Rowan and Cosmos-based asset pools on Polygon DEXes including Quickswap and Dinoswap. To this end, the Peggy team has recently completed mapping og tokens and has now established Rowan pools for Quick, XPRT, ATOM, IRIS, AKT, and Regen on Quickswap. Sifchain will soon be sharing announcements regarding liquidity mining and rewards programs for these pools. In the meantime, check out this tutorial video which demonstrates how to move your assets from Sifchain to Ethereum then into these Polygon DEX pools to earn rewards.
Chainops
What is the team working on?
The Chainops team is in the process of optimizing the validator setup experience by establishing a standard validator stack with accompanying tooling and documentation resources. Chainops is also partnering with the Sifnode team to turn on the transfer of Ethereum assets through additional Cosmos channels via IBC. To this end, the team is actively adjusting relayer configurations to meet various gas requirements as well as validating logic in place for the liquidity mining program schedule to begin on October 4th. The Chainops team continues to work on enabling support for Terra and Osmosis on the Sifchain DEX.
Frontend
What is the team working on?
Now that the work required to enable the transfer of Ethereum assets into various Cosmos channels is nearing completion, the Frontend team is pushing interface changes for this feature through Testnet so that all relevant groups can run through the full suite of regression testing. Following the activation of block rewards last week which is producing staking APYs above 60% right now, the team is coordinating with 3rd party ecosystem service providers including Mintscan (block explorer) and Keplr (wallet) to reflect these updated metrics on their dashboards. If you are interested in delegating your Rowan on Sifchain to earn 60%+ APY then follow this quick demo video which shows you how to delegate in less than 1 minute. The team is in the final stretch of providing the tools needed for our Front-end Provider Initiative. This will encourage other people to spin up their own Front-ends and garner additional traffic to the Sifchain. Finally, the team has been making final updates to support Sif’s Harvest, our new Liquidity Mining Program, while also starting on implementing leaderboards for our upcoming trading competition.
Testing
What is the team working on?
The Testing team is coordinating resources to ensure the proper testing cycles are performed in order to safely turn on the transfer of Ethereum assets into Cosmos. The testing team has identified and resolved issues related to decimal precision errors and are successfully transferring 18-decimal Ethereum tokens to Cosmos channels on Testnet.
Data Services
What is the team working on?
The Data Services team has been optimizing the data model for future rewards programs. For the exciting new programs starting soon, the rewards dispensation will occur more seamlessly for users as well as our own engineering team. In addition to these immediate benefits, the team is also continuing work on the interest rate code integration in cadCAD which is an important component in future feature releases that will make the Sifchain DEX a more performant trading platform.
Decentralized Exchange (DEX)
We welcome traders and developers to give feedback and participate in our network! The best ways to join our community are Telegram, Github, and Discord.
For now, in order to take full advantage of the Sifchain DEX, you must have a Keplr wallet for managing assets on Sifchain and a MetaMask wallet for managing assets on Ethereum. Check out our usage guide article, video tutorials, and “getting started” documentation!
Liquidity and Swapping Rewards
Sifchain allows users to swap any asset on any bridged chain (like Ethereum) for any other assets. Liquidity providers can add liquidity into Sifchain’s liquidity pools where they earn income. Check out our article about swapping and our article about liquidity pooling!
Get in Touch with Sifchain
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Media & content creators, contact us at communications@sifchain.finance.
