Sifchain Finance
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Sifchain Finance

Sifchain Update: 5 Sept. — 11 Sept. 2021

Sifchain and Ethereum

We recently launched the ability to export Cosmos Network assets like Atom to Ethereum. Rowan has had this privilege as “eRowan” but this is the first time users have been able to move them to Ethereum. Here’s a list of relevant links:

Regen: https://info.uniswap.org/#/pools/0x20619aaa6b90194ad10a29750ebd605f7556e95f

Regen: https://analytics.sushi.com/pairs/0x13c6e0feb54f1de913bccb28f9ca42b3e41c2dbd

Regen: https://etherscan.io/token/0xeee10b3736d5978924f392ed67497cfae795128b

Atom (Cosmos Hub): https://info.uniswap.org/#/pools/0x5454e9d8354a099102dfa26d675ea34a3d1a55d1

Atom (Cosmos Hub): https://analytics.sushi.com/pairs/0x55fe80b3c42662a25fd9a515fda1bb76e59607fb

Atom (Cosmos Hub): https://etherscan.io/token/0x8d983cb9388eac77af0474fa441c4815500cb7bb

XPRT (Persistence): https://info.uniswap.org/#/pools/0x649ba9476cdd92b19d5c040420519a505fff3ddb

XPRT (Persistence): https://analytics.sushi.com/pairs/0x3df1175713784786a31959eda0442b8784ba34ae

XPRT (Persistence): https://etherscan.io/token/0xae837eacbae2a6ba166ce0ded5c72340f212835c

IRIS (IrisNet): https://info.uniswap.org/#/pools/0xce37eca81fff2c02e56500ca09259666524e546a

IRIS (IrisNet): https://analytics.sushi.com/pairs/0xb0c2808b504aa9f5e38ef857b7b15e9f86d12815

IRIS (IrisNet): https://etherscan.io/address/0x76C4A2B59523eaE19594c630aAb43288dBB1463f

AKT (Akash): https://info.uniswap.org/#/pools/0xd2828e35dbe8c279604d6b0db72fd8e6f0663a3c

AKT (Akash): https://analytics.sushi.com/pairs/0x8f84e2500b9d206f02d7d10d6bb6337d62ab0e2f

AKT (Akash): https://etherscan.io/token/0xc727f87871ee12bbcedd2973746d1deb7529aad6

Additional Cosmos Network tokens coming soon!

Motivation

We got a few questions about why this feature is so important. If Cosmos Network chains are so fast and cheap, why would CosmosFi users want to export their tokens to a slower and more expensive Ethereum?

All of the CosmosSDK tokens have a collective market cap of about $100B worth of assets https://cosmos.network/ecosystem/tokens/. The collective market cap of all tokens currently connected to Cosmos Network via IBC is lower, although new chains are upgrading to IBC all the time.

It’s certainly lower than the $390B+ market cap of Ethereum or the additional $100B+ of ERC-20s and ERC-721s. Cosmos Network tokens are certain to be highly valued inside Cosmos Network but EVM apps will also want to take advantage of this liquidity as well. This will also raise the Cosmos Network’s profile in the attention of Ethereum investors who will view their tokens’ performance and become interested in further interoperability and technological investments.

A few Cosmos projects like Thorchain, Injective, and Crypto.com have already deployed Ethereum tokens and have become well-received by the Ethereum mainstays like Uniswap and Sushiswap. Now, every Cosmos app will get that same opportunity.

We call on every Cosmos Network user to help convince the governance of Ethereum powerhouses like Aave ($13B TVL), Compound ($11B TVL), or YFI ($4.6B TVL) to provide markets for Cosmos Network tokens, which are promising in their own rights and can strengthen the capital base and investor base of any cryptocurrency community.

Compatibility and Fungibility

Sifchain is proud to have initiated the deployment of Cosmos Network tokens on Ethereum and looks forward to collaborating with Ethereum projects on new opportunities with them. It’s also aware of other cross-chain bridges to Ethereum from projects like Secret Network, Terra, and Injective.

Sifchain believes that it’s important to sort out issues of cross-chain token fungibility to avoid a poor user experience in which there are n different versions of the same Cosmos asset on Ethereum because there are n different Cosmos <> Ethereum bridges. That’s why it enabled multiple bridges to be able to mint from the same smart contract addresses as its Peggy.

The Ethereum addresses listed above for Cosmos Network tokens aren’t exclusive to Sifchain’s Peggy. As long as projects’ bridge deployments are sufficiently secure as verified through code review and proper security audits, they can co-mint those same assets with Sifchain’s Peggy, avoiding a massive naming collision issue. The Sifchain team encourages other Cosmos <> Ethereum bridge teams to get in touch to discuss the specifics.

Likewise, Sifchain will soon enable Ethereum assets to be exported to the broader Cosmos Network. Again, the team encourages cooperation with other Cosmos Network applications and services to maximise labeling simplicity and token fungibility.

Coming Soon

  • Rewards for Ethereum tokens on Sifchain!
  • Ledger + Keplr compatibility on Sifchain (fix in internal testnet)!
  • Cosmos Network tokens on Polygon!

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?

Now that users have the ability to move Cosmos assets onto Ethereum, the Sifnode team is working with the Testing team on exporting Ethereum assets to Cosmos chains. With this final component in place, users will have full freedom to move Ethereum and Cosmos assets between each network bi-directionally to capture newly unlocked value. Another important feature that is currently in testing is inflation / block rewards for validators. This feature will usher in the next phase of Sifchain’s maturing token economy.

Peggy

What is the team working on?

The Peggy team, along with many other Engineering teams at Sifchain, has contributed to shipping another industry-first feature — exporting Cosmos assets to Ethereum. As part of this effort, the team has formalized the requirements and logic for building new ERC20 tokens of Cosmos assets when they are exported from Sifchain to Ethereum. In addition to ongoing network health monitoring this week, the Peggy team is working on deploying new ERC20 token contracts on Polygon for verification and mapping to enable incentivized liquidity programs across partner ecosystems. The team also continues to focus on setting up the development environment for Peggy 2.0 as a precursor to integration testing, along with the merging of the future/peggy2 branch with the develop branch.

Chainops

What is the team working on?

The Chainops team maintains laser focus on safely adding support for even more Cosmos assets through the IBC-enabled DEX. The team is currently making strides in setting up and syncing nodes for both Osmosis and Terra. With each new channel added to Sifchain’s network, Rowan is continuously increasing its utility as a settlement token, being the necessary ingredient for enabling value exchange between today’s most popular tokens. Beyond this, the team is also addressing an issue with increased network traffic for validators. We appreciate our collaborative validator partners for working with us through this temporary growing pain, and our validator community will be further incentivized with the delegation program mentioned in last week’s update.

Frontend

What is the team working on?

Earlier this week, the Frontend team activated the “Claim” button for the .42 Liquidity Mining Rewards Program which means users can now claim any token rewards that have accrued to date. Please note, by claiming rewards you will forfeit any remainder in your Projected Full Amount. The team continues to work on testing in order to turn on support for more new IBC tokens (including Osmosis and Terra) and is also helping to cycle through our testing suite of primary operations and edge cases for the importing and exporting of Ethereum assets to Cosmos and vice versa.

Testing

What is the team working on?

The Testing team continues to relentlessly push for comprehensive coverage in their QA, partner audits, and in-house services. This week the team has optimized scripts for load testing IBC & ERC-20 tokens and is also building new QA test trials for IBC use cases. In collaboration with the Frontend team, they are moving through phases of regression testing for new features and are diving deep into the decimal precision issue in an effort to clear the main blocker to exporting Ethereum assets to Cosmos chains.

Data Services

What is the team working on?

The Data Services team is supporting the effort to turn on inflation / block rewards for validators which will serve as the ongoing mechanism for compensating validators and delegators for their capital. This is currently scheduled to take effect this month and these rewards are based on the Cosmos Hub’s inflationary block rewards model and will yield 7%-20% APR depending on the stake rate. The Data Services team is also progressing through margin feature development and is now working on interest rate calculations in cadCAD.

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

Official Channels

Media & content creators, contact us at communications@sifchain.finance.

Language-Specific Channels

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Sifchain is a decentralized exchange on the Cosmos Ecosystem.

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