Sifchain Update: 6 Jan. — Mar. 13, 2022
Protocol Monetary Trade Policy (PMTP)
The Sifnode team has implemented the functional code for PMTP in Sifnode’s swap logic and added tests to the code as well. It is currently adding additional tests and standing PMTP up in an internal testnet (which we sometimes internally call “tempnets”). The FE team is also updating the DEX front end to receive PMTP data and the data services team will soon update Sifchain’s data pipelines to support PMTP data as well.
The team maintains that it’s on pace for PMTP to launch during the first week of April!
The cryptoeconomics team is also working on compiling key metrics that SifDAO can use to track the success of specific policies and the overall health of the platform. Many of these stats can already be found on services like CoinGecko, the DEX UI itself, Sifchain’s data API, or Sifchain’s beta data dashboard. However, the team may identify additional metrics, make them easier to identify, or slice them in a different way. Stats the team is considering include:
- Relative amount of Rowan on Sifchain and on other exchanges
- Size of interexchange arbitrage for Rowan
- Rowan volatility
- Rowan trading volume
- Total value of all non-Rowan on Sifchain
- Pending unbonded liquidity on Sifchain
- Rowan rewards distribution in relation to PMTP
If you’d like to see any additional stats, please let us know.
A community discussion about PMTP will happen on Sifchain’s Discord on Tuesday, March 15th at 1:00pm CST. Come with any questions you might have and meet us in the live Discord voice channel: PMTP.
Rowan Token Economics Update
If you haven’t already, please check out the Rowan token economics update
The document contains an in-depth introduction to Protocol Monetary Trade Policy (PMTP), updates on the remainder of the Sif’s Expansion liquidity mining program, updates on a new Sif’s Ascension liquidity mining program to coincide with PMTP, and updates on inflationary and deflationary plans for Rowan. This document has enjoyed a robust discussion on Sifchain’s Discord; an on-chain proposal for the contents of the document is forthcoming.
Peggy 2 is under continued testing and auditing. A few rounds of audits have been completed and the team is remediating requested changes. The current timeline has remediation completed by the end of March, with a deployment of Peggy 2 during the first week of April. This first deployment will connect Peggy 2 to Ethereum and the team will then begin new deployments connecting Peggy 2 to other EVM chains (at first one at a time and then in parallel with coordination from the community).
Anyone interested in running Peggy 2.0 witnesses for EVM compatible chains will need to have the following infrastructure setup: a full node on the EVM chain they are witnessing (geth for Ethereum, etc.), access to a Sifchain full node to communicate witnessed events, and a server to run the Peggy 2.0 witness. Peggy 2.0 witnesses are stateless and should not require a ton of system resources; however, a server with at least 4GB of ram should be used. A user must configure their witness to run on a Linux server with process monitoring to restart them if they should be killed or stopped for any reason. Proper key management should be observed, and if a breach occurs, Sifchain’s devs should be notified immediately. Witnesses will also need a supply of Rowan to be funded and occasionally refilled on their sifchain witness address to relay transactions to the network.
If you’re interested, please reach out to the Sifchain team to explore this opportunity to secure Peggy 2 for Sifchain.
The team has been plugging away at engineering efforts for margin, although some of the cryptoeconomists and devs who would otherwise be working on it spent a lot of time focused on PMTP. The team is essentially done with reconciling the cryptoeconomics for PMTP and margin into a single paper describing the cryptoeconomics for Sifchain more broadly. The two features are complementary. We are focused on community outreach efforts to build understanding for PMTP and expect to publicize information about margin after PMTP is more well understood.
Given the complexity of the deep margin feature, the team is considering releasing an MVP with a shallow margin to get folks comfortable with the UX, more details to come.
Bot Trading on Sifchain
A few weeks back, Sifchain successfully deployed a version of Sifnode with CosmWasm integrated! It expects to roll out CosmWasm support for permissioned smart contracts to BetaNet to support specific use cases, stay tuned for more details.
Sifchain on Citadel
Community Hosted Front Ends
Sifchain is proud to see multiple community hosted front ends for its DEX UI from community members Andy and Forbole. This is in addition to teams like Rango and Cosmostation that have already integrated trading for Sifchain and others like Citadel that will integrate it in the future.
You can find the latest on a proposal for compensating Andy for his work on hosting a Sifchain front end here https://docs.google.com/document/d/12mqnogVj_PRmt8m4q58jXENYOgO_2E0vcfNpDUQBxRk/edit. It’s currently getting a robust discussion on Discord before a formal submission. It’s important for the Sifchain community to support the development of many independent front ends for the DEX. The current compensation program is to support front-end hosts with delegations or flat fees from the community pool. In the future, Sifchain may end up borrowing from the Thorchain model, providing on-chain incentives for each front end based on the amount of swaps, liquidity adds, or other useful transactions they trigger for Sifchain.
Liquity (liquity.org) has made a proposal to SifDAO to list LUSD and borrow community pool funds to bootstrap the pool while they market SIfchain to their community.
Share your feedback:
— — — Discord Thread (https://discord.com/channels/769209144515100693/921103273283428382/951458931736191006) -
BlockTime with Sifchain
We recently kicked off a Twitter Spaces series with IrisNet as our first guest (turns out they were also the first CosmosSDK chain deployed, they seem to love being pioneers!). We’ll find and post a recording soon. We’ll have Starname up next!
Sifchain <> Terra Transactions
All stuck Terra transactions going from Sifchain to Terra have officially been unstuck and refunded. At this time, all of these funds should be back into the affected parties’ wallets in Sifchain. There is currently 1 stuck transaction going from Terra to Sifchain that is still stuck (this transaction is under $1). According to our analysis, there were 44,570.34 UST & 406.445 LUNA stuck in the relayer.
We will be working over the next couple of days to formulate and propose a fair compensation plan for these addresses. Please see the ‘Compensation Plan for Terra’ thread in 🔸│dao-chat on Discord to partake in this discussion. Please note, while the transactions have been unstuck, the connection between Sifchain and Terra is still down and requires additional coordination to ensure that the relayer is restored appropriately. We will also be providing a written report of what happened to keep the community informed on the sequence of events that led to this point.
Get in Touch with Sifchain
Media & content creators, contact us at email@example.com.