Sifchain Finance
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Sifchain Finance

Sifchain Weekly Update: May 9 — May 15

Trading Competition

We just wrapped up our first Sifchain DEX trading competition! Recall the announcement here. https://medium.com/sifchain-finance/sifchain-trading-competition-f31ca9a9f07f

Here is a spreadsheet with the results and prizes. https://docs.google.com/spreadsheets/d/1cE7RU93u3tNjMeXL4RGCCKDjUCuvk8MwkiICAHeMaeE/

We filtered out addresses who registered for the contest but did not participate as they did not have a change in balance denominated in Rowan between the start and end of the competition, so all participating entrants had an increased chance to win. Also, delegation and pool transactions counted as withdrawals while undelegations and unpools counted as deposits to a participant’s address.

We want to thank all participants for engaging with Sifchain and congratulate the prize winners! We also learned a lot and are excited for future trading competitions to spur interest and trading volume on Sifchain’s DEX. We’ll likely host another once Sifchain’s trading APIs are released to free our data pipeline team to create more advanced winning criteria filters and so that more sophisticated traders can execute automated trades.

Liquidity Mining and Validator Subsidy Rewards

At this time, the displayed Liquidity Mining rewards in our DEX are accurate. Please navigate to https://dex.sifchain.finance/#/rewards to see the amount of Liquidity Mining rewards you have currently earned from providing liquidity in a Sifchain liquidity pool.

We have a few key adjustments to how our Liquidity Mining (& Validator Subsidy) program is laid out now vs. how it was previously communicated:

— Both the LM and VS programs have been extended to June 30th. Along with this extension, we will be adding an additional 15M ROWAN to each reward pool (15M to LM reward pool and 15M to VS reward pool). This means that users can add liquidity or stake up until June 30th and those amounts will be eligible to earn rewards. Rewards will now continue to accrue until Aug 4th. This means that users who add liquidity late, will continue to accrue more rewards now vs how it was setup before (before, rewards stopped accruing on June 19th). This also means that for users who add liquidity early, can continue to earn rewards up until that Aug 4th date as well.

— We now have a ticket system, where each liquidity add (or stake or delegation) gets a dedicated multiplier that is associated with that specific add. This differs from our original system when a person only had 1 multiplier across all adds.

— Withdrawing Liquidity will automatically submit a claim request. Whenever a user withdraws their liquidity, they will automatically burn an equivalent amount of tickets to cover the withdrawal. The rewards in these tickets will also be automatically claimed. This claim request would then be processed at the next dispensation. Tickets will be burned in order from lowest multiplier to highest in order to preserve a user’s best tickets with highest multipliers.

Impermanent Loss (IL) Mitigation (key change): If a user realizes IL, the user will continue to earn rewards based on the realized IL amount. These values are based on the Rowan value of a user’s add.

For example, imagine a user deposits 50K Rowan and 50K Rowan worth of USDT for a total of 100K Rowan worth of assets into a Sifchain liquidity pool. Let’s say this amount drops to 80K worth of Rowan due to price fluctuations. The user removes all 80K Rowan worth of assets. That user will continue to earn LM rewards based off of the 20K Rowan worth of assets that was lost due to IL (the 20k here is called the ‘IL amount’). The IL amount ONLY comes into play if a user removes their liquidity and realizes IL. If that user were to add additional liquidity after realizing this IL, their LM Reward eligibility amount would be the sum of their IL amount + any added liquidity amounts.

— We have created an additional tool for our everyone to use here: https://cryptoeconomics.sifchain.finance/. You can search for your own address with this URL https://cryptoeconomics.sifchain.finance/#PASTEYOURADDRESSHERE&type=lm This will allow a user to see how their rewards have accumulated over time to present day, as well as show the projected amounts to be earned if left in over time. To get the definitions of all fields displayed in this screen, please reference our docs site https://docs.sifchain.finance/resources/rewards-programs. VS and LM rewards are both displayed although only LM rewards are finalized. We are currently in the process of some UX enhancements for this tool!

Below are additional items we are also currently working on (both are very close! just need to work out some final kinks):

- Showing the Validator Subsidy Rewards in our DEX UI

- Giving the ability for a user to claim their earned rewards.

Airdrop Updates

After reviewing a spirited discussion on Sifchain’s Telegram, Discord, and other community portals, we want to clarify how we’ll release future airdrops for Sifchain.

Just before Rowan’s token sale, we announced a community distribution (airdrop) https://medium.com/sifchain-finance/community-distribution-tokens-5dc4b184948e and ended up releasing the first of four monthly airdrops on April 20th. Since then, some users have asked for the program to be revised so that it benefits the entire community and Sifchain’s DEX, not just those who knew about the program when it was announced. While we will not change the total amount of Rowan to be released as part of this airdrop program, we will make the following changes:

  1. Releases will occur on a weekly basis rather than a monthly basis. 1/4th of the expected monthly drop will be released per week for 12 upcoming drops total.
  2. In order to receive subsequent airdrops, you must pool an amount of liquidity (as measured in Rowan) equal to or greater than the amount of liquidity you receive during the week after each airdrop. A simple way to meet this criteria is to just pool the airdrop after receiving it although you can pool any asset(s) you like.
  3. You must not unpool any liquidity from the address receiving the airdrop until the last airdrop has been distributed. Doing so will disqualify you from receiving future airdrops.

These changes have been well received during discussions with Sifchain’s community on Telegram and Discord as they allow airdrop recipients to receive their anticipated tokens while also directing that additional liquidity to Sifchain’s pools which benefits the entire community and DEX. These requirements are only placed on users for future airdrops received; actions taken during the previous airdrop on April 20th have no bearing on receiving the very next upcoming airdrop, only drops after that.

Implementing this solution will require our data pipeline team to add additional queries to our data service while they are aggressively attempting to implement APIs that will support algorithmic trading on Sifchain and CeDeFi features. To let them focus on these APIs, we’ll release the next weekly airdrop this coming week (the week of May 16) but will not release the one after that until the APIs are finished. The data pipeline team estimates being able to finish those APIs during the week of May 23 so expect the follow up airdrop to be released that week or the week after, and for further airdrops to be released weekly thereafter.

Peggy Fee Reduction (Grant Opportunities)

We’re plugging away to improve Sifchain’s cross-chain capabilities but also want to reduce fees for cross-chain transactions. Here are a few ideas we have for doing so.

If you’d like to help us speed up implementation, please let us know in a comment on Aha and we can work on an RFP! We’ve been prioritizing other features over Peggy fee reduction so without a separate team or requests from the community, these will take a while to implement.

Your Ideas are Welcome

We’re also collecting feedback and ideas from the community here. We had a couple epic threads on the future of our airdrop program, make your voice heard on this or other issues!

DevOps

What new is your team working on

  • Fixed the relayer issue for the 0.42 IBC TestNet that had plagued us for several weeks.
  • Setup of the new data services clusters, which will host all the infrastructure for the data services team.
  • Addressing of technical debt, numerous updates/fixes/tweaks.
  • Deployed the Crypto Economics API and built an automated deployment pipeline for this for the trading competition
  • Monitoring updates.
  • Turning the cluster creation process into a step-by-step wizard.
  • Hiring for an additional ChainOps team member.

Front-End

What new is your team working on

  • Began designing UX changes needed for IBC.
  • Fixed some block explorer bugs/cosmetic updates,
  • Continued to work on the claim rewards UX flow. From a UI perspective, this will be done this week and into testing.
  • Finished the ability to display LM and VS subsidy rewards in the DEX UI.
  • Made some tweaks to the additional reward app that users will be able to play around with to show their projected rewards amounts.
  • Continued work on an adding footer area to the DEX that will allow users to sign-up for the Sifchain newsletter, and access other important links.
  • Bug fix on token listing logic in the token pop-up when trying to execute a swap or add liquidity.
  • Started the process of changing all ‘peg’ and ‘unpeg’ wording in our DEX to ‘import’ and ‘export’.
  • Started to work on showing Net Gain/Loss to each user’s liquidity pool positions.

Peggy

What new is your team working on

  • ebRelayer for Cosmos .42 upgrade

Describe briefly about the new feature

  • ebRelayer for Cosmos .42 upgrade — As part of the upgrade to the latest release of Cosmos, we’re implementing changes to ebRelayer to ensure that Peggy will continue working properly. This includes ethbridge data migration for validators when the upgrade is ready.

Sifnode

What new is your team working on

  • Continued focus on .42 upgrade work.
  • Finished disbursement work to allow users to be able to claim their rewards and for us to successfully react to those claims, batch them. and disburse them every Friday.
  • Continued implementation of showing users their estimated earn rewards from providing liquidity through swap fees. Identified that we can more easily show users their net gain/loss from providing liquidity to that pool. We will show this first, then work towards showing swap rewards.
  • Continued spec’ing out IBC and how we will connect to the CosmosHub once the .42 upgrade is complete.
  • Continued spec’ing out support from Omni-EVM support.

Data Services

What new is your team working on?

  • Currently working on the new architecture of our Data Services API layer and improving our on-chain data ingestion mechanism.
  • Also working on trading competition winner logic.

Describe briefly the new work

  • These new updates will allow Sifchain to open up third party integrations by providing new data sources for our community and our partners. They also support calculations for token distribution projects such as liquidity mining rewards, validator subsidy rewards, and trading competitions.

How does this feature help Sifchain community?

  • The ability to integrate with other partners and protocols will allow Sifchain to participate in partner liquidity markets, engage algorithmic traders and market makers, and have better tracking around services like CoinMarketCap, CoinGecko, and StakingRewards.
  • The winners from the trading competition will be determined and announced.

Testing

What new is your team working on

  • UI e2e Automated Testing using Playwright
  • QA team pilot project for UI manual and exploratory testing
  • Work on creating private testnets for ethereum
  • Work on creating full private testnet for all of Sifchain for a PR branch
  • Updating tests for Cosmos SDK 0.42 update

How does this feature help Sifchain community?

Better automated coverage for UI e2e in particular will enable us to find bugs faster and prevent regressions. Full private testnet for a PR branch will enable us to develop new features and do full testing in parallel, and be able to do full testing on that work and not wait until final testnet integration in order to test. Private testnet for ethereum will eliminate the dependency on using a testnet like Ropsten. We will be able to mint arbitrary amounts of our own local ethereum which are necessary to run large scalability and stability tests on our testnet. Overall, this will help improve our tests to find problems sooner, and verify a higher quality blockchain

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!

Validator and Delegator Rewards

It should take half an hour to set yourself up as a validator. Sifchain has been running a validator subsidy program that started on February 19, 2021, at 5:00 AM GMT alongside the launch of BetaNet. You’ll see details about this incentive program in the BetaNet usage guide article. Delegation is a great way to earn validator income without running your own validator. You can do so in Keplr.

Validator in a Box: Plug and Play Passive Income Generator

Running a Sifchain Validator on Kubernetes (K8S)medium.com

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!

Global Media

If you are a content creator with a following, contact us to collaborate: info@sifchain.finance!

SifDAO Tribe

Main Official Channels

Local Language Channels

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A decentralized exchange, Sifchain combines the best elements of liquidity pools and order books for optimal order execution.

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