Vote for Sifchain: Project Catalyst Cardano Grant
We’re applying for a grant to connect Cardano and Cosmos!
There is currently no bridge between Cosmos and Cardano. Sifchain’s Peggy 2.0 bridge can fix that, and we’re applying for a grant from the Cardano Project Catalyst to receive funding to connect these two ecosystems.
We need your help with your votes for our grant proposal. This Medium article will help you get set up on Cardano to vote for Sifchain.
Background on the Grant Application
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.
We’re excited to be applying for a grant to help build our Peggy 2 bridge because it would connect the Cosmos and Cardano ecosystems, helping to bring more users and liquidity to both.
Please note that while we applied for a grant to help us build our Peggy 2.0 bridge, the development on the bridge will continue whether or not we get the grant. It would simply help us with additional funding for engineering resources, audits, testing, and business development and promotions.
Further, if we win the grant, the Peggy 2.0 bridge will still connect to other chains, not just Cardano. We would simply prioritize Cardano if we were grant winners.
A Peggy bridge connecting Cosmos and Cardano would allow our communities to:
- Export ATOM, ROWAN, JUNO, SCRT, OSMO and other Cosmos tokens into Cardano
- Import ADA onto Sifchain and throughout Cosmos.
This would help to cross-populate the worlds of Cosmos and Cardano by making it easy to move assets across ecosystems.
About Voting
Voting takes place on the Cardano Mainnet via a mobile phone application, the Project Catalyst app, available for both Android and iPhone.
You will need to have funds on the Cardano chain and register your Cardano wallet to eligible to vote. This document will take you through the onboarding process for voting.
Benefits of Voting
- Help us build a Cosmos-Cardano bridge!
- Receive rewards for voting in the form of ADA token
- Bring Cardano community awareness to Sifchain and Cosmos
Qualifying Your Wallet to be Eligible to Vote
Voting takes place after a Cardano blockchain snapshot on August 4, 2022. You must qualify your wallet on or before August 4, 2022 in order to be eligible to vote.
Wallets that meet the following criteria will be eligible to vote after the snapshot:
- Have a balance of 500+ ADA excluding rewards
- Be delegated to a validator on the snapshot date
- For CLI-generated-wallets only: the stake key needs to be registered.
Please note that delegating is not time-bound on the Cardano blockchain, meaning you can delegate your wallet for the voting snapshot, then undelegate after it.
Wallets that work with the Project Catalyst voting app are Yoroi, Daedalus, AdaLite, Typhon Wallet, and Eternl. We will show you how to onboard and qualify for voting using Yoroi.
Step One: Install Yoroi Wallet
First, let’s install the Yoroi wallet. Choose your preferred application from the links below. Links are from Emurgo, Yoroi’s dev team.
The voting process will take place on a mobile app for Project Catalyst, so please keep in mind you will need to use the mobile version of the Yoroi wallet in order to register to vote. You may choose to go mobile-first to expedite the process.
- Chrome/Brave Extension: https://chrome.google.com/webstore/detail/yoroi/ffnbelfdoeiohenkjibnmadjiehjhajb
- Firefox Extension: https://addons.mozilla.org/en-US/firefox/addon/yoroi/
- iOS App: https://apps.apple.com/us/app/emurgos-yoroi-cardano-wallet/id1447326389
- Google Play App: https://play.google.com/store/apps/details?id=com.emurgo&hl=en
How to Install Yoroi
- Download your preferred Yoroi client.
- Select “Create Wallet” on the setup screen. It is the middle option below.
3. Select Cardano as the currency or platform
4. Select Create Wallet
5. Give your new wallet a name and password. The password is not your private key. You will receive that next. Make sure you create a strong password.
Write down your secret recovery phrase and store it in a safe place. Congratulations, you have now installed Yoroi wallet!
Step Two: Bringing Funds to Cardano
In order to qualify for voting, you will need to have 500 ADA tokens on Cardano!
We understand that the Cardano onboarding process is not an easy one, and our Peggy 2.0 bridge from Sifchain to Cardano aims to simplify this process.
Until then, there are a couple of different ways to get funds on Cardano. The below methods for onboarding give you a decentralized and centralized option.
Option 1: Bridge from an EVM-compatible Chain
Best for: Ethereum-based DeFi users
Bridging from EVM to Cardano uses two different bridges. One is an EVM-to-EVM bridge, and one is a token wrapper for Cardano Mainnet.
Bridge 1: EVM-to-EVM Bridge
You can bridge funds in most major asset types from most major chains onto the Cardano EVM chain, called Milkomeda, using Celer Bridge. You will buy wrapped ADA on Milkomeda to bridge to Cardano.
- Add Milkomeda to your Metamask wallet using https://chainlist.org/. Simply search for Milkomeda, connect your wallet, and click Add to Metamask.
- Head over to Celer Bridge to bridge funds. This bridge is very simple to use. Make sure to check your FROM asset to ensure you have the correct asset from your original chain. Celer will give you MILKADA token as gas for your next transaction, which should be buying wrapped ADA on Milkomeda to bring to Cardano.
- Once your bridged assets have arrived on Milkomeda mainnet, swap for Cardano token (MILKADA on this chain) on Muesliswap: https://muesliswap.com/ or Occam-X. https://occam-x.fi/ . Muesliswap is the recommended dex for unwrapping Celer Bridge wrapped tokens.
Always bridge a small amount of your target asset and swap it on the DEX before bridging large amounts of funds. Keeping your bridge hygiene strong will help you ensure there is liquidity for your asset on Milkomeda.
Bridge Two: Cardano Wrapper
Once you have the MILKADA asset on Milkomeda, head to the Cardano wrapper to unwrap it into normal ADA.
Wrapper: https://cardano-bridge.milkomeda.com/bridge
Ensure you put in your Cardano destination address in the Cardano wallet box.
Option 2: Get Cardano on a CEX
Best for: Cosmos IBC users, EVM users
The other option for getting ADA token on Cardano Mainnet is to get ADA on a Centralized Exchange. You will want to check that your centralized exchange has Cardano network withdrawals enabled prior to using that exchange.
Step Three: Delegate Your Wallet
As a reminder, your Cardano wallet needs to be delegated for the snapshot on August 4, 2022 in order to be eligible to register to vote.
Cardano’s staking does not have a time requirement, meaning you can delegate your wallet for the snapshot and then undelegate after the snapshot is completed. Keep in mind that your entire wallet balance will be delegated once you commit it.
Here are instructions on how to delegate using Yoroi:
- Mobile wallet: https://community.mtrxpools.com/mobile-wallet-delegating/
- Desktop: https://emurgo.io/yoroi-wallet-a-guide-on-how-to-delegate-cardano-ada-using-yorois-browser-extension/
Step Four: Register to Vote!
Your wallet will show as eligible to vote. Now you will download the Catalyst app and register. Please follow the instructions provided by the Yoroi team to register:
That’s it! Thank you for participating and voting for Sifchain for Cardano’s Project Catalyst.
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Media & content creators, contact us at communications@sifchain.finance.
