Welcome to Sifchain IBC
Today, Sifchain ushered in another huge DeFi milestone as we welcomed in IBC capabilities. With this upgrade, Sifchain becomes the world’s first decentralized exchange to enable trade between the Cosmos ecosystem and the Ethereum blockchain. What is included in this launch, the decisions we made, and what is coming soon after this launch is highlighted below.
Redesigned UI
The time has come. We have introduced an entirely new completely revamped DEX UI, making our DEX faster and more intuitive than ever before. It is bigger, faster, more user-friendly, and to be honest: just downright better looking. We made this decision for a variety of reasons, with community feedback being the main driver. We are also now providing the ability for users to choose their own background of the DEX! Check out the various options and choose one that best suits your style. We are thinking about a community competition that would give anyone the opportunity to have their own designed background as an option to choose from!
New Rewards Program
We are officially introducing a new liquidity mining program that is aimed at providing incentives for adding liquidity to Cosmos Asset-specific liquidity pools. More on this can be found [here].
IBC Enabled Connections
At launch, we will be supporting connections between Sifchain and:
- Cosmos, for ATOM
- Akash, for AKT
- Sentinel, for DVPN
We are currently also working on enabling the below connections. These will follow shortly after launch:
- Iris, for IRIS
- Persistence, for XPRT
- Osmosis, for OSMO
- Crypto-org, for CRO
- Regen, for REGEN
- Starname, for IOV
There are a few reasons for our staggered launch:
- While we are confident in our testing and due diligence of these connections, we are still mindful that a more controlled launch is easier to manage. Once we feel comfortable with how things play out with our current connections, we will flip the switch to get others on as soon as possible.
- Setting up of relayers and individual connections per network, turned out to be a sizeable effort. We made the decision of connecting to each individual chain, instead of one single connection to the Cosmos Hub for a variety of reasons: the biggest being cleaner and easier usability for all of our DEX users. By setting up individual connections to each chain, we give a very clear and controlled path for how people get tokens in and out of Sifchain. In our eyes: direct routes > indirect routes where token movement can be complex, messy, and more expensive. Because of this decision, we have had to work with each individual blockchain and their team in setting up our connections and relayers. Some turned out to be easier than others, and there was no one-size-fits-all solution.
Supported Token Imports & Exports
At launch, people will be able to do the following imports and exports:
- Any IBC enabled blockchain → Sifchain, and back to any IBC enabled blockchain.
- Ethereum & ERC20 → Sifchain, and back to Ethereum
- Rowan → Ethereum
It was our goal to enable all token imports and exports, across any connected chain, no matter their source. However, we ran into a few complexities in doing so:
- Because we are the first to ever try this, we discovered that when transferring high precision tokens (like many ERC20 assets) via IBC, only insignificant amounts can be transferred at once. Trying to split a large transfer into multiple transfers did not prove to be robust or scalable. The reason this is not ideal is that this would cause fees to increase significantly to an uneconomical state. You can see more about this issue here: https://github.com/cosmos/ibc-go/issues/329. This means that for the time being, users will not be able to move any Ethereum assets, or ROWAN, to any IBC enabled chain.
- In exporting low decimal Cosmos-based tokens (for example those with 6 decimals, like ATOM), the tokens get automatically converted to 18 decimals. This means that when a person exports 1 ATOM to Ethereum, it would look like they would have 0.000000000001 in Ethereum. For this reason, we are blocking the exporting of Cosmos-based assets to Ethereum for the time being.
But do not worry! We have creative solutions on how to handle both of these situations that will be rolled out very soon. We are clear on our solutions and our implementation strategy. Once we deploy these solutions, users will be able to import and export ANY token across ANY chain.
Supported Swaps & Pooling
At launch, users can swap ANY supported tokens. This means you can swap ATOM for ETH. AKT for USDC. DVPN for USDT. And so on.
Users will also be able to add liquidity to any of our newly created pools to earn some juicy LM rewards! These include:
- ROWAN<>ATOM
- ROWAN<>AKT
- ROWAN<>DPVN
The introduction of IBC marks a bold new chapter in Sifchain’s evolution into becoming the world’s first Omni-chain DEX. This has unlocked new possibilities that have never before been possible. We invite you all to join in on our excitement by getting involved in our communities, learning more about Sifchain, contributing to our ecosystem, and using the upgraded DEX to swap across both Cosmos-assets and Ethereum assets for the first time ever on a decentralized exchange. Be on the lookout for more official announcements and additional features coming very soon.
Upwards and onwards!
Get in Touch with Sifchain
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Media & content creators, contact us at communications@sifchain.finance.
