Sikka — A Year in Highlights

Dear Sikka Community,

Welcome to our December Wrap Up Post for 2022!

It was a big year for us at Sikka following our July, 7th Public Tesnet launch with a total of $5k in Prizes. We hit several milestones; we hosted multiple AMAs; he made many new friends, we airdropped a multitude of SIKKA tokens and even managed to get a makeover!

We sped through an extensive public sale until May 31st, where we quickly reached a self-imposed soft cap and featured in major press articles about how a new stable asset backed by over-collateralizing $MATIC to assure stability can benefit everyone in DeFi.

Our Accomplishments

• We completed our pre-sale and successfully launched Sikka as the leading stablecoin on the @0xPolygon chain. The driving force behind Sikka’s design is our goal to address security and sustainability by combining #stablecoin convenience with methods used by traditional finance institutions to protect wealth, all within the #DeFi ecosystem. This can help more than 2.5 billion unbanked and underbanked people globally.
• In November, our team hit not one but two major events! We headed to the Web Summit- the world’s biggest technology event — and the staking summit to network with the best in class across the top PoS networks and talk about ways that liquid staking can support the wider DeFi market.
• We continue to educate on the amazing potential of blockchain/liquid staking and also about what goes on behind the scenes to ensure the peg for the SIKKA stable asset, with MATIC over-collateralization and a rebase mechanism. Watch an introductory video on Sikka Money with Crypto Blood or head to our website, which went live in June, for more information.
• We secured a strategic partnership with UniLend Finance — a Multichain protocol for Lending & Borrowing all ERC20 tokens permissionlessly. Under the terms of the agreement, UniLend will empower Sikka’s #SIKKA token with lending & borrowing functionality after the #UniLendOmnis mainnet launch and Sikka will add liquidity for the lending & borrowing functionality once UniLend v2 OMNIS is live.

This new way for achieving stability offers easy integration into DeFi, while addressing concerns about locked liquidity of user assets who can use their liquid staking tokens that represent the value of the staked assets but remain portable, accessible and thus liquid. Deposited MATIC into the protocol generates ankrMATIC, allowing users to borrow $SIKKA. ankrMATIC generates rewards that are accumulated in Sikka Revenue Pool and used to reward active users who farm LP tokens received for depositing SIKKA into liquidity pools

We’ll continue to work closely with other DeFi protocols to uncover DeFi composability potential, allowing SIKKA stakeholders to increase their returns.

Our Technology

On July 7th we announced our Public Testnet Launch. We spearhead Liquid Staking and MATIC over-collateralization as crucial technologies for DeFi and offer the ability to orchestrate cross-chain lending and capitalizing on Proof-of-Stake (PoS) incentives from liquid-staking assets on Polygon as a great differentiator. We’ve received a lot of positive feedback from users, and we’re continuing to work on improving the protocol.

We’ve been able to consistently grow Sikka’s APY with a diversification mechanism that accumulates yield from 3 sources: borrow interest, liquid staking rewards, and swap fees from deposits into liquidity pools on DEXs. In addition to this, the Sikka revenue pool contains 2 types of income — liquid staking asset’s reward APY and Sikka borrow interest. Sikka Revenue Pool is distributed back to the liquidity pool to incentivize users to become liquidity providers.

Some of the features that our users are most excited about include:

• The ability to earn a yield on a stablecoin $SIKKA which is backed by liquid-staking $MATIC (check out this blog post here expanding further on this)
• The ability to borrow against their collateralized MATIC position and earn interest against it
• The security of SIKKA’s USD peg and 75% minimum collateralization ratio ensuring it will never be de-pegged

Our Community and Team

We’ve been blown away by our community’s response and feedback.

Since May, our communities grew on Discord to 3,188 members, Telegram channels to 4,270 members, and Twitter to 11,8k followers, amongst positive community verbatim on all social media platforms. We’re truly thankful for the support.

We’re also pleased to announce that we’re working on turning on the SIKKA single-stake pool and accepting other Proof-of-Stake (PoS) tokens as collateral to amplify the utility of Sikka, which we’ll announce in the coming year.

In the short term, we have focused on Sikka and getting the protocol ready for market. Our next update will focus on going multi-chain, but we decided to give you guys a better look into what we accomplished so far and what we are moving towards. In the next months, we will heavily focus on enabling a cross-chain function for better returns.

We are excited to announce that we will be working on creating the first-of-its-kind multi-chain protocol that leverages liquid staking, stable assets and over-collateralization.