For those that don't know, Sifchain is building an Omni-chain Dex. Currently, it has it's native token $ROWAN, along with pegged ERC20 assets. It's tokenomics are broadly based on Thorchain, with a few differences. Likewise, rather than bridging native assets as Thorchain is doing, it is using pegged assets. A few weeks ago, I posted that things are looking up for Sifchain and since then, it has continued to make progress towards what I feel will be a transformative week this week. The biggest downside for Sifchain right now is that it's front end is currently Geo-blocked for US users.
IBC integration.
Sifchain is built as a Cosmos SDK blockchain. As I post this, it is rolling out an upgrade to the chain to version 0.42. The key change here is that the IBC protocol will be added to the chain. Once version 0.42 is stable for a couple of days, then IBC will be activated, and then Sifchain can add tokens from other IBC chains (Cosmos - ATOM, Akash - AKT, Persistence - XPRT, Crypto.com - CRO and more). The early days of Osmosis have shown that there is a big demand from the communities of these projects to support liquidity pools on DEX's for their coins.
The big selling point for Sifchain is that this upgrade will make them currently the only DEX to have both ERC20 (pegged assets) along with Cosmos eco-system assets on the one Dex. Gravity Dex aims to do that later in the year, once the Gravity bridge is completed, but being first to market definitely brings its advantages. The Gravity Dex launch has become a protracted occasion, with the protocol technically live, but only available through CLI with no live front ends yet. The Tendermint team is building Emeris to be the first front end for Gravity Dex, and is expected to launch soon. But the bridge isn't expected to be live for a while, making Sifchain the only game in town for now of bringing ERC20 tokens into the much lower cost Cosmos DeFi ecosystem.
For those that have not used it, IBC enables, among other things, being able to move tokens from one chain to another. For example, right now I have assets from 7 different chains all living in my Osmosis wallet, and all living on the Osmosis chain. It is a bit weird to think that tokens from one chain can actually be moved and stored on a completely separate chain, but it is working and a fairly straightforward UX to get your head around. Osmosis has had a hugely successful launch, and while it's token has dropped from it's early days, it seems to have found its level around $1.50 - $1.80 range. More on Osmosis in a future post.
Omni-chain.
Once the IBC integration is complete, the next major development for Sifchain will be to build out their Pegging system to support ALL EVM chains. That means that tokens from Binance Smart Chain, Polygon and many more chains could all be pegged onto Sifchain. This will be a huge selling point, enabling a Dex where shifting assets in any direction across these EVM chains will be enabled in one simple transaction.
The issues that Thorchain has experienced recently with exploits and hacks have been noted by the Sifchain team. While being supportive of Thorchain, the team were keen to clarify differences between the two chains. In this twitter thread The team expressed support, but highlighted the differences:
However, Sifchain is built from the ground up as its own stack. We have substantial plans for Sifchain-Thorchain interoperability but the codebases of the two chains are very unique. Vulnerabilities unique to Thorchain should not be considered relevant to Sifchain
Awareness rises.
One of the biggest shifts I have noticed in recent weeks has been a rising awareness on Twitter of Sifchain, with some notable members of the broader Cosmos community turning bullish and actively promoting the project. Johnnie Cosmos has been active in promoting Sifchain, alongside other Cosmos based projects he is involved in Like Akash, Sentinel and others.
If you want a @cosmos DeX with:
— Jøhnnie ⚛️ (
1. working bridge to $ETH;
2. pegging @cosmos tokens to Sushi or Uniswap;
3. omni-EVM capabilities (under development);
4. margin trading (under development);
5. stable coin support;
then there is only one right now:@sifchain $ROWAN $EROWAN pic.twitter.com/EtaWxkzyEi) July 27, 2021
Another Cosmos eco-system star, of Akash fame, is Adrian $AKT Akash Superstarr AKA the Louisiana Swamp Rat has jumped onboard Sifchain in a big way. Helping onboard new users by donating small amounts of ROWAN to them to get started on the platform, and promoting the project regularly in his enthusiastic, upbeat video diary style posts. In the following video, he walks through with a friend the Sifchain platform, and this is a great video to get an overview of using Sifchain.
$ROWAN rising.
The ROWAN token has begun to respond to these developments, with the price rising from lows around $0.10 to $0.17 currently. The project is currently in-between rewards programs, with the old program coming to an end and not available, and details of new incentives still to be advised. Interest in the project is improving lately, and the addition of IBC should prove to be a driver for price growth and new funds entering the Sifchain liquidity pools. After launch, the project made a few miss-steps with a poorly designed airdrop program, confusing validator and liquidity mining incentives that didn't achieve their intended goals, and missed deadlines and community frustration over poor communication. The team seems to have learnt their lessons, and are looking much more professional and polished lately.
This post is not financial advice, please do your own research.
For more Sifchain content, here are some links to more great content:
- The potential of an Osmosis/Sifchain partnership - Jul 6 2021
- Things are looking up for Sifchain - Jul 5 2021
- Unofficial guide for Sifchain Airdrop Recipients - May 23 2021
- Cosmos based DeFi Part 3 - Sifchain - May 4 2021
Like I said, DYOR, NFA.
Thanks for reading,
JK.