Sifchain (ROWAN)

Sifchain is an omni-chain solution for DEXs. SifDEX is a decentralized exchange that enables users to swap digital assets from a wide variety of blockchain ecosystems in one place, by connecting all major blockchains together using bridging technology that is called ‘Peggy’.

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:
• A Thorchain-inspired DEX

Audits & Exploits

• Bug bounty program can be found [insert here].

Token

Utility

• From Citadel One (8-3-2022):

"ROWAN is the native currency of Sifchain, and has a variety of uses within the ecosystem:

1. ROWAN is the universal liquidity pairing token of SifDEX. To enable swaps between tokens, each asset is paired with ROWAN to make an LP pool. As such half of the TVL of the DEX is made up of ROWAN. As TVL expands, demand for ROWAN expands with it.
2. ROWAN is also central to the crypto-economic security of Sifchain. Node validators should stake an amount at least equivalent to the TVL of the DEX, to ensure that the network is secure and the cost of malicious activity (slashing) is not worth anything a validator can gain from fraudulence — as per Tendermint consensus.
3. As such, there is a multiplier effect from additional TVL on the Market Cap of ROWAN. As TVL on the DEX rises, half of the TVL must be made from ROWAN. To secure this, an amount at least equal to the TVL should be bonded by Validators. Thus, for every $1 of any external asset added to SifDEX, $3 of ROWAN is required by the system.
4. Node validators must bond ROWAN to compete to enter the validator pool. Only the top 100 validators (ranked by number of ROWAN staked) are able to earn block rewards. Block rewards are paid in ROWAN.
5. Transaction fees for Swaps and Transfers are paid in ROWAN.
6. Rewards for liquidity provision are paid in ROWAN."

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].

Implementations

• Built on:
• Programming language used: Tendermint, Sifchain uses Thorchain as a reference implementation (8-3-2022).

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• From Citadel One (8-3-2022):

"ROWAN is the native currency of Sifchain, and has a variety of uses within the ecosystem:

1. ROWAN is the universal liquidity pairing token of SifDEX. To enable swaps between tokens, each asset is paired with ROWAN to make an LP pool. As such half of the TVL of the DEX is made up of ROWAN. As TVL expands, demand for ROWAN expands with it.
2. ROWAN is also central to the crypto-economic security of Sifchain. Node validators should stake an amount at least equivalent to the TVL of the DEX, to ensure that the network is secure and the cost of malicious activity (slashing) is not worth anything a validator can gain from fraudulence — as per Tendermint consensus.
3. As such, there is a multiplier effect from additional TVL on the Market Cap of ROWAN. As TVL on the DEX rises, half of the TVL must be made from ROWAN. To secure this, an amount at least equal to the TVL should be bonded by Validators. Thus, for every $1 of any external asset added to SifDEX, $3 of ROWAN is required by the system.
4. Node validators must bond ROWAN to compete to enter the validator pool. Only the top 100 validators (ranked by number of ROWAN staked) are able to earn block rewards. Block rewards are paid in ROWAN.
5. Transaction fees for Swaps and Transfers are paid in ROWAN.
6. Rewards for liquidity provision are paid in ROWAN."

Roadmap

• Can be found [Insert link here].

Team, Funding and Partners

Team

• Full team can be found [here].
• From Citadel One (8-3-2022):

"The team members are seasoned veterans with executive experience at firms like a major cryptocurrency exchange, a major Web 2.0 VC, and a Tier 1 Silicon Valley law firm. The team has extensive experience in the crypto space, especially with exchanges. The Sifchain all-star team of over a dozen senior engineers includes blockchain architects and developers who have worked on industry-renowned projects such as Thorchain, Cosmos, and Polkadot, as well as massively scaled distributed systems outside of the blockchain industry. The engineering team also has strong experience with full-stack development, complex systems, economic modeling, financial engineering, security, and other disciplines related to blockchain."

Funding

• Turned out (8-12-2022) to have sold $200k worth of tokens to Alameda.

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