Cosmos is one of the most fascinating and fastest evolving ecosystems in the crypto industry! The number of blockchains integrating IBC (Cosmos’ inter blockchain communication protocol) is growing exponentially. Cosmos Deep Dive gives you a detailed overview of important projects within the Cosmos ecosystem. This article will focus Sifchain.
(Interested? Read our article on IRISnet here!)
What is Sifchain?
Sifchain, named after Sif, the Norse goddess of earth and fertility, aims to be the world’s first omni-chain DEX. It tries to tackle one of the most severe problems of currently leading decentralized exchanges: access to other cryptocurrencies besides tokens of the underlying ecosystem. For example, if you are using Uniswap, you can only trade tokens built upon the Ethereum blockchain.
Even though several projects focus on building bridges between ecosystems to enable cross-chain transactions of different cryptocurrencies, a more integrative approach is needed. In the case of DEXs built on e.g., Ethereum, another constraint is that they are not very scalable (at the moment) and therefore slow with high gas fees involved.
Key challenges Sifchain focuses on are high scalability and the integration of many different ecosystems within the crypto space. It is built with the Cosmos SDK and uses Thorchain as a reference implementation. The project uses pegged tokens to support a great variety of blockchains.
Sifchain will target 20-25 different blockchains (such as Bitcoin, Ethereum, Binance Smart Chain, Polkadot, and more) for cross-chain integration. In addition, the protocol will support an on-chain governance process for developing additional pegged tokens for new blockchains as needed.
Rowan is Sifchain’s native governance token. Validators can influence protocol changes with votes weighted in proportion to the amount of Rowan they hold. Rowan is provided to validators through block rewards in exchange for staking to participate in network consensus.
SifDAO is the project’s decentralized government instrument. Wherever possible, the core developer team’s responsibilities will be communicated to SifDAO for the purposes of independently supporting the team’s efforts. By time, SifDAO will inherit the core team’s responsibilities until it is entirely responsible for Sifchain’s continued management.
Good to know
- IBC Protocol & Integration with: Cosmos, Akash, Sentinel, Regen, Osmosis, IRISNet, Crypto-org, Terra
- Integration of Juno Network, Quickswap, Lido Finance, and more on Sifchain DEX
- Cosmos coming to Polygon via Sifchain and DinoSwap
Tokenomics/Key Metrics (06.10.2021)
Initial Coin Distribution
Sifchain Website: https://sifchain.finance/
MapOfZones (number of IBC transfers): https://mapofzones.com/?testnet=false&period=24&tableOrderBy=totalIbcTxs&tableOrderSort=desc