Cryptocurrency derivatives are some of the most highly traded assets in the world, accounting for tens of billions of dollars worth of trading volume per day. However, despite the massive volume, the means by which these assets are exchanged often do not meet traders’ wishes. Most of the trading occurs on centralized exchanges despite the fact that cryptocurrency investors prefer decentralized exchanges (DEXes). DEXes offer better security standards, availability, reliability, and censorship resistance. The issue with decentralized exchanges is that they limit investors to small selections of crypto assets, they are often slow and very often charge very high fees.
Sifchain is the world’s first Omni-chain DEX and will decentralize the convenience of centralized exchanges. Built with Cosmos SDK, Sifchain can process far more transactions than Ethereum making it 100 times more efficient than current leading DEXes. Using Thorchain as a reference, pegged tokens are used to support a large variety of crypto assets. Up to 25 of the leading blockchains will be supported including Bitcoin, BSC, Polkadot and EOS. The blockchains supported on Sifchain will comprise the overwhelming majority of cryptocurrency trading volume. Powered by the ROWAN token, Sifchain will also support an on-chain governance process through a DAO that allows its investors to integrate new tokens.
Today we sat down with Jared Moore, Director of Marketing at Sifchain to talk about DeFi, decentralized exchanges, and the value they bring to the ecosystem.
- Why do you think it’s so important decentralized exchanges are used instead of centralized exchanges in crypto?
There’s a healthy mixture of both for different use cases. Centralized exchanges are mainly for onboarding into the crypto ecosystem through regulated means. Decentralized exchanges remove the need for an intermediary between transactions which can add costs, more time to transaction completion, and security flaws. In a centralized exchange, there are many points of failure, but in a truly distributed system with a decentralized exchange, there are only exploits at contract execution level. No password compromises, no thefts of user funds, and no access to your funds by other parties outside of yourself if you choose.
2. What advantages does Sifchain offer ahead of other decentralized exchanges?
There are many! Many DEXs still do not offer single-side liquidity providing which is a way users can still participate in liquidity fee earning, but with less impermanent loss risk. Less rewards, but less risk.
Sifchain is also the first, and only, DEX that allows Ethereum and EVM assets to transfer to the Cosmos ecosystem and back. This means that Sifchain is the only bridge into the mass of liquidity and innovation in Ethereum for the Cosmos ecosystem, and vice versa as Ethereum and EVM chains look to offload transaction volume and liquidity into faster and cheaper alternatives.
As of right now, Sifchain allows users to import their assets from many CosmosSDK blockchains and from Ethereum. This, in of itself, is very powerful because we are introducing the ability to swap many of these assets to each other for the first time, and we are providing this ability at a very, very low cost. Now imagine when we spin up bridges to other EVM chains. Binance, Polygon, Fantom, Polkadot, etc. Now, Sifchain is anyone’s one stop shop for swapping ANY asset they own to ANY other asset they desire, very cheaply and very quickly. That is our Omvi-Chain DEX goal, and we are very much on track to making this a reality..
3. Tell us a little bit about the hybrid order-book and CLP system that Sifchain uses.
Sifchain uses a hybrid model of order book structure for token pairs, and a continuous liquidity pool. The CLP is a continuous comparison of any token pair that is pegged to a ROWAN token. If Asset X is pegged to ROWAN and ROWAN is also pegged to Asset Y, the shared relationship between these assets becomes the ROWAN token which can give proper values when trading.
4. Tell us about some of the trading options that Sifchain is able to provide.
Sifchain allows for the trading of many Cosmos-based tokens and is continuously adding more Ethereum tokens. These Ethereum tokens are ported over to Sifchain using a tool called Peggy, but they act and are valued the same as their native token. Sifchain trading pairs are also able to be utilized on partner exchanges like Quickswap and Dinoswap, both of which are on Polygon.
Margin trading will also be offered in accordance with the public roadmap’s timeline.
5. Tell us about the utility of the ROWAN token.
The ROWAN token is adding more utility options day by day, it appears. Initially, its main purpose is to be the settlement token for fees paid when transacting on Sifchain, but now it’s also popularized as a routing token when Sifchain trading pairs are added to other DEXs and Sifchain is being used to provide access to assets not native to the DEX’s underlying blockchain.
The ROWAN token will also be used for governance voting in the upcoming SifDAO which will govern Sifchain’s future, a grant program, a proposal system, etc.
6. Sifchain is putting $PAID on its DEX, how do you think both communities can benefit from this collaboration?
The PAID community will be able to access their PAID liquidity now in a single DEX that supports Ethereum and Cosmos assets, and they’ll be able to add to their current $PAID bags and utilize these assets in an entirely different ecosystem with faster and cheaper transactions, new APY incentives, new dApps, and more. In short, freeing their PAID assets from a single blockchain’s siloed exposure to the world.
The Sifchain community will benefit by finally getting exposure to PAID assets and liquidity providing opportunities with PAID tokens via migration from the Ethereum network.
7. What new features will Sifchain be adding in the coming months? (please invite the PAID community to any launches, or activities that have been recently launched or are about to launch)
Coming very soon is our a trading competition that we are very excited about! This competition will encourage anyone and everyone to swap on the Sifchain DEX, compete, and earn $ROWAN by doing so. This competition will ideally generate high values of system income paid to liquidity providers in the form of swap fees, and to node operators and delegators as transaction fees. We have lined up sponsorship with other projects to award additional prizes to users, are planning a live stream for the event, and so much more!
Also, we are working on some pretty large initiatives in: Omni EVM, Margin Trading, our Front-end Provider Initiative, a Referral Program. Omni-EVM will allow us to spin up new bridges to other EVM chains in an expedited manner (a few days!). Margin trading will open a completely new door that has never been realized before in a DEX. Our Front-end Provider Initiative will compensate users to spin up their own Sifchain Front Ends to bring more traffic into Sifchain. Our Referral Program will ease the onboarding process onto Sifchain, and reward people for spreading the Sifchain name out to their network.
We also will be focusing on some key strategic partnerships and growing the development environment that exists on top and around Sifchain. And so much more to be honest! A new dashboard-feature on our DEX, new IBC connections and token listings, new partnerships with exchanges that existi on other blockchains to bring $ROWAN and CosmosSDK tokens to their exchange (with Sifchain being the only bride that allows users to do so), and more!
$PAID is now live on Sifchain! Experience PAID on SifChain’s DEX HERE!
Sifchain is the universal solution to the problems faced by a lot of DEXes today. Built on Cosmos SDK, Sifchain is the world’s first omni-chain DEX and is fast, cheap, and integrates a wide variety of different blockchains. It also does all this without sacrificing decentralization. If you want to learn more about this project then check it out on any of the links below:
PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.
PAID technology leverages Astar to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts in order to execute DeFi transactions and business agreements seamlessly.
For any questions for the PAID network, please feel free to reach out to us on: