Overview
Sifchain inherits the cross-chain capabilities of Thorchain that uses pegged tokens to support cross-chain transactions across a wide array of blockchains.
- Sifchain is built with the Cosmos SDK, on Tendermint.
- It is an omnichain DEX where Cosmos meets Ethereum, and much more.
- ROWAN is the functional token of the Sifchain network.
Sifchain Network at a glance
Sifchain Network supports cross-chain transactions, targeting EVM compatible blockchains i.e. Polygon, Avalanche, as well as non-EVM compatible blockchains such as Bitcoin, Polkadot… etc.
Built with the Cosmos SDK, Sifchain processes substantially more transactions per second than Ethereum, making it 100x more efficient than current leading DEXs. This means faster trades and lower fees.
It has the world’s first omnichain decentralized exchange (DEX) - SifDEX that enables users to swap digital assets from a wide variety of ecosystems in one place, by connecting all major blockchains via 'Peggy' to bridge 'zones' to external chains. The Continuous Liquidity Pools (CLP) feature is their primary financial primitive. Liquidity providers can earn income by providing liquidity and users can trade tokens they have for those on the other side of the pool.
Founded by Jazear Brooks, mainnet was launched Q1 2021. It raised a $3.5 million seed funding round from the likes of NGC Ventures, Alameda Research, AU21 Capital, Danish Chadhry of Bitcoin.com exchange, Mechanism Capital and Bitscale.
Sifchain, (ROWAN) token
The ROWAN token is Sifchain Network’s native utility token with a 96M market cap that have primary uses for:
- The universal liquidity pairing token of SifDEX.
- Validator bonding to enter the validator pool, and staking to ensure the crypto-economic security of Sifchain.
- Transaction fees for swaps and transfers.
- Rewards for liquidity provision.
- Governance where the more ROWAN held by a party, the more weight their vote carries in Governance decisions.
Related: What is a token and how is it used in crypto?
Proof-of-Stake (PoS) ROWAN staking
Validators such as ourselves at Stakewith.us (and builders behind Unagii) operate nodes responsible for securing Sifchain Network’s operations and will earn staking rewards via distributed ROWAN tokens as incentives. Delegators (or users of Unagii) can help participate and secure the network with their votes by delegating their stakes to us on the Unagii platform to receive a portion of the rewards that validators receive.
Staking ROWAN allows Unagii users to participate in the decentralized governance with voting power, and earn ROWAN rewards. Rewards are paid out on a per block basis and users can choose to withdraw or compound accumulated rewards. It has an inflationary rewards policy used to incentivise ROWAN holders to stake. The inflation will trend towards 7% if the staked ratio is more than 66%, and trend towards 20% if the staked ratio is less than 66%.
Note that staking risks do apply, including slashing risks upon validator downtime and double-signing. There is also a 21 day unbonding period for users when unstaking ROWAN from the network. During this period, users will not be able to withdraw and earn rewards.
Related: Staking coins: What is staking and how does it work?
How to stake ROWAN?
Staking ROWAN on Unagii is simple and convenient.
- Head to app.unagii.com/stake/sifchain
- Connect your wallet
- Stake ROWAN
- Approve and confirm transaction (gas fee payable)
View more info: Stakewith.us validator details
