About

Sifchain is an omni-chain decentralized exchange aiming to create a fully communicating crypto trading environment. By bridging multiple blockchain ecosystems and providing a high transaction processing infrastructure with Cosmos SDK, Sifchain will be enabling seamless transfer, spot trading, and margin trading of assets from more than twenty blockchains.

History

Sifchain was founded in September 2020 to allow asset transfer and trading between communication-constrained blockchains and to make highly performing cross-chain trading a core part of DeFi. With its Omni-chain vision, Sifchain started working with a similar ideal with ThorChain. That's why the San Francisco-based protocol also includes people from the former ThorChain developer team. Contrary to the limited asset portfolio covered by ThorChain, Sifchain aims to serve up to 20-25 blockchains.

After its founding, Sifchain spent several months developing the Sifchain DEX and Ethereum-Cosmos Bridge Peggy on the testnet. Announcing Peggy, the Ethereum-Cosmos bridge, was a significant development as the project aims to ensure a smooth flow of liquidity across multiple blockchains when it will launch on the Mainnet. Peggy was the first step towards this goal, and Sifchain has completed it, making Ether and limited ERC20 tokens available on Sifchain. Subsequently, on February 19, 2021, the project carried the technology developed on the testnet for months to BetaNet and presented the native token of Sifchain to the community with Rowan's public sale. At the same time, the project offered Liquidity Mining and Validator Subsidy programs to build a strong ecosystem and launched a four-month airdrop program that will reward Rune holders, Atom holders or those who have completed Sifchain KYC. In the future, the requirements of these programs were changed and their scopes were expanded.

In August 2021, Sifchain migrated its BetaNet to Cosmos v0.42 which is the infrastructure that supports IBC and will enable Sifchain to interact with the other blockchains developed with the Cosmos SDK. With IBC, Sifchain will allow double pegging and create new possibilities of communication with Ethereum-based chains but also act as a bridge between ecosystems by enabling originating tokens on Cosmos blockchains to be transported through it. IBC is a part of Peggy 2.0 an enhanced bridge network that is currently under development. Peggy 2.0 will allow Sifchain to communicate with EVM-compatible chains and increase both the number and the volume of ERC20 tokens supported on Sifchain.