Sifchain Decentralized Exchange Review

Sifchain is a DEX platform that uses pegged tokens to facilitate cross-chain transactions across a wide array of blockchains. It connects all major blockchains together using a high-end bridging technology known as Peggy.

Sifchain background

We don’t know exactly when it was launched, but the BetaNet launch and public token sale started in February 2021. There is no information on the team behind this platform and we don’t know where they are based.

Sifchain overview

Sifchain is built with the Cosmos SDK, and it has the cross-chain capabilities of Thorchain. It is connected to the Cosmos hub via IBC and also supports cross-chain transactions for Ethereum ERC-20 tokens.

Pros & cons

Pros

• Large number of supported coins
• Round-the-clock support available
• Cross-chain import and export functionality

Cons

• Lack of vendor transparency
• No user reviews

Funding methods:	Cryptocurrencies
Cryptocurrencies supported:	90+
Countries:	N/A

Interesting features of Sifchain

Let’s look at the key features of this platform:

• Cryptocurrencies supported

This DEX lets you swap crypto coins at the cheapest possible price. Some of the supported cryptocurrencies include ROWAN, 1INCH, AAVE, AKRO, AKT, DAI, LUNA, MANA, SUSHI, MATIC, etc.

• Native token

The native currency of this platform is known as ROWAN. It enables swap between tokens and is also vital to the security of the chain. Apart from Sifchian, this token is also available on the Polygon and Ethereum blockchains.

• Funding methods

Transaction fees for swaps and transfers are paid in ROWAN. To swap tokens, you need to hold the required number of coins in your wallet.

• Security

The Peggy and Balancer smart contracts were audited by Halborn, a leading security firm. Sifchain has an active validator set consisting of over 100 nodes. A user can delegate their tokens to a number of validators on the network.

What wallets does it support?

This platform supports the following wallets:

• Keplr
• Metamask
• Terra Station

Follow these steps to connect your wallet:

1. On the DEX page, you can find the Connect wallet option in the bottom right corner
2. Click on it to bring up the list of available wallets
3. Choose a wallet based on the network you wish to interact with

How does Sifchain work?

This platform allows for the following:

1. Token swaps

After connecting your wallet and importing your assets into Sifchain, you can start conducting swaps. It is important to make sure that there are enough ROWAN tokens to cover the gas fees. 

2. Import and export tokens

The DEX lets you move assets between Sifchain and an external Blockchain. This is possible due to the implementation of IBC and Peggy. While importing and exporting between Ethereum and Sifchain, the platform uses Peggy. IBC is used when importing and exporting between Sifchain and other Cosmos blockchains. 

3. Pooling assets

By adding tokens to liquidity pools, you can earn rewards. Sifchain has a list of tokens that you can use. For each pool, you can see the total amount of tokens, dollar-denominated price, currency arbitrage opportunity, pool depth, and pool trade volume in the last 24 hours. It is important to check the pool depth prior to joining it. If the depth is low, you need to ensure that the price of the token is in line with the market. Otherwise, there might be significant slippage.

What can you buy on Sifchain?

Some of the tradable tokens on this DEX include ERN, USDT, BOND, IRIS, UST, POLS, EEUR, OSMO, UNI, SRM, and DINO.

Are there any risks with Sifchain?

You can pool asymmetrically on this platform. This means you don’t need to add equal amounts of two assets to be a liquidity provider. In smaller pools with lower liquidity, this can pose a risk.

Sifchain fees

Liquidity providers receive a portion of the swap fees accrued for their contributions to the pool. When the daily volume is high for a pool, it generates more swap fees. The platform uses the Continuous liquidity pool model for calculating liquidity fees.

Deposit methods

All deposits are carried out through your wallet. 

Should you buy it?

Sifchain is a great option for those looking to conduct cross-chain swaps. It supports a wide variety of crypto coins and has a dedicated support team as well. 

Final word for Sifchain

This is a secure DEX platform where you win exciting rewards by providing liquidity. Holding the native token lets you take part in Governance decisions as well. Unlike many other DEX platforms, this one has a support ticketing system, which makes it easier to get your issues resolved. On the downside, we don’t have too much information on the developers.