Sifchain’s mission is to be an omni-chain DEX. Sifchain, which inherits its infrastructure from Thorchain and Cosmos, will target 20–25 blockchains (such as Ethereum and Stellar) for cross-chain integration. It will also simplify the process of blockchain integration, lowering the development process for the open source community so that additional cross-chain integrations will be cost minimized in terms of money and developer resources. What is Sifchain (EROWAN) | What is Sifchain token | What is EROWAN token
Sifchain’s mission is to be an omni-chain DEX. Sifchain, which inherits its infrastructure from Thorchain and Cosmos, will target 20–25 blockchains (such as Ethereum and Stellar) for cross-chain integration. It will also simplify the process of blockchain integration, lowering the development process for the open source community so that additional cross-chain integrations will be cost minimized in terms of money and developer resources.
Sifchain’s goal is for new blockchains to consider cross-chain integration as essential as a wallet or block explorer. Liquidity from all cryptocurrencies can then be accessed on-chain, allowing the coordinated deployment of capital from all cryptocurrencies by DAOs.
As a decentralized exchange, Sifchain combines the best elements of liquidity pools and order books for optimal order execution. While decentralized exchanges are currently dominated by liquidity pool algorithms optimized for token swaps, Sifchain will rethink the formulas used for liquidity pool algorithms from first principles of complexity theory to implement adaptive AMMs suitable to limit orders and token swaps alike. The Sifchain team is fortunate to be collaborating with some of the most adept market makers, traders, and complexity theorists in the cryptocurrency industry on this endeavor.
Traders will be able to place limit orders that are executed against the liquidity pool as the market price fluctuates. Sifchain prevents validator front-running through a commitment-reveal scheme for order placement.
Sifchain allows traders to use margin on their trades by borrowing from the liquidity pool. Interest is set based on market demand and liquidity supply. This increases returns for liquidity providers in two ways — it provides interest as a second revenue stream in addition to swap fees and increases the size of swaps, and thus the size of swap fees.
Rowan is Sifchain’s governance token. Sifchain’s validators can influence protocol changes with votes weighted in proportion to the amount of Rowan they hold. Rowan is provided to validators through protocol emissions (also known as block rewards) in exchange for staking to participate in network consensus.
Rowan is also a settlement token similar to Bancor and Rune. Traders swapping two external assets (for example, ETH:BTC) will swap Rowan twice as an intermediary (ETH:ROWAN -> ROWAN:BTC).
Inspired by Compound, YFI, and Synthetix, Sifchain will make use of decentralized governance with SifDAO. SifDAO will be launched alongside Rowan’s public sale and will receive a vested allocation of Rowan independent from the Sifchain team’s reserves. Rowan holders can vote on-chain as to how SifDAO should spend this allocation in support of Sifchain. The Sifchain core team encourages SifDAO to independently identify, fund, and execute plans it believes are conducive to the prosperity of Sifchain and Rowan.
Wherever possible, the Sifchain core team’s responsibilities will be communicated to SifDAO for the purposes of independently supporting the team’s efforts. Piece by piece, SifDAO will inherit the core team’s responsibilities until it is entirely responsible for Sifchain’s continued management.
Sifchain was inspired by Thorchain and its mission-driven focus on cross-chain value exchange. Thorchain has attracted a passionate community of enthusiasts who vocally epitomize that vision. Sifchain will invigorate the community by allocating an ecosystem distribution of Rowan to Rune holders in tandem with its public sale.
At long last, the bounties of **[Sif](https://en.wikipedia.org/wiki/Sif#:~:text=In%20Norse%20mythology%2C%20Sif%20is%20a%20goddess%20associated%20with%20Earth.&text=In%20both%20the%20Poetic%20Edda,by%20Thor%20and%20of%20Ullr.) are ready for you to enjoy. Read on to learn about [Sifchain](https://sifchain.finance/)’s native token. See for yourself how the marriage of crypto-economics and technology will bring prosperity to our community.**
Rowan will be the functional token of the Sifchain network. For convenience, token sale purchasers will be able to purchase wrapped Rowan tokens — eRowan — on the Ethereum network. All eRowan will be convertible to Rowan 1:1 on the Sifchain network when BetaNet launches. All unsold eRowan will be returned to the Ecosystem pool.
Applicants domiciled in any of the following countries/regions are ineligible to participate the token sale: United States, Albania, Bosnia and Herzegovina, Montenegro, Macedonia, Kosovo, Serbia, Belarus, Burma, Crimea, Cote D’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Central African Republic, Iran, Iraq, Liberia, North Korea, Sudan, Syria, Zimbabwe, Yemen, Venezuela, Nicaragua, Mali, Burundi, Lebanon, Libya, Somalia, Sudan, and/or any other country or territory that is the subject of country-wide or territory-wide sanctions from the United States.
Note: The lockup countdown for the seed and private rounds, and the team and team reserve starts at mainnet, not BetaNet (which launches alongside the public round). During BetaNet, the tokens cannot be sold as BetaNet time does not increment the lockup countdown. However, the tokens can be used to delegate and collect validator income, which makes them useful for securing the network during BetaNet.
We will be rewarding the top three purchasers of eRowan in our public token sale, those who refer the top three purchasers, those who referred the referrers, up to five degrees of separation. By the end of the Token Sale, if you are one of the top 3 purchasers or are connected within 5 degrees of separation to one of the top 3 purchasers, you’ll receive token rewards! These allocations are subject to lockups and are only available for participants who have passed KYC. Being a referrer makes you eligible for the top 3 purchase program even if you did not purchase tokens in the token sale yourself. These tokens are released 1/6th per month for 6 months.
A smart contract controlled by Sifdao controls the distribution of these rewards. The Top Purchasers are calculated by the total amount of USDT contributed to the Token Sale.
So, why does pricing work this way? It is common for token sales to set a static token price throughout the duration of the sale or to tier the pricing based on the number of days elapsed. In such cases, a token purchaser buys at a price that does not reflect demand for the token. Therefore, a small group of purchasers can benefit by participating in the token sale before others have a chance to enter. Our goal is to ensure fairness by giving every qualified buyer the chance to purchase tokens at a price commensurate with the available supply and community demand.
On the first day of the token sale, Sifchain will deploy a BetaNet version of the protocol. Thus, token sale participants will be able to convert eRowan to Rowan via cross-chain Ethereum<>Sifchain transactions. In effect, users will be able to pool, stake, and/or delegate their tokens on-chain. Therefore, Sifchain’s tokens will have utility from the very first day. Read on to see how you can use Rowan. Our Token Economics Paper is a great resource if you want to learn even more.
Validators secure the Sifchain network by ensuring the legitimacy of transactions. By staking Rowan, you receive validator tokens. Validators receive block rewards. The more transactions that occur on Sifchain, the more block rewards there are for validators.
Block rewards vary according to an inflation rate set by Sifchain governance, to yield an annual percentage rate (APR) between 10% and 100% (mostly below 30%). Staking requires you to run a validator. Instructions are accessible here.
Block rewards are rebalanced with liquidity provider income in order to generate validator income. Liquidity provider income varies from pool to pool: between 1% and 100% (mostly below 30%).
This rebalancing policy works between two subsystems with similar ranges, albeit different market forces. The two subsystems’ rewards are kept even over time, so that users are incentivized to deploy capital to both subsystems, in a way that keeps roughly the same amount of capital in each subsystem.
If you want to support Rowan’s crypto-economic security but cannot run your own validator, you can delegate your capital to a validator. Delegators earn validator tokens, minus a commission rate retained by the validator.
The commission fee is used by the validator to sponsor technical improvements to Sifchain. Validators are encouraged to offer reports about their contributions to Sifchain’s technical infrastructure. Delegators are encouraged to select validators based on their ability to support Sifchain’s technology innovations.
You can pool Rowan and eRowan in Continuous Liquidity Pools (CLP). You can also set up a CLP. When tokens are traded/swapped, poolers earn swap fee revenue according to the pool they select. Liquidity pool rewards are given through on-chain mechanisms which are fully automated and autonomous of any single user.
As the market sets pool APR for Sifchain, we expect them to normalize against rates for pools on other decentralized exchanges (DEX) like Uniswap and Sushiswap which use a liquidity formula known as XYK.
In BetaNet, all pools will use the CLP liquidity swap formula inspired by THORChain. The following formula determines a slip-based fee, with a higher fee charged to the trader when their swap causes a larger price slip.
As verified here in a Gauntlet Network multi-agent simulation of profit seeking traders, liquidity pools with Sifchain’s CLP swap formula attract more liquidity than those with an XYK model. Traders benefit from lower trading fees against this deeper liquidity. Poolers with the CLP formula also benefit from strong swap demand and earn more revenue overall than XYK poolers.
Sifchain will run a 12 week liquidity mining program to incentivize people to invest early in its economy. Rewards are subject to change based on community feedback and governance over time.
In the future, we expect that the community of SifDAO (Decentralized Autonomous Organization) will implement specialized distribution methods (e.g. targeting specific pools, changing the rate of liquidity mining rewards offered for specific initiatives, adjustments based on target market depth and/or trade volume).
The liquidity mining rewards below are influenced by Sifchain’s rebalancing policy for validator and liquidity provider subsystems. As such, the relative income between subsystems is subject to change.
Sifchain will only distribute all 2.5M Rowan per week if all poolers collect the 150% vesting multiplier and the maximum 200% liquidity lock multiplier.
We will offer all validators up to an additional 30 million Rowan in rewards, proportional to the amount of Rowan they bond to the network.
As mentioned previously, validator liquidity mining rewards are offered to keep the validator subsystem balanced with the liquidity provider subsystem. The actual amount of validator liquidity mining rewards will vary week to week depending on the liquidity provider (pooler) liquidity mining rewards.
The essence of Sifchain is cross-chain compatibility. The Sifchain team is eager to connect all relevant blockchains commercially and technologically. It is only natural that we start with communities with similar values.
Sifchain will offer 0.5% of all Rowan to Rune-holders and 0.5% to Atom-holders during BetaNet’s launch. Details will be shared later.
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