SAN FRANCISCO, CA and CAYMAN ISLANDS / ACCESSWIRE / December 2, 2020 / Sifchain has closed a $3.5 million seed funding round for its omni chain DEX. Included in the round were NGC Ventures, Alameda Research, AU21 Capital, Danish Chadhry of Bitcoin.com exchange, Mechanism Capital and Bitscale.
Built with the Cosmos SDK, Sifchain processes substantially more transactions per second than Ethereum, making it 100x more efficient than the current leading Ethereum-based DEXes like Uniswap in terms of both trading fees and transaction speed. Sifchain uses Thorchain as a reference implementation and uses pegged tokens to support cross-chain transactions across a wide array of blockchains.
The Sifchain core team said it will launch with cross-chain support for ETH and ERC-20 tokens and will target cross-chain support for 20-25 other top blockchains such as Bitcoin, BinanceChain, Polkadot, and EOS. The Sifchain team has blockchain development veterans with experience building cross-chain software and other critical infrastructure at teams like Coinbase, Cosmos, Flow, Polkadot, Thorchain, and Cardano, Sifchain aims to be the leading cross-chain DEX with its quick execution, with the testnet launched in October.
"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." said project leader Jazear Brooks
There are a couple of independent projects targeting cross-chain with Ethereum but none trying to make omni-chain a standard to capture the entire $450B+ of market cap across all cryptocurrencies. Sifchain is also aiming to be the first DEX to support both margin trading and limit orders on a decentralized exchange. It will be the first to launch Ethereum compatibility in the Cosmos Network, bringing Ethereum liquidity not just to Sifchain but also other Cosmos projects like Kava, Akash, and Terra via the Inter-Blockchain Communication (IBC) protocol.
Sifchain is launching mainnet in Q4 with Ethereum support so it will work out of the box with any ERC-20 token. For each of the target blockchains (for example, Stellar, Cardano, and Litecoin), a cross-chain bridge will be built, allowing users to use those cryptocurrency on Sifchain as well. With over 100 validators already active on testnet, the team is expecting a successful mainnet launch which will also coincide with a 12 week liquidity mining program to incentivize validators, swappers, and liquidity providers.
"Sifchain is a promising solution for the interoperability challenge when trading across multiple blockchains. It's being built out such that it's more robust, performance-driven and secure for traders and other blockchain stakeholders. We at NGC are always interested in forward-focused DeFi investments. Backing the SifChain product is testimony to that.", said Roger Lim from NGC Ventures.
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Kinsa Durst, Head of Marketing at Sifchain