Sifchain is a relatively new decentralized exchange that was launched in September 2020. The platform allows traders to transfer their assets and trade between constrained blockchains. It includes an Omni chain vision formed after raising $3.5 million in funding. According to the LinkedIn website, the exchange headquarters is located in San Fransisco, United States.
Sifchain has the following features:
- Cosmos SDK platform for faster transactions
- Cross-chain communication
- Contains the best elements for liquidity pools
- Provides margin for traders
- Multiple wallet options available for connectivity
As Sifchain is decentralized, traders from all over the world can trade on it. Currently, the exchange supports UST, SXP, SUSHI, QUICK, OH, LUNA, ERN, ETH1, and 1 INCh as some of the major tokens.
Traders can purchase SifChain by using cryptocurrency exchanges such as AEX, Sushiswap, etc. After connecting their wallet, investors can add liquidity with the help of available funds.
Rowan is the governance and settlement token in Sifchain. The voting power each trader has in the SifDAO depends on the amount of Rowan they hold as an asset.
The decentralized exchange supports Terra, Sifchain, Juno, e-money, and Ethereum as wallets. It is possible to connect them easily through the platform.
How does Sifchain work?
Sifchain allows for all the following:
- Swapping and exporting tokens
- Adding and removing liquidity from the Sifchain DEX
- Exporting cosmos assets from Sifchain to Ethereum
- Supports cross-chain transactions for ERC-20 tokens
- SifCore team leads the development of each bridge for security
What can you buy on Sifchain?
Sifchain works with the help of Rowan, which is the settlement and governance token. Traders have the option to buy a range of tokens, including ATOM, 1INCH, AAVE, AKRO, AKT, ANT, AXS, B20, BAL, BAND, BAT, BOND, BTSG, COCOS, COMP, CONV, CREAM, CRO, CSMS, DAI, DAOFI, DFYN, DINO, DON, DNXC, EEUR, ENJ, ERN, ESD, ETH, FRAX, FXS, GRT, IOTX, IRIS, IXO, KEEP, JUNO, LDO, LEASH, LGCY, LUNA, LINK, LON, LRC, MATIC, METIS, NGM, OCEAN, OGN, OH, OSMO, PAID, POLS, POND, QUICK, RAIL, RATOM, REEF, REGEN, RFUEL, RLY, RNDL, RUNE, SAITO, SAND, SHB, SNX, SRM, SUSD, SUSHI, SXP, TIDAL, TOKE, TSHP, TUSD, UFO, UMA, UNI, USDC, USDT, UST, WFIL, WSCRT, XPRT, YFI, ZCN, and ZRX.
Is Sifchain safe?
Decentralized exchanges are prone to hackers resulting in the loss of funds. As Sifchain does not come under any regulatory authority, it is possible to lose funds in an attack.
Sifchain fees, compatible wallets, and transactions
Sfichain supports sentinel, regen, persistence, osmosis, Juno, IXO, IRIsnet, e-money, crypto.org, Cosmoshub, Akash, terra, Ethereum, and Sifchain as wallets. To conclude their transactions, traders have to install the Kepir and Metamask wallets and connect with the ledger. Afterward, the tokens can be imported or exported to and from Sifchain. The decentralized exchange charges a liquidity provider fee that varies from one token to another.
What are the ways to trade on Sifcahin?
Traders have the following options available on the Sifchain for trading:
- Swapping tokens with one another
- Adding or removing liquidity on the Sifchain DEX
- Importing tokens to the exchange
- Exporting cosmos assets
Traders can only get in touch with the team using the email address present on the website. Social media channels such as Instagram and Twitter are also listed. The developers do not list the number of hours they are available.
Should you trade with Sifchain?
Sifchain Decentralized Exchange ReviewSifchain Decentralized Exchange Review
- Multiple tokens and wallets are available
- Poor customer support
- Complex for beginners