We’re excited to announce that ZCN is now available for low-fee trading on Sifchain DEX!
What is Sifchain?
Sifchain is built with the Cosmos SDK and inherits the cross-chain capabilities of Thorchain. Uniquely, Sifchain uses pegged tokens to support cross-chain transactions across a wide array of blockchains. This allows low-fee trading.
Why is this good for 0Chain?
In the immediate term, Sifchain solves the cost problem imposed by Ethereum fees on Ethereum-based DEXes. Over the coming months and years, 0Chain will enjoy more fundamental benefits from a cutting-edge interchain DEX like Sifchain’s. More specifically, in order to facilitate the expansion of our interchain storage solutions (such as our block storage solution to be utilized by validators on major high-speed blockchains), it’s important that ZCN, the native asset of 0Chain, is highly accessible to all major blockchains. The infographic below details the cross chain asset bridging that the Sifchain highway can and will enable for both EVM-based and IBC-based blockchains. Ultimately, growing ZCN on Sifchain with low-fee trading will be highly beneficial to achieving our expansion objectives in the blockchain space.
How to use Sifchain
The following guide has been prepared to guide you through the steps of bridging ZCN and adding ZCN liquidity.
Notes before getting started:
- You can reference https://docs.sifchain.finance/resources/sifchain-dex-ui for all Sifchain-related questions or ask the team at https://t.me/sifchain
- This tutorial assumes you already have Metamask and ZCN (ERC20). You will need ZCN in your Metamask wallet for this tutorial to work. You can download Metamask here: https://metamask.io/download
- The Sifchain DEX is not accessible to IP addresses located in the US.
- You will need a small amount of Rowan to move tokens on Sifchain (more info under the “Top up Keplr wallet address” step)
- You will need a small amount of Sifchain-pegged ETH to move tokens off Sifchain and onto Ethereum (more info under the “Remove Liquidity and Bridge back to Ethereum” step)
- Be careful with single-sided liquidity. It’s recommended to Pool Equally to avoid incurring losses on single-sided liquidity.
Getting Started on
1. Download Keplr
- Keplr download: https://wallet.keplr.app/
2. Top up Keplr wallet address with Rowan (to pay for initial transaction fees)
- First, obtain your Sifchain wallet address. Select “Cosmos” in the header. Operating on Cosmos allows Sifchain to have low-fee trading. Open the dropdown to access your other Keplr wallets, and scroll to Sifchain. Your Sifchain wallet address will be under the “Sifchain” header.
- Ask the Sifchain team in Telegram (https://t.me/sifchain) to top you up with Rowan (@OlegEnthusiast or @Karan8798). They will ask for your Sifchain wallet address. Share this with them (but be certain they are official Sifchain team members on telegram) so that they can send you the Rowan.
- Alternatively, you can acquire Rowan on Ascendex, Uniswap, or Sushiswap and export it to your Sifchain wallet, but this is more costly and complex.
3. Go to dex.sifchain.finance and connect your Metamask and Keplr wallets
- Metamask and Keplr will prompt you to connect your wallets so that you can trade on the Sifchain DEX.
4. Bridge ZCN onto Sifchain
- To bridge your ZCN onto Sifchain, go to the balances tab, scroll down to ZCN and select Import. You will then be prompted for the amount to Import. Select import, then select confirm.
- You will then be prompted by Metamask to approve Sifchain to interact with your wallet, and then you will be prompted to execute the Import to Sifchain (this transaction will bridge the ZCN over to Sifchain).
5. Wait for the Import to complete
- While the import processes, you will see three dots in the Sifchain Balance column and an Import Pending notification in the bottom right of the Sifchain DEX.
6. You are good to go!
- Once the import is processed, you will see your ZCN balance in the Sifchain Balance column. At this point, you are now ready to trade and pool for rewards!
Pooling on Sifchain
1. Locate the ZCN pool
- Select the “Pool” tab on dex.sifchain.finance, and scroll down to ROWAN/ZCN, select the dropdown arrow and click “add liquidity”. This will bring you to the “Add Liquidity” page for the ZCN pool.
2. Add Liquidity (Pooling Equally)
- Similar to Uniswap, if you select “Pool Equally” you provide an equal USD amount of both sides of the pool. This means you will the same USD amount of Rowan and of ZCN.
- Approve the pooling transaction (only 9 cents!). This will add your liquidity to the pool.
3. Add Liquidity (asymmetrically)
- Note: Asymmetric liquidity carries a lot more risk in terms of value loss! Please read about it here before proceeding: https://docs.sifchain.finance/core-concepts/liquidity-pool#asymmetric-liquidity-pool
- If you’d like to add liquidity asymmetrically (i.e. single-sided), click the Pool Equally button (to turn off equal pooling). Once turned off, you can proceed to add whatever combination of assets you’d like.
4. Make sure your Liquidity Add transaction was processed
- Go to the Pool tab, and check your addition. Once/if it is added, your ZCN Pool should sort to the top of the Pool list. Once you click on the ZCN Pool column this should trigger a drop-down, detailing your pool stats (APY, value-added, etc)
5. Monitor Rewards
- Currently, Sifchain has several Rewards programs. You can click on the Rewards tab to see the rewards you’ve accumulated and how much you can claim.
6. Remove Liquidity and Bridge back to Ethereum
- To remove liquidity, click “Remove Liquidity” in the Pool tab and follow the necessary steps — these steps are essentially the inverse of adding liquidity.
- To bridge your ZCN back onto the Ethereum blockchain, click the Balances tab and click Export — these steps are essentially the inverse of removing liquidity. NOTE: to Export the ZCN back to Ethereum, you will need to pay for the gas — this means you must purchase a small amount of ETH on the Sifchain DEX to pay for the gas in the export transaction.
Be sure to purchase a small amount of ETH on the Sifchain DEX to pay for the gas in the export transaction.
For more information on Sifchain:
Sifchain Telegram: https://t.me/sifchain
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