Sifchain Announcements

12 Jul 2023 20:23

We are pleased to report that the testing phase for GTK Margin is progressing efficiently, bolstered by invaluable feedback from our early adopters.

As part of our commitment to excellence, we are addressing identified issues and enhancing our platform's features. Specifically, we have added Rowan and Atom as collateral tokens and we are are in the process of integrating of Osmosis Bridge functionality. This will facilitate the import of Axlusdc, Axlusdt, and Axleth tokens, allowing them to function as 'importable' collateral.

We greatly appreciate your continued support as we refine our platform. If you would like to be a part of the Early Adopters, then please reach out.

Sifchain Announcements

30 May 2023 18:36

GTK Margin Platform Beta Test Launch Delayed

We regret to inform you that the Wednesday beta test launch is being delayed due to unforeseen issues that have since come up. We apologize for any inconvenience caused. We’ll keep you posted on the path to resolution as it becomes apparent to us.

Sifchain Announcements

24 May 2023 11:01

GTK Trading Platform launch news and other exciting updates

Trading Platform

We're nearing completion of our setup, with the final task being the implementation and testing of the auto-hedging component for Matchers to safely lend interest accrued capital. Once it's tested and functioning optimally, we'll be ready to start trading on the GTK platform. We expect this to be complete by hopefully Friday or early next week, depending on how testing goes.

If you are interested in being an early adopter with the platform, please reach out to @idjones

Here is a reminder of the exciting key elements to our GTK Trading Platform and why we think it’s going to be a hit.

- 100x Leverage: Our innovative platform allows you to go long or short with 100x leverage on any asset.
- Auto hedging: This feature will automatically hedge on DYDX, protecting against directional exposure.
- Limit orders / Stop Loss / Take profit: Traders can take advantage of being able to trade smarter with protection.
- Expanded token list: We have expanded our token list for collateral and target, giving traders more options to work with.
- Request to close: We have added the ability to request to close a trade as a lender, providing more control and flexibility to our users.
- Analytics page: We have added an analytics page to show the usage of our platform and give traders valuable insights.

If you are interested in reading about the platform and how it will work, please read our documentation here https://gtk-1.gitbook.io/gtk-user-documentation/ (feedback welcome).

In other news – soon to be launched

- ERC-20 GTK Token Launch - We are excited to tell you that we will be launching our very own ERC-20 GTK token on the Ethereum blockchain. Users will be able to buy, sell and pool GTK tokens via Uniswap. More detail coming soon
- GTK Staking & Information Website - We have almost completed building a great website in which users will be able to stake the GTK token and collect rewards). More details coming soon
- Branding - It's a work in progress but progress we are making. As part of our new website, we are iterating on a new branding palette

Lots going on! Thank you for your patience and support. We really appreciate it during this exciting and busy phase.

Sifchain Announcements

19 May 2023 15:15

Hop Aboard Early: GTK Trading Platform Ready for Takeoff!

Great news! Our innovative GTK Trading platform is nearing its much-anticipated launch. This unique platform offers significant trading enhancements such as a powerful x100 leverage, allowing you to make the most of market fluctuations. Coupled with our advanced Matcher autohedging capabilities, you're offered an exceptional combination of opportunity and security over your transactions.

As we prepare for this exciting roll-out, we're looking for a select group of early adopters. This opportunity offers a rare chance to experience this pioneering platform before it becomes widely available, providing you with a distinct edge in your trading activities. For those interested in this exclusive opportunity, please reach out to @idjones, who is expertly handling all coordination.

We look forward to embarking on this exciting journey together.

Sifchain Announcements

25 Apr 2023 12:43

Hi everyone!

We would like to inform you that we are aware of the ongoing challenges with exporting ERC20 tokens and are actively working towards a swift resolution. We understand the significance of this matter and assure you that our team is fully committed to addressing this concern.

If you are currently encountering difficulties with withdrawing ERC20 tokens, we kindly request that you contact @idjones, through direct message. @idjones will provide the necessary assistance to resolve the issue and facilitate your withdrawal.

As we work towards resolving this matter, we advise you to remain vigilant of any fraudulent activity. Please note that @idjones will never initiate private conversation with you, request any fund transfers, or ask you to follow any external links.

We appreciate your patience and understanding during this time, and we will continue to update you on any further developments. Thank you for being a valued member of our community!

Sifchain Announcements

02 Apr 2023 09:46

Revenue sharing

By L2, part of the interest revenue from trades on this platform will be allocated to key liquidity pools. We expected to target a $GTK:$USDC pool to receive these rewards but that can’t happen until the $GTK token is launched. For now, expect promotional rewards in $USDC or another non-Rowan token to appear in either Rowan:Osmo on Osmosis or Rowan:USDC on Uniswap v3 (or maybe both!). APR will likely be quite high especially given the shallowness of those pools and will be at promotional levels not necessarily generated directly from the GTK margin trading platform in its early days.

More news and posts to come. Stay tuned!

Sifchain Announcements

02 Apr 2023 09:44

Hi all!

Appreciate your ongoing support. In the last couple of weeks we've been working in a stealth mode and have given quite little updates for you guys, but today we have something tasty to please your appetite :)
A quick reminder...

What is GTK?
GTK is the platform, which offers deep margin using any available on-chain asset as collateral to trade any asset listed on a reliable oracle. To be more specific:

For Traders
- Allow traders to long or short any asset with a reliable oracle
- Allow traders to use any available on-chain asset as collateral
- Allow traders access to a large lending market for robust leverage opportunities
- Allow traders to control when their positions open or close
- With limit orders, stop losses, take profits, and manual overrides
For Lenders
- Allow lenders to provide a lending market for every available on-chain asset
- Allow lenders to enjoy high interest opportunities through concentrated lending

Check out our demo and twitter thread for more details https://twitter.com/sifchain/status/1635796105517744129?s=20

This project can be launched and iterated on more quickly than most cryptocurrency applications, because key components of the system will run off-chain (though application state will be frequently stored on-chain in transaction memo fields). Such architecture has been used for a few off-chain relayer protocols like 0x but is underutilized in today’s market.
Because it uses off-chain processing, it can be deployed relatively quickly to other chains as well. We’re eying BNBChain and Arbitrium as potential next destinations.

What's the current status of development ?
Fresh from the dev cave: we do have the UI officially up https://gtk-margin.com/. At this particular iteration, named Level 0, we have the following abilities:
- Traders.
- Create market orders.
- Create limit orders.
- Long or short.
- Set stop losses and take profits.
- Lenders (Matchers).
- Deposit or withdraw lending (matching) capital.
- Request capital back in 7 days (gives trader 7 days to exit their position).
- Earn interest from trades.
- During L0, the app is available to use only for the whitelisted users.

Also, it only supports USDC, USDT, and ETH as collateral, and BTC, ETH, Juno, Rowan, ICP, Atom, TRX, and BNB as target tokens. The collateral and target tokens were chosen somewhat arbitrarily, additional token requests are welcome but the total list will need to be relatively short during testing.
Traders also have an automatic take profit set for 100%; trades cannot get higher gains that that (minus fees).

A key feature of the application is that lending capital is done through making two trades (one matching trade which is a countertrade to a trader’s trade and one other hedge trade which is in the same direction as a trader’s trade on another exchange). Executing a hedge automatically on another platform when your match deposit is used for a countertrade on GTK requires external software. We’re working on an autohedging feature that will trigger a hedging trade for matchers/lenders on other exchanges without external software but until that is done, we do not recommend non-programmers to deposit liquidity through matching (though trades should be fine).

Moreover, the project is in very early days so we also don’t recommend executing trades with large amounts of capital. Large trades may not be matched due to limited lending/matching capital (in which case they’ll stay in pending for a while).
Once we hit L2, we expect the protocol will be usable by average users for lending/matching and trading. Key features for L1 and L2 include:
- Import and export tokens for Sifchain (for now, this would need to be done through the standard Sifchain UX like https://sifchain.akask.pro).
- Further decentralization of protocol wallet hosting.
- Auto hedging.
- Copy trading.
- Automatic interest dispersal to key liquidity pools or other addresses of interest outside of matchers/lenders.
- Deployment on a second chain.
- Deployment of GTK token.
- Audit.

Sifchain Announcements

01 Jan 2023 18:11

Please standby as we cycle our API and RPC endpoints. During this time, balances and TVL may not load on https://sifchain-dex.forbole.com

We will announce when this change has been completed

Sifchain Announcements

06 Dec 2022 22:37

Hi all,

Margin Trading has been re-enabled on the ATOM:ROWAN and USDC:ROWAN pools, and the whitelist has been removed. Users are able to long ROWAN against TKN or long TKN against ROWAN.

Sifchain Announcements

02 Dec 2022 22:00

Hi all,

The dynamic swap fee has been removed. Swaps will now incur a flat fee of 0.3% for ROWAN based swaps and a flat fee of 0.6% for TKN:TKN swaps.

Sifchain Announcements

01 Dec 2022 15:49

We are pleased to announce that GEM Digital Limited (GEM), a Bahamas-based digital asset investment firm that sources, structures and invests in utility tokens listed on over 30 CEXs and DEXs, has provided Sifchain with an investment commitment of up to US$25 million. We will need to optimize the stability and success of Sifchain to maximize the value of this opportunity.

Stay tuned for more

Sifchain Announcements

26 Nov 2022 04:59

Hi everyone,

We’d like to give an update on the dynamically updating swap fee for Rowan sales on Sifchain. Please recall the feature was deployed to allow poolers to retain as much liquidity as possible while substantial arbitrage occurred for Rowan between Sifchain and other chains. Setting the fee entirely to the same as other tokens on Sifchain could lead to a massive quick reduction in TVL.

However, this is an opportune time to reduce the maximum from 100% to 25% as Rowan is trading much more closely on Sifchain and other exchanges. Please stand by for an announcement when this change is complete. Note that the actual Rowan swap fee decrease incrementally over the duration of each epoch and then resets to the max from one epoch to the next.

We are also working on a UI update to more clearly identify the impact of the dynamic swap fee. The amount in the “To” slot needs to be updated to the amount in “Min Received” for Rowan -> TKN sales as a lot of folks are getting confused.

Thanks again for your support of Sifchain, have a great Thanksgiving weekend for those celebrating

Sifchain Announcements

24 Nov 2022 08:10

Hi everyone,

An update on things mentioned in the 90-day plan:
1. Monetary Policies are at the following levels:
- Liquidity Provider Distribution is at 2%
- Liquidity Protection is at 10%
2. IBC transfers in & out should be fully functional
3. Peggy transfers in & out should be fully functional
3. Margin Trading functionality is still disabled for the time being. There will be subsequent announcements on when this will be re-enabled.
4. Dynamic min swap fee is still enabled. There will be subsequent announcements on when this will be adjusted.

An update on the next software deployment:
- Features:
1) Enable asymmetric liquidity adds.
2) UI updates on more clearly showcasing: a) Swap Fee amount during swaps and b) Swap fee amount when doing a liquidity add (especially important during asymmetrical liquidity adds)
- Timing: It's Close! Currently in final testing & UI adjustments.

An update on all other things:
a) Front-end toolkit v3: The remaining work is being documented, and there is an effort on recruiting internal and external volunteers to get it delivered. If you are interested in helping here, please ping myself Sif_moon, HHA | OtterSync, or friedqi.
b) Peggy 2.0: Once the above release is deployed, the merge of the Peggy 2.0 code will begin, which will then kick off final integration testing. In order for Peggy 2.0 to be fully deployed and live, the above Front-end changes (in point a) need to be completed.

Sifchain Announcements

24 Nov 2022 05:21

Update from Bucky

Please join us for a comprehensive update from the project. We will bring everyone in sync with our status, and what the path of head looks like. We hope to see you there.

Check Date and Time Here: https://discord.com/events/769209144515100693/1045182638467596298

Sifchain Announcements

11 Nov 2022 01:27

Hi all,

Just a reminder:
- IBC and the ability to export ROWAN to osmosis is enabled.
- LPD will continue to be reduced 1% each day until it gets to 2%.
- DLP will continue to increase each day until it gets to 10%.
- All sifs ascension rewards are now deposited directly to users wallets.

Sifchain Announcements

29 Jun 2023 10:19

GTK Margin Beta Testing is Live!

Great news! 🎉 We've launched Beta testing with our exclusive early adopters today.
We are working with a closed group of adopters who are the first to get access to the platform and provide direct feedback to our developers.🚀
If you're interested in joining this closed pioneering group, feel free to DM @idjones. We value unique insights and ideas

Sifchain Announcements

26 May 2023 11:32

Update to GTK Token

Our team has been working diligently to ensure that every aspect of this feature is thoroughly tested and secure before making it available to you. While we initially aimed for an optimistic weekend early next week launch, it is important for us to prioritize the reliability and performance of Auto-hedging, which has led us to set the more realistic target for mid next week.

This additional time will allow us to address any potential issues and provide you with the seamless and efficient experience. Thank you for your understanding, and we look forward to having you join us soon.

Beta Launch Phase – User feedback

We will be launching in Beta. This is a live platform and give users a chance to trade and match. We will provide you with a document which you can use to capture your actions. Our dev’s will be on standby in order to facilitate any feedback, issues questions you may have.

Be an Early Adopter

Please get in touch with @idjones if you are interested in joining in the Early Adopters Group.

We’ll keep you posted as we draw nearer the time🫡

Sifchain Announcements

22 May 2023 13:28

Requesting feedback from our GTK Documentation:

We're inviting anyone interested to take a deep dive into our documentation and provide us with your valuable feedback. We believe that our community is our greatest asset, and we would love to hear your thoughts on these developments.

This is a fantastic opportunity to get involved and contribute to our growing community. Your insights will help us refine and improve our documentation, ensuring it meets the needs and expectations of our users.

You can find it here: https://gtk-1.gitbook.io/gtk-user-documentation/

The purpose of the documentation is to reference all specifics regarding the trading platform and gtk tokenomics . Note: we are still working on details around pooling and stacking.

We appreciate your time and look forward to hearing your thoughts. Let's continue to build something amazing together! Please provide your feedback in the comment to this post.

Sifchain Announcements

08 May 2023 18:30

Hey everyone! A quick update on the most relevant topics:

Update on IBC Relayer and Infrastructure Fix - We are Progressing

We wanted to share a more detailed update on our efforts to improve the IBC functionality and re-enable IBC connections for token access, and assure you that addressing this issue remains a priority for us.

Here's what's happening:

New Testing Environment Infrastructure: Our team is actively working on resolving the Integration and Testnet environment blockers which is essentially around replacing the current infrastructure. It is taking longer than we envisioned so apologies for that.

Focus on IBC upgrade: With a prioritized emphasis on IBC improvements, we aim to make the new Testnet environment fully functional across all aspects, ultimately achieving a more robust and reliable infrastructure.

We appreciate your patience and understanding as we continue working diligently to resolve these issues. We'll keep you informed of our progress.

Sifchain Announcements

21 Apr 2023 18:57

Regular updates, addressing testing constraints & IBC relayer update

As we continue our efforts to improve the functionality and reliability of our platform, we want to update the community on some issues are facing and the proposed solutions we have in place. Moving forward we are committing to providing regular updates in the usual channels.

For transparency, our testing environments and CI/CD pipeline have been experiencing technical difficulties. These constraints are specifically preventing us from updating the IBC relayer protocol which is in play right now.

We are currently in development to fix the blockers which will allow for more efficiency in deployment of functionality. In the short term it will enable us to update the IBC relayers, and re-enable key IBC connections to allow some of our users to access their tokens that are currently stuck.

We are committed to resolving these issues and appreciate your patience and support as we work towards achieving our goals.

Sifchain Announcements

02 Apr 2023 09:45

We’ve also developed a data table for the app and are looking to add these usage stats into the main https://gtk-margin.com/ page
We do really want to make product feel real to users. Thus here's some alpha for everyone looking to access GTK platform. Please dm @idjones to join the GTK pioneer cohort, keeping in mind this is very much in early days.

Sifchain Announcements

01 Feb 2023 00:57

Functionality for Sifchain's UI at https://sifchain.akash.pro/ including swapping, pooling, checking balances, and more has been restored after an update to https://rpc.sifchain.finance/ and https://api.sifchain.finance/ !

Margin functionality is still unavailable in the UI but can be accessed via the CLI. At the moment, liquidity mining rewards are set to 0 but governance may update this

Thanks for your patience with us and let us know if you run into any issues. Stay tuned for further maintenance updates for Sifchain!

Sifchain Announcements

24 Dec 2022 06:56

Hi everyone, we think it's time to address a few recent concerns with the project.

First, while the main FE selector is down, please use sifchain-dex.forbole.com or sifchain.akash.pro

Neither of the above FEs contain the margin UX although it is accessible via CLI

That said, the chain is currently halted as we work to remove its admin wallet

While the project still has serious financial concerns, we remain focused on continued attempts to support it. We appreciate the words of support and encouragement from those who want Sifchain to succeed!

Sifchain Announcements

03 Dec 2022 05:25

Updated again to 0.05% (swap fees) in anticipation of reopening of margin.

Sifchain Announcements

02 Dec 2022 05:44

Hi all,

The most recent software upgrade, which enables asymmetric liquidity adds, is now fully live! A few things to note:

- Users are now able to add liquidity symmetrically & asymmetrically
- Users will now see more obvious swap fees in the swap modal and when adding liquidity.

There will be subsequent updates & announcements coming to dynamic swap fees, where these will be reduced substantially.

Sifchain Announcements

29 Nov 2022 06:49

Hi all,

An update on the next software deployment:
- Features:
1) Enable asymmetric liquidity adds.
2) UI updates on more clearly showcasing:
a) Swap Fee amount during swaps and
b) Swap fee amount when doing a liquidity add (especially important during asymmetrical liquidity adds)
- Timing: Proposal raised. Eta live in 1 day, 22 hours, 53 minutes from now

Sifchain Announcements

26 Nov 2022 00:31

Hi all,

An update on the next software deployment:
- Features:
1) Enable asymmetric liquidity adds.
2) UI updates on more clearly showcasing: a) Swap Fee amount during swaps and b) Swap fee amount when doing a liquidity add (especially important during asymmetrical liquidity adds)
- Timing: Running into a few snags on final test cases. Hopefully some updates over the weekend.

Sifchain Announcements

24 Nov 2022 08:08

Hi all,

An update on the next software deployment:
- Features:
1) Enable asymmetric liquidity adds.
2) UI updates on more clearly showcasing: a) Swap Fee amount during swaps and b) Swap fee amount when doing a liquidity add (especially important during asymmetrical liquidity adds)
- Timing: Aiming at raising proposal tomorrow or day after.

Sifchain Announcements

19 Nov 2022 07:36

Hi all,

At this point:
- Liquidity Provider Distribution is at 2%
- Liquidity Protection is at 10%

Sifchain Announcements

05 Nov 2022 02:29

Hi all,

DEX Updates:
The following is now live on the Sifchain DEX:
1. ROWAN exports have been disabled for IBC only. This means they will be active to be exported via Peggy.
2. All margin trading activity has been disabled.
3. Liquidity Provider Distribution has been set to 10%.
4. The dynamic min swap fee is enabled. For a brief write-up on this, see below.
5. ROWAN swaps (to and from) have been re-enabled.
6. DEX Liquidity Protection has been set to 2%.

DAO Updates:
The Validator Delegation application window is now open. This will remain open from November 4th - November 18th. Please see here for details on how to apply, as well as for additional context around these applications! cc Validatorz
- https://www.notion.so/sifchain/Enrollment-Application-Announcement-133cf8ff9b8e4825a43bd053bcf656f9
- https://www.notion.so/sifchain/Validator-Delegation-Council-Wiki-a34a4cfb7fa04ababfae40f7e4cda135?p=b0b24c7230294278b46a880bd9b104ea&pm=s

Dynamic min swap fee
- Hackmd write-up: https://hackmd.io/MhRTYAsfR2qtP83jvmDdmQ?view#Swap-Fee-Changing-Over-Time
- Code: https://github.com/Sifchain/offchain-agents/blob/master/domains/adjust-swap-fee-rate.js
- Brief explanation: The swap fee starts at a max amount. This is currently set to 100%. Then every 'intraEpochLength', set to 2 minutes, if no Rowan sales have occurred, it decreases by 'sfIncrement', set to 1%. And then continues. If Rowan sales do occur in that 2 min window, the swap fee stays where it is. Then after 'reset-swap-fee-rate.schedule', set to 4 hours, it resets back to 100%.

IMPORTANT - when swapping, make sure to pay attention to the 'minimum received', the 'liquidity provider fee', and the amounts on the confirmation modal.