Despite the recent downturn in crypto prices, decentralized finance, or DeFi, is still among the strongest sub sectors in the blockchain industry. According to crypto data aggregator DeFi Pulse, the total value locked in DeFi protocols is currently at levels last seen around March 2021. However, as data from The Block suggests, trading volume on decentralized exchanges (DEX) in the first half of 2022 is considerably higher than during the first half of 2021, from roughly $380 billion to about $540 billion.
Sifchain, a company building innovative software in the DEX space, has recently announced the continued expansion of its current project line. The project announced the addition of several new features to its decentralized exchange, as well as an expansion of its capabilities by adding a second chain to its Omni-EVM program. Here’s what’s going on behind the scenes.
What is Sifchain?
Sifchain was built on the Cosmos SDK, an open-source framework constructed to make it easier for developers to build blockchains. The primary goal of the Cosmos framework is to allow efficient communication between blockchains while maintaining their decentralized structure.
Sifchain aims to take on one of blockchain’s biggest challenges; siloed infrastructure with minimal interoperability. The project allows its users to swap and stake on Sifchain’s DEX and bridge between Ethereum and Cosmos. For cross-chain communications, Sifchain will be targeting between 20-25 blockchains. This will help to create a more fluid experience for those operating from multiple blockchains.
As the world’s first omni-chain DEX, Sifchain incorporates several notable distinctions from standard exchanges. The project introduces the use of Continuous Liquidity Pools (CLP) as a core part of its platform. These CLPs enable more efficient and scalable transactions compared to current standards.
Sifchain has also worked with numerous partners and investors including Bitscale Capital, Kenetic, Mechanism Capital, and Master Ventures.
Addressing common challenges
Sifchain is currently working to address common challenges faced in decentralized finance (DeFi) today. The platform understands that copycat protocols and innovators commonly “die on the vine” because they offer zero originality. As a result, their liquidity quickly dissipates.
Sifchain is offering solutions to this problem by releasing innovative, advanced technologies that bring value to the space. Furthermore, the platform welcomes developers and other projects to build using the Sifchain platform.
Making an impact
As Sifchain’s CEO and Core Contributor, Jazear Brooks, says, “We see Sifchain as a way of taking our team’s intelligence and innovations and providing it to the network and the global community. Then, the global community will be able to use our insights and intelligence to execute their versions of it for their greatest benefit.”
Sifchain aims to impact DeFi consumers by giving them more control over their lives so that they “feel more at home, more capable of being yourself, and more alive.”
What’s next for Sifchain
Sifchain has already announced a number of upcoming additions to its services. This includes, among other things, Margin Trading, Omni-EVM, further Sifchain DEX Advancements, Engineering Pipeline & Back-End Optimizations, Partnerships, Marketing, and Public Relations, Team Building, and Ongoing Rewards Programs.
The project will be conducting a margin trading MVP beta test at the end of the month with a full launch in Q3, 2022. Sifchain also plans to implement a second chain into its Omni-EVM program in the third quarter of 2022.