Providing Liquidity on Sifchain - Something new everyday!

LeoFinance
2 Min Read
404 Words

As many Leos are familiar with Thorchain (RUNE), I guess some of you have also paid close attention or at least heard of a similar newer project - Sifchain.

Check out more details from their website:

https://sifchain.wpcomstaging.com/

From the naming, you might guess that this project has very similar goals with Thorchain and it aims to raise cross-chain defi experience to a new level together with Thorchain.

I was trying to get into their token sale a while ago but it was too hot. Luckily, the Sifchain team decided to airdrop to three kind of users: 1) ATOM community, 2) Thorchain community and 3) People who passed their KYC to apply for token sale.

After the sale, I have waited a long time and totally forgot about it and then a few days ago... BOOM!!

The ROWANS (native token for Sifchain) appears in my Keplr wallet!! Thanks to John @jk6276 's tweet for the message:

https://twitter.com/JohnKeo58416448/status/1384518796329713665

Did not know what to do with those ROWANs, I also staked some to the validators to get some rewards but for now looks very little...

Secondly, I try to play with its crosschain LP providing!

Since I have some FTMs lying around on my Binance wallet, I decided to move them here to maybe get me some rewards in the long run... without any significant research on Sifchain though... lol

This is what I did... costing me 80$-ish along the way... due to Ethereum high fees...

So I send FTM from Binance wallet to my Metamask wallet in ERC20 form. Connect metamask with Sifchain App and used its Peggy service to Peg my ERC20 FTMs to its native cFTM tokens...

When you send out tx, it won't appear immediately, but there will be a star sign showing that you have a tx going on though..

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After 50 confirmations on Ether chain, cFTM will appear on your Keplr wallet. Here I have 3200 cFTM.

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So I LPed them all with corresponding ROWANs...

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I chose the low fee option as this site is still in beta, should be alright and save some fee.

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Finally, my LP shows up!! WOW!! I now own 56% of the pool! Crazy... It means I am quite early to be in this pool... I hope it means rewarding than risky though... lol

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Let's wait and see what Sifchain has to offer in the future!

Posted Using LeoFinance Beta