June 23, 2021

Cross-chain DEX platform Sifchain deploys Cosmos-Ethereum bridge

3 min read

Sifchain, an omni-chain solution for DEXes developed with the Cosmos SDK, has announced that it has actually successfully released Peggy, a Cosmos-Ethereum bridge on its Monkey Bars testnet.

Sifchain is a cryptocurrency exchange procedure built on Cosmos SDK and will target 20– 25 blockchains (such as Bitcoin, BinanceChain, Polkadot, Ethereum, Stellar, and EOS) for cross-chain combination. It will also simplify the process of blockchain integration, reducing the advancement procedure for the Cosmos neighborhood so that additional cross-chain combinations will be cost lessened in terms of cash and designer resources.

Sifchain’s objective is for new blockchains to consider cross-chain integration as important as a wallet or block explorer. Liquidity from all cryptocurrencies can then be accessed on-chain, allowing the coordinated implementation of capital from all cryptocurrencies by DAOs.

Peggy

Sifchain has actually deployed a persistent deployment of Peggy on a standing testnet, in parallel with Althea’s version of Peggy. Sifchain will take advantage of the power of the Cosmos SDK to release a Peggy chain on mainnet. Sifchain uses Cosmos’ master branch Peggy with work created by the Swish Labs team under an Interchain Foundation grant. Like Althea Peggy, Sifchain’s approach to Peggy permits users of ETH and ERC-20 tokens on Ethereum to develop pegged tokens on a Cosmos Network chain.

In both systems, an Ethereum user can send out tokens from their Ethereum wallet to a Peggy wise contract operating on Ethereum. Peggy validators observing the Peggy clever agreement keep those Ethereum tokens in a lockup group and mint a corresponding allowance of pegged tokens to a user’s Cosmos

Network wallet address. The difference between the 2 lies in their crypto-economic security design. Althea Peggy utilizes a Proof of Authority model in which users accept the reliability of a choose set of pre-ordained validators that run the Peggy bridge. A cross-chain deal is verified if the pre-ordained validators state it valid above a specific threshold.

By contrast, Sifchain utilizes a Peggy release with a Staked Threshold design in which Peggy validators stake security to secure the bridge and they are subject to slashing based on Tendermint agreement rules on both the Cosmos SDK chain and the Ethereum clever contract side of that bridge. This solves the aforementioned crypto-economic security concern on the bridge. In exchange for being subject to slashing, validators make a service rate. Althea compromises trust minimization in exchange for simple design whereas Sifchain trades off simple style for optimizing trustlessness supported by crypto-economic incentives.

“We see Peggy’s implementation as a trademark moment for growth of the Cosmos Network. With Peggy and IBC, Ethereum users will be able to use their ETH and ERC20 tokens on Cosmos SDK platforms such as Kava, Akash, Terra, e-Money, IRIS, Secret Network, and of course, the Cosmos Hub. Universe Network users will also be able to utilize their tokens on Ethereum and make the most of its dapp network. Cryptocurrency holders on both sides will be able to take advantage of the advantages of one chain while holding a position on a token native to another, bringing us one step better to Sifchain’s mission of connecting liquidity on all blockchains.”
– – The Sifchain Team

Those interested can discover information on Sifchain’s Peggy application on GitHub.

Built with the Cosmos SDK, Sifchain processes significantly more transactions per 2nd than Ethereum, making it 100x more efficient than the existing leading DEXes. This corresponds to faster trades and decreases fees. Sifchain combines the very best aspects of liquidity swimming pools and order books for ideal order execution. the platform likewise permits conditional market and limitation orders, including stop loss and take earnings orders.

CryptoNinjas” Cross-chain DEX platform Sifchain deploys Cosmos-Ethereum bridge