Sifchain is a DEX that has its own application specific Blockchain and tries to balance the incentives between the validators and all the different participants. It’s very different from the bare-bones model of Uniswap because of features such as dynamic fees being provided when swapping tokens and asymmetric liquidity. 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. Sifchain will support cross-chain transactions for 20-25 of the top blockchains such as Bitcoin, BinanceChain, Polkadot, and EOS. These blockchains represent the overwhelming majority of all cryptocurrency trading volume and will set up Sifchain to be used with a wide variety of cryptocurrencies.
Like Thorchain, and other projects working on a cross chain protocol with a high number of chains, Sifchain is a highly ambitious project. Nonetheless, the team behind it seems well armed, their codebase shows great activity with good code, and they already launched their mainnet earlier this year. However, as Ethereum remains the preferred chain for DeFi protocols, Sifchain will require a lot of effort and community building to attract and convince users to use it instead of staying on isolated chains. As other protocols like Polkadot or Solana are seeing an emergence of DeFi projects, Sifchain might make a lot more sense soon. The governance token of the protocol is trading on Uniswap.