Sifchain, a yet-to-launch decentralized exchange (DEX) protocol, has raised $3.5 million in seed funding.
The round was facilitated through a simple agreement for future tokens (SAFT) sale, Sifchain project leader Jazear Brooks told The Block. A SAFT is an investment contract that promises the delivery of tokens at a future date.
Sifchain's SAFT round was led by NGC Ventures, with participation from Alameda Research, Mechanism Capital, Bitscale, and others.
The protocol is being built on the Cosmos network, and it will be interoperable with several other blockchains, including Ethereum and Bitcoin, said Brooks. "Mainnet has Ethereum compatibility. Other bridges will be added over time. We are targeting a cadence of 4 a month, starting in Q2 2021," he said.
Sifchain's "omni-chain" model is going to be the protocol's competitive edge, according to Brooks. "There are no other projects even targeting omni-chain. There are a couple of independent projects targeting cross-chain with Ethereum, but none trying to make omni-chain a standard."
Sifchain plans to release its mainnet next month. By March or April, it plans to add margin trading and limit order features. Brooks said the Sifchain development team has over a dozen engineers with prior experience working at firms like Coinbase, Cosmos, Polkadot, Tezos, and Thorchain, among others.