And everybody was saying keep an eye on this specific Altcoin and yes — Sifchain – and they were right.
Sifchain (EROWAN), a low-cap DeFi altcoin, skyrockets by 47% in the wake of the staleness in the general crypto markets.
EROWAN has bounced from a low $0.114 on April 23 and is currently at $0.168.
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At the 271st level of all cryptocurrencies, SifChain has been on its seven-day high streak at 47%. SifChain is now at a price point that is above resistance; it may be nearing its volatility period once the rally is over.
SifChain has been trading on low volumes over the course of seven days but it now has an extremely bullish sentiment score and is continuously rising.
Many traders are anticipating the market behavior of Sifchain EROWAN as it has become a high-performing Altcoin despite the immobility of Bitcoin, Ethereum, and all other stablecoins.
Sifchain is the first-of-its-kind omni-chain decentralized exchange (DEX) geared towards digital assets and altcoins that enables liquidity, freeing investors from ridiculous trading fees and immature trades.
Sifchain has set eyes on roughly 20 to 25 blockchains to facilitate cross-chain integrations.
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The only way for DAOs to be self-subsistent is to get their hands on enormous funding. Enabling cross-chain liquidity is important for continuity in the blockhain space.
Sifchain is from the Cosmos Software Development Kit (SDK) and runs along others like Akash, Kava, and Terra in the Cosmos Network Blockchain network.
With that being said, EROWAN is 100 times more powerful and robust compared to Ethereum-based DEXs when considering transaction speed and trading fees.
As a DEX, Sifchain has the best of worlds in terms of order books and liquidity pools enabling solid order execution.
Users are bound to leave a protocol once the APYs plunge which makes it very difficult to maintain its liquidity. Majority of protocols incentivize liquidity by way of annual percentage yields of APYs.
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Now, the problem with keeping the APYs relatively high is that it results in casting aside the native token price. PMPT is the solution to this dilemma.
PMTP’s goal is to pump up the ROWAN value so that the community would be encouraged to HODL which will beef up ROWAN liquidity for the long term.
To do this, the ROWAN exchange rate is adjusted by small increments on the Sifchain.
PMTP applies every time you swap. As the market value of ROWAN shoots up, the swaps also increase in value over time.
Featured image from Medium, chart from TradingView.com