Sarcophagus, the decentralized dead man’s switch built on Arweave and Ethereum, launched a Gitcoin bounty less than three weeks ago to bridge their ERC-20 utility token, SARCO, to other chains. As it stands at the time of writing, 6 out of 7 bridges are completed, with liquidity pools.
Of the list below, only Avalanche is yet to go live since it requires approval from the team.
Bridging a token to another chain – specifically an ERC-20 away from Ethereum – makes it cheaper to swap, pool and spend. The gas fees on Polygon and other L2s/EMV-compatible sidechains are hundreds of times cheaper than Ethereum and can be significantly faster.
This broadens the Sarcophagus app’s audience significantly – on Ethereum, buying SARCO and using it for tasks like encrypting, wrapping and rewrapping a sarcophagus could cost hundreds of dollars in gas for an active user. Plus, failing to keep enough ETH in the connected wallet could result in the user being unable to rewrap their data.
With low-fee chains like Arbitrum, Polygon and Optimism, average users can participate without spending beyond their means.
“The pools are ready for funding, and in place, but we want to have a vote on which one to support with another LP incentive [besides from ETH]. The remaining DEX pools that will not have incentives are free to be funded but won’t get support from the Tomb [e.g. be usable in the app] immediately. The plan is to make the tomb compatible with as many chains as possible in the end, so these pools are still good to have for progress [towards that].” – Jonny Ringo, Sarcophagus Community Admin
Sarcophagus shares a look at the incentivized ETH LP farming on their site; around 60% of the 2.5m SARCO nominated as incentives for SARCO/ETH pools has already been emitted, and the ETH pools will no longer be incentivized in around 6 months time.
The move to L2 comes with further pushes to democratize Sarcophagus, with the DAO handing more responsibility to the community and setting up payroll infrastructure. “We want to blur the line between team and community as much as possible while still providing direction and leadership as the original builders/ investors”, the team stated in November’s investor update. A major part of this is more bounties, like those which brought SARCO cross-chain.
Sarcophagus DAO shares internal planning meetings on permacast here. The Scarab Sessions features upcoming votes, open roles, and discussion that influences potential governance proposals. Anyone can join and get involved to shape the future of the first cross-chain decentralized dead man’s switch.