While I know this may be a hard pill to swallow, this will be done carefully so as to not obstruct ROWAN’s growth. It is not our intent to devalue ROWAN but rather work within the current parameters to sustain operations at this time. Please note, however, that no sales will be made by circumventing DLP. All sales will be made on markets available to anyone. Finally, I would like to give an update on the ecosystem fund. At Sifchain’s launch, 250M ROWAN were reserved for the ecosystem fund. This fund was meant to drive the growth of the Sifchain protocol and has been used for initiatives such as liquidity mining rewards, bug bounty payouts, protocol loaned liquidity, and validator delegations. Approximately 100M ROWAN remain in the ecosystem fund. As we have previously stated, a review of all treasury funds is in progress by our new accountants. We will provide additional detail on the ecosystem fund after their review is complete. In addition to reviewing the treasury, the accountants are conducting a major overhaul of our accounting processes and procedures and preparing year-end tax reconciliations and returns. On October 1st, accounts payable and related operations were handed over to the new accountants. Moreover, I have instructed our attorneys to work closely with the accountants to oversee future treasury management. We are at a pivotal point in the development of Sifchain. Key initiatives which delegate increased power and authority to SifDAO are coming to a head. A discussion period for two proposals has been raised alongside the release of this letter. Both proposals increase the role SifDAO plays in the prolonged development and maintenance of the Sifchain protocol. We look forward to SifDAO’s increased ownership and participation in the stewardship of the Sifchain protocol as key milestones are met in the coming months and community confidence is secured.

A letter from Jazear. Dear SifDAO Contributors: Thanks to the hard work by our team, margin trading launched recently. We’ve received incredibly positive feedback on the look and execution of the platform. Moreover, the platform is performing as anticipated. Lots of traders have taken out substantial double digit profits, please see other announcements for more specific stats. We continue to refine the protocol to improve performance, including methods by which Rowan swaps on Sifchain can be performed more easily by average users while retaining the essence of our monetary policies. Now that we have successfully launched margin trading, I am writing this letter to outline the current State of Sifchain, discuss certain key initiatives, and announce some changes we are making that includes increased authority delegation to the DAO and oversight of treasury management. Although I write this letter during a significant bear market and understand that some are concerned about the current price of ROWAN, I can assure you that our team is working diligently, and all are focused on the long-term growth of Sifchain. We take this responsibility seriously, and I am very proud of our team for what they have achieved. The release of margin, along with our updated monetary policies, should bring real revenues to the protocol and marks a key milestone for Sifchain. Next on the agenda is Peggy 2. Significant progress has been made on Peggy 2 and we are in the final stages of testing and going to begin integration. We believe the combination of margin and Peggy 2, will be the perfect one-two punch to propel Sifchain into the future. In addition to these two features, there are several other key initiatives planned like a new v3 DEX, updated branding, orderbook, and a strong marketing campaign with ads and giveaways. The key initiative I’m most excited about however, is the new SifCore/SifDAO Committee. For some time now, I have wanted to seek more engagement from the DAO, but have been pre-occupied with margin. Recently I have had many conversations with a few hard-working and intelligent members of the DAO that share my dedication for the success of Sifchain. In fact, I was quite surprised, and a bit humbled, by their commitment. With their input, we were able to submit a proposal for the new SifCore/SifDAO Committee which will improve communications and transparency between Sifchain leadership and the DAO. This committee is just one step in what I see as an evolving process of additional DAO contributions to, and authority over, Sifchain. Currently we are engaged in ongoing discussions about various revenue generation opportunities for both the DAO and SifCore. Moreover, I worked with these DAO members on the introduction of the Revised ROWAN Tokenomics & Ecosystem Fund proposal. We are committed to a fair and transparent ecosystem and this proposal will give the DAO more power in fund management of the DAO treasury and more clearly define the ecosystems fund’s standards of use. This new proposal, with the release of margin and Peggy 2, will pave the path to sustainability of Sifchain. We expect the launch of margin trading and the implementation of strong monetary policies to generate revenue which will have a substantial positive impact on our treasury holdings. Sustainability for the continued development of Sifchain is dependent on these revenues and the price of ROWAN. If the protocol is unable to generate real revenue to maintain the development of the project, the core team will either raise additional funding or sell ROWAN. In both cases the expected impact on the markets lessens as the amount of liquidity increases, or the value of ROWAN increases. Likewise, if ROWAN’s token value increases, the runway for project development also increases. In order to raise sufficient funding for continued operations while the monetary policies and margin trading begin to generate revenue, the core team will need to sell additional ROWAN.