SithSwap, a next-generation automated market maker (AMM) on StarkNet, introduced it has efficiently raised $2.65 million at a $25 million valuation in a seed funding spherical led by Lemniscap, with participation from Large Mind Holdings, GSR, DWeb3 Capital, Ghaf Capital Companions, in addition to angel buyers Anthony Beaumont and Etienne Royole.
The SithSwap staff will use the seed capital raised to develop its expertise pool by hiring proficient Cairo builders and expedite the deployment of the core AMM contracts to the StarkNet Alpha Mainnet.
Roderik van der Graaf, Founding father of Lemniscap, mentioned: “Subsequent-gen AMMs have been sorely lacking from the promising StarkNet ecosystem, and it’s past thrilling to lastly see one with a novel and distinctive design getting into the fray. We’re absolutely assured within the staff’s capabilities, and that SithSwap will obtain its purpose of delivering secure swaps on Starknet that can redefine the longer term and scale of DeFi.”
StarkNet — a permissionless, decentralized layer-2 community constructed over Ethereum that delivers cutting-edge ZK-rollup know-how — has been gaining traction by enabling builders to construct decentralized functions which might be each safe and scalable.
Nonetheless, regardless of StarkNet’s potential and recognition, superior stableswap AMMs are at present lacking from its ecosystem. SithSwap seeks to bridge this hole by constructing early on StarkNet and offering immediate unstable and stableswaps with ultra-low slippage and near-zero fuel charges.
“Our passionate staff is fueled by a robust resolve to construct out the subsequent era of DeFi on the last frontier of Ethereum, powered by StarkNet’s groundbreaking ZK-rollup know-how. With the collective power and resolve of our Solidity and Cairo engineers, we consider that SithSwap can comprehensively deal with the urgent want for a next-gen, easy-to-build-on AMM for the flourishing StarkNet ecosystem.”
– Sidius, Founding father of SithSwap
As a hybrid-engined AMM, SithSwap seamlessly integrates each the stableswap and constant-product engines to supply customers extraordinarily low slippage on tightly correlated asset pairs, with out renouncing the familiarity and ease of integration offered by the timeless Uniswap V2 contract design and structure.
By leveraging StarkNet’s ZK-rollup know-how, SithSwap will even have the ability to present all the above at near-zero fuel charges for end-users and Third-party protocols in search of a battle-tested AMM to construct on high of.
As talked about above, SithSwap not too long ago signed on with Nethermind for a full Cairo audit (2500 LoCs) of its AMM codebase — reiterating its agency and important dedication to safety and safeguarding customers’ property.
Nethermind is the main Cairo good contract auditor and one of many closest and earliest technical companions of StarkWare, having constructed core StarkNet infrastructures such because the Solidity-to-Cairo Warp transpiler and the Voyager block explorer.