SithSwap raises $2.65M to construct next-gen AMM on StarkNet » CryptoNinjas

 SithSwap raises $2.65M to construct next-gen AMM on StarkNet » CryptoNinjas

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 Massive Mind Holdings, GSR, DWeb3 Capital, Ghaf Capital Companions, in addition to angel traders Anthony Beaumont and Etienne Royole.

The SithSwap staff will use the seed capital raised to increase its expertise pool by hiring gifted 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 totally assured within the staff’s capabilities, and that SithSwap will obtain its objective of delivering steady swaps on Starknet that can redefine the long run and scale of DeFi.”

StarkNet — a permissionless, decentralized layer-2 community constructed over Ethereum that delivers cutting-edge ZK-rollup expertise — has been gaining traction by enabling builders to construct decentralized functions which are each safe and scalable.

Nonetheless, regardless of StarkNet’s potential and recognition, superior stableswap AMMs are presently 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 gasoline charges.

“Our passionate staff is fueled by a powerful resolve to construct out the subsequent era of DeFi on the ultimate frontier of Ethereum, powered by StarkNet’s groundbreaking ZK-rollup expertise. With the collective energy and resolve of our Solidity and Cairo engineers, we imagine that SithSwap can comprehensively deal with the urgent want for a next-gen, easy-to-build-on AMM for the flourishing StarkNet ecosystem.”
– Sidius, Founder 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 supplied by the timeless Uniswap V2 contract design and structure.

By leveraging StarkNet’s ZK-rollup expertise, SithSwap can even be capable of present all the above at near-zero gasoline charges for end-users and Third-party protocols looking for a battle-tested AMM to construct on high of.

As talked about above, SithSwap lately signed on with Nethermind for a full Cairo audit (2500 LoCs) of its AMM codebase — reiterating its agency and demanding 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.

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