Join Our Mailing List
Sunday February 05, 2023
Bitcoin (BTC) $23,327.25   Ethereum (ETH) $1,664.28
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Capital Raising

SithSwap raises $2.65M to build next-gen AMM on StarkNet

SithSwap will leverage StarkNet’s advanced ZK-rollup technology for stableswaps with ultra-low slippage and near-zero gas fees...

Published by CryptoNinjas.net
06/23/2022
SithSwap raises $2.65M to build next-gen AMM on StarkNet

SithSwap, a next-generation automated market maker (AMM) on StarkNet, announced it has successfully raised $2.65 million at a $25 million valuation in a seed funding round led by Lemniscap, with participation from Big Brain Holdings, GSR, DWeb3 Capital, Ghaf Capital Partners, as well as angel investors Anthony Beaumont and Etienne Royole.

The SithSwap team will use the seed capital raised to expand its talent pool by hiring talented Cairo developers and expedite the deployment of the core AMM contracts to the StarkNet Alpha Mainnet.

Roderik van der Graaf, Founder of Lemniscap, said: “Next-gen AMMs have been sorely missing from the promising StarkNet ecosystem, and it is beyond exciting to finally see one with a novel and unique design entering the fray. We are fully confident in the team’s capabilities, and that SithSwap will achieve its goal of delivering stable swaps on Starknet that will redefine the future and scale of DeFi.”

StarkNet — a permissionless, decentralized layer-2 network built over Ethereum that delivers cutting-edge ZK-rollup technology — has been gaining traction by enabling developers to build decentralized applications that are both secure and scalable.

However, despite StarkNet’s potential and popularity, advanced stableswap AMMs are currently missing from its ecosystem. SithSwap seeks to bridge this gap by building early on StarkNet and providing instant volatile and stableswaps with ultra-low slippage and near-zero gas fees.

“Our passionate team is fueled by a strong resolve to build out the next generation of DeFi at the final frontier of Ethereum, powered by StarkNet’s groundbreaking ZK-rollup technology. With the collective strength and resolve of our Solidity and Cairo engineers, we believe that SithSwap can comprehensively address the pressing need 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 both the stableswap and constant-product engines to offer users extremely low slippage on tightly correlated asset pairs, without renouncing the familiarity and ease of integration provided by the timeless Uniswap V2 contract design and architecture.

By leveraging StarkNet’s ZK-rollup technology, SithSwap will also be able to provide all of the above at near-zero gas fees for end-users and 3rd-party protocols seeking a battle-tested AMM to build on top of.

As mentioned above, SithSwap recently signed on with Nethermind for a full Cairo audit (2500 LoCs) of its AMM codebase — reiterating its firm and critical commitment to security and safeguarding users’ assets.

Nethermind is the leading Cairo smart contract auditor and one of the closest and earliest technical partners of StarkWare, having built core StarkNet infrastructures such as the Solidity-to-Cairo Warp transpiler and the Voyager block explorer.

43
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram
Source: sithswap.com

Related News

Crypto-friendly browser Opera brings Ethereum L2 to users adding Starkware-powered DEX

02/23/2022
Crypto-friendly browser Opera brings Ethereum L2 to users adding Starkware-powered DEX

Opera, the company behind the popular Opera web browser, today announced integration with DeversiFi, an  Ethereum layer-2 exchange powered by Starkware’s scaling solution — providing cheap and instant transactions within its mobile browser wallet....

Read more

0x releases OpenZKP, an open-source zk-STARK implementation

10/08/2019
0x ZKP CryptoNinjas

0x, the decentralized exchange technology and infrastructure project, today announced OpenZKP, a fully open-source Rust implementation of zero-knowledge proofs (ZKPs). The 0x team has built an easy-to-use, low-level interface that anyone can interact with,...

Read more

Blockchain payment engine StarkPay introduces instant payments

08/12/2019
Stakwarepay

StarkWare, the blockchain scalability, and privacy protocol, today announced that StarkPay, a prepaid debit card-style system that offers scalable, inexpensive, trustless, capital-efficient, payments over Ethereum, now supports instant payments. With instant payments, StarkPay maintains...

Read more

StarkWare closes new $30M equity round to develop cryptographic proof privacy technology

10/29/2018
StarkWare closes new $30M equity round to develop cryptographic proof privacy technology

StarkWare Industries, a provider of cryptographic proofs that are zero-knowledge, today announced it has closed a $30 million equity round, led by Paradigm. New investors include Intel Capital, Sequoia, Atomico, DCVC, Wing, Consensys, Coinbase...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
Trust Wallet launches anticipated browser extension of its crypto management app

Trust Wallet launches anticipated browser extension of its crypto management app

11/14/2022
ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

02/02/2023
Where Exactly Can You Spend Monero Cryptocurrency?

Where Exactly Can You Spend Monero Cryptocurrency?

10/20/2021
6 Best Cloud Mining Platform In 2022

6 Best Cloud Mining Platform In 2022

11/20/2022
ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

02/02/2023
Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

01/24/2023
Crypto exchange Gemini launches new electronic OTC trading solution

Crypto exchange Gemini launches new electronic OTC trading solution

01/19/2023
Crypto securitization platform-GenTwo links to all Coinbase assets

Crypto securitization platform GenTwo links to all Coinbase assets

01/14/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy