In parallel to our Cairo audit with Nethermind, announced in May, we are beginning the roll-out of our Alpha Testnet, now available to all StarkNet users on Alpha Goerli at app.sithswap.com.

For SithSwap, this is an important dual-milestone and the culmination of months of development that deliver on our promised hybrid stableswap design, offering the following features:

• Uniswap V2-like APIs for extreme ease of integration in 3rd-party contracts

• Permissionless creation of stable and volatile markets with governable fees

• Seamless trading across correlated and uncorrelated assets markets

• Entire markets liquidity is always available for 0%-fees flash loans

• no-upkeep, 30-minute TWAPs. Flash-loan resistant price feeds can be obtained directly from markets

• Silo’ed LP trading fees allow for custom rewards mechanisms to be built atop single markets contracts

To learn more about the features offered by the AMM, refer to the documention pages:

Core | SithSwap

Documentation of the protocol core (AMM)

https://docs.sithswap.com

❖ Alpha Testing

Now, some words of caution for our appreciated Alpha Testnet users.

As you know, StarkNet remains in its Alpha state and all applications running on top of it should be considered Alpha software as well, at this stage. SithSwap AMM Alpha Testnet is no different in this regard, and accordingly all users should treat both the AMM smart contracts and the official UI as experimental software subject to rapid iteration, in particular:

• Developers should expect smart contracts APIs not to be final just yet

• Developers and Users should expect smart contract addresses to change, especially true and conditioned by any audit findings which come on a rolling basis

• Users should expect their mock tokens balances and other AMM-related state to change

• Users should expect the UI to still be glitchy and be missing many QoLs improvements at this time

• Users should expect extremely fast-paced iteration on the UI (see UI testing instructions and version labels/release changes in the Discord)

You will be given specific testing instructions in our Discord, where you can help pinpoint any uncaught issues by reporting strictly according to the guidelines provided.

And please, do not expect anything in return for being an early Alpha Tester (maybe a cool Discord role).

Join our Discord here:

Discord - Group Chat That's All Fun & Games

Discord is great for playing games and chilling with friends, or even building a worldwide community. Customize your own space to talk, play, and hang out.

https://discord.com

❖ What is next

In parallel, SithSwap is targeting the following main objectives for its short term future:

• Complete the 7-weeks long Nethermind auditing process (ends in mid-September)

• Complete Phase 1 (AMM) by:

  • improving the main interface UI/UX and releasing technical reference pages to assist and facilitate 3rd-party integrations

  • rolling out of a dedicated Analytics web-based service for users and traders

  • deploying on Alpha Mainnet the Core AMM contracts (pending more mature minor Cairo releases)

• Continue laying the groundwork for the design and development of Phase 2 (AMM Rewards)

END OF TRANSMISSION

SithSwap, a next-generation automated market maker (AMM) on StarkNet, is delighted to announce its Seed 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 funding marks an entirely new phase in the development of SithSwap and has already allowed the project to turbocharge its team growth and development efforts targeted at becoming the foremost provider of decentralized trading services to other protocols and users already on the Starknet Alpha Mainnet.

❖ Building at the Frontier

On the back of the accelerating layer 2 solutions landscape, Starknet, a product of StarkWare Industries, is gearing up to emerge as the undisputed technological leader, ushering in a new era for the web3 space, by pushing blockchain technology to its next level.

StarkNet is a soon-to-be permissionless, decentralized zero-knowledge Rollup that already operates as an L2 network over Ethereum. Starknet features its own native smart contract language known as the Cairo language, which allows developers to fully exploit Starknet potential and go far beyond computations currently allowed by Solidity and the EVM.

Starknet also natively supports Account Abstraction, a powerful feature which forces Externally Owned Accounts (EOAs) to function as contracts accounts, a game-changing innovation that has long been touted as the silver bullet to finally solve long-standing frictions in web3 UX.

Thus, Starknet provides all dApps with the ability to provide near zero gas fees for transactions coupled with near-limitless scaling boundaries that concur to achieve the kind of hyper-scalability that has so far eluded all other blockchain projects.

It is within this revolutionary and industry-changing framework that SithSwap is building the next generation of Automated Market Makers (AMMs) featuring instant volatile and stable swaps with extremely low slippage and near zero gas fees for users.

❖ Protocol Features

SithSwap leverages Starknet’s groundbreaking properties to deliver an all-encompassing and innovative AMM protocol packed with interesting features.

◍ Core

The core functionality of SithSwap is allowing all StarkNet users and protocols to provide liquidity for and trade digital assets in a secure and straightforward way, with very low fees and slippage.

To offer trades at the best rates on the market, we elected to support two independent types of pairs:

• stable - for closely correlated tokens, such as stablecoins ($USDC, $DAI, etc.)

• volatile - for uncorrelated tokens - for example $STARK or $SITH

Through a unified and familiar API, SithSwap supports the creation, LP'ing and trading of two different liquidity pool (LP) types, based on individual token pair needs: Stable Pools and Volatile Pools.

The SithSwap router evaluates both pool types to determine the most efficient price quotation and trade execution routes available. To protect against flashloan attacks, the router will always rely on the pairs built-in 30-minute window TWAPs (time-weighted average prices) oracles.

In perfect keeping with the wider protocol design goals of immutability, self-sustainability and governance-less, the router itself doesn't require any upkeep (external maintenance) and is also an immutable and non-upgradeable contract.

Stable Pairs

Stable pairs are designed specifically for tokens which have little-to-no volatility in their trading correlation. This means that the formula used for pricing such assets allows for extremely low slippage, even on the largest trading volumes:

Learn more about SithSwap Core at the documentation pages:

Core | SithSwap

Documentation of the protocol core (AMM)

https://docs.sithswap.com

◍ Rewards

The protocol was designed with an innovative (self-)governance and incentives system which revolves around the native SITH fungible token, and its derivative governance token, veSITH, an NFT that will be tradeable without impediments on all NFT marketplaces on Starknet.

veSITH NFTs can be obtained by locking up the native token (SITH) for a pre-determined amount of time in exchange for such NFTs representing a claim and voting power proportional to the underlying tokens locked.

Holders of veSITH can then choose to exercise their voting power towards any eligible Pair Gauge thereby weighing in in determining which liquidity pools will be eligible to receive a share of weekly protocol emissions (weekly SITH emissions).

SithSwap Protocol also supports a built-in bribing mechanism whereby anyone can “bribe” veSITH voting power to be redirected towards any set of preferred liquidity pools by offering and posting up any third-party ERC20 rewards.

These bribes can be deposited weekly and earmarked to be then distributed among veSITH voters proportionally to the voting power accrued by the chosen pools gauges receiving the bribes during that period.

Learn more about SithSwap Rewards at the documentation pages:

Rewards | SithSwap

Documentation of the protocol incentives and tokenomics (Rewards)

https://docs.sithswap.com

❖ Press Release

Over the past few months, we’ve watched the Starknet’s ecosystem attracts more and more talented developers as well as the most established investors in the space, however it continued to lack the presence of projects building the next-generation of Automated Market Makers (AMM). This brought about the idea to develop such an AMM to the dawning and fluorishing StarkNet ecosystem, delivered by a small but experienced Ethereum and DeFi developers team led by Sidius.

SithSwap was founded in December 2021 by two anon co-founders (Sidius and 25cfb68). They set out when the time was ripe and gathered a team of 5 Cairo developers and a full-time to professionally structure the development of SithSwap from the on-set.

"Next-gen AMM 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” said Roderik van der Graaf, Founder of Lemniscap.

“We are determined 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 Cairo team, we believe that SithSwap will comprehensively address the pressing need for a next-gen, composable-first and easy-to-build-on AMM for the flourishing Starknet ecosystem" said Sidius.

SithSwap already achieved several milestones leading and trailing its Seed Round, which have included:

·  opening its social communities and handles that have since grown to over 5000 organic members, in Q1 22

·  developing a full-on reference Solidity implementation for both the Core and Rewards sides of the protocol, in Q1 22

·  receiving a grant from StarkWare Industries in Q1 22, which marked the beginning of an outstanding relationship and daily collaboration with the Starkware team, which has been an invaluable help for the SithSwap team

·  reserving a full Cairo audit of the AMM codebase with Nethermind, in Q2 22, reiterating its firm and critical commitment to security and safeguarding users' assets.

·  completing the Cairo AMM codebase and beginning extensive testing and optimizations in preparation for the audit, in Q2 22

What’s next

SithSwap recently announced the reSITH Public Sale, which would be made available as a redeemable, non-transferable ERC-20 token that can be acquired exclusively through the SithSwap IDO and later used to redeem a proportional amount of locked SITH (veSITH) at a 1:1 rate, in the future.

You may read more about it in this dedicated post: https://mirror.xyz/sithswap.eth/URxm1aL37wCwlayOQ2TKhJQPSAcRAI_da9T0pn_qXR0

SithSwap is also actively preparing and looking forward to the rollout of its AMM testnet later in July, which would be available on Alpha Goerli to all StarkNet users.

❖ Official Links

SithSwap is a next-gen Automated Market Maker on StarkNet featuring instant volatile and stable swaps with ultra-low slippage, near-zero gas fees, and the complete security of Ethereum.

SithSwap will natively support pool gauges, bribes, and protocol rewards that can be locked in exchange for voting power to govern future protocol emissions and 3rd-party incentives.

To learn more about SithSwap, visit sithswap.com.

Join our communities to keep in touch with our future developments:

💬 Discord:

🐦 Twitter:

📨 Telegram:

SithSwap

You can view and join @SithWars right away.

https://t.me

Before delving into reSITH and its raison d'être, it is useful recalling how the SithSwap tokenomics is designed to orbit around the SITH token: an ERC-20 reward and utility token.

At any time, SITH can be vote-escrowed (i.e. locked) in exchange for a veNFT (i.e. veSITH): a special tradable NFT token carrying a proportional amount of voting power relative to the underlying SITH tokens locked inside of it.

veSITH voting power is the sole kingmaker of the SithSwap AMM, able to capture a proportional share of its weekly trading fees, as well as decide on the incentivization of specific trading pairs as well as on any 3rd-party fungible token rewards that may be posted up by external protocols and users to compound the native protocol emissions and further incentivize selected pairs.

Structurally, the tokenomics for the total SITH supply is as follows:

• 10% goes to the team SITH vesting wallet

• 15% goes to early SITH investors, more specifically:

  • 10% will go to the Seed Round participants vesting wallets

  • 5% will be sold as part of this Public Sale, in reedemable-escrowed form (reSITH)

• 75% goes entirely to the community to reward protocol usage and participation:

  • 5% will go to a liquidity mining program to reward early AMM LPs

  • 70% will be distributed as part of the native protocol emissions (weekly)

Thus, reSITH is to be made available as a special reedemable, non-transferable ERC-20 token that can be acquired exclusively through the Public Sale and will be used to reedem locked SITH at a 1:1 rate once the protocol rewards are live!

❖ reSITH Crowdsale

The Public Sale for reSITH (reedemable-escrowed SITH) is structured as a time-limited Crowdsale that will run on StarkNet for 31 days, starting on ██████ (T.B.A.), where participants will be able to offer L2 DAI tokens in exchange for reSITH at an initial rate of 1:2 (1 DAI = 2 reSITH) linearly progressing to a final rate of 1:1.

The Crowdsale will also feature the following mechanics worth noting:

• A maximum 1000 reSITH purchase cap per tx, meant to safeguard the linearity of the rate increase

• A maximum 5,000,000 reSITH to be sold, as per the SITH tokenomics above

• A linear conversion rate increase tracking the amount of reSITH sold at the time of purchase

❖ How to participate

StarkNet infrastructure, including the Alpha Mainnet, is still well in its infancy (and indeed alpha state) and as such an extremely limited number of whitelisted projects are currently deployed on it, specifically our Public Sale will technically depend on:

• StarkGate, the official StarkWare Ethereum <> StarkNet bridge to go live (🚧)

  • or the MakerDAO Ethereum <> StarkNet L2 DAI bridge to go live first (🚧)

• Our Crowdsale and reSITH contracts to be whitelisted for mainnet deployment by the StarkWare team (✔️)

To be an early participant to the reSITH Crowdsale, make sure to understand the mechanics above and wait for the official announcement date on our Discord, Twitter or Telegram.

We are thrilled to announce the emergence of SithSwap from stealth. Our resolve is absolute in building out the next generation of DeFi at the final frontier of Ethereum, powered by the groundbreaking L2 technology pioneered by Starkware.

The Sith will be implacable!

❖ What is SithSwap

SithSwap is a next-gen AMM on StarkNet, featuring instant volatile and stable swaps with ultra-low slippage and fees (initially gasless) while inheriting the full security of Ethereum.

SithSwap native­ly sup­ports pool gau­ges, third-party bribes and SITH rewards that can be vote-escrowed (locked) in ex­change for vot­ing power, in the form of fully tradable veSITH tokens, used to capture and direct fu­ture protocol emis­sions.

❖ Why StarkNet

In a nutshell and foremost, because we believe:

1. In Ethereum unique capacity to deliver and execute on the most decentralized, secure and scalable L1 platform as promised by the Serenity upgrade

2. In Starkware to have delivered the most advanced L2 rollup technology for developers to build on at what we consider the final frontier for decentralized execution engines

❖ Whois

The SithSwap core team consists of 3 highly experienced Ethereum developers, all with professional backgrounds specializing in Solidity and more recently Cairo, with one of them active in the space since 2015!

❖ When launch

SithSwap launch will be split into two major releases nicknamed Core and Rewards. The former will be launching on the StarkNet Planets alpha testnet in Q2 2022. The latter will be released ~1 month after the Core release.

☣️ The timeline for the roadmap outlined above may fluctuate due to external factors such as the Starknet ecosystem & tooling production-readiness, Starkware support and VCs commitments. Market conditions, however, would not be considered as such.

❖ When token

The initial supply of the SITH governance token will be overwhelmingly fairly-launched as part of the Rewards phase rollout. Remember, the only way to obtain the token will be through early participation in the protocol during its Core phase.

🚨 Beware of scammers and remember that no one from the team would ever contact you privately, least of all to talk about free tokens!

❖ Join the Sith Wars

• Become a STARK Citizen on Discord

• Join the Sith Wars on Telegram

• Keep up-to-date with SithSwap on Twitter