Starknet-based SithSwap Introduces SITH Token, Schedules Public Sale On March 27

by Alisa Davidson

Published: March 25, 2024 at 12:11 pm Updated: March 25, 2024 at 12:11 pm

by Anastasiia Osipova

Edited and fact-checked:
March 25, 2024 at 12:11 pm

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In Brief

Starknet’s AMM SithSwap announced the launch of the SITH token, with a public sale scheduled to take place from March 27 to April 4.

Ethereum Layer 2 scaling solution, Starknet (STRK), ecosystem project, automated market maker (AMM) SiteSwap, announced the launch of its fee-generating and governance token, SITH, enabling Starknet users to gain early access to the token. The public sale will be conducted from March 27 to April 4. 

According to the announcement, 15 million SITH tokens will be available for sale, representing 15% of the total token supply.

The initial fixed price of SITH is set at 0.15 STRK per 1 SITH. If less than 2.25 million STRK are raised, any remaining SITH tokens will be burned, ensuring that the floor price of 0.15 STRK per 1 SITH is maintained. 

However, if the raised amount exceeds 2.25 million STRK, the sale will transition into the price discovery phase, during which the price of SITH will increase with each new purchase. Participants will receive SITH tokens at the final price regardless of when they join.

The auction will commence with an implied circulating market capitalization valuation of approximately $5 million, establishing a floor price for SITH at around $0.30, which will only rise once at least 2.25 million STRK have been raised. Upon reaching this initial funding milestone, the sale will transition into a price-discovery phase, during which the token price will incrementally rise with each new purchase.

What’s special about SithSwap?

As an AMM on Starknet, SithSwap offers instant, volatile, and stable swaps with low slippage, near-zero fees, and the security of the Ethereum blockchain. SithSwap is crafted as an efficient and flexible liquidity exchange protocol, enabling builders and users to leverage a highly composable architecture that provides deep, sustainable, and adaptable liquidity. 

The platform includes a comprehensive incentives system consisting of escrows, staking pools, gauges, bribes, and native SITH emissions, which can be escrowed to access exclusive benefits, such as governance over key protocol parameters, including future emissions rewards.

Furthermore, SithSwap can provide support for both volatile (UNIV2-like) and (Curve-like) stable swaps. The AMM has been designed to align with the established Uniswap smart contracts architecture, recognized for its intuitive Pair features and Router application programming interface (APIs) familiar to decentralized finance (DeFi) developers. Additionally, SithSwap introduces support for efficient, low-slippage trades for correlated assets, governable directional fees, and built-in Time-Weighted Average Price (TWAP) oracles.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson

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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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