SithSwap, a Road Town, British Virgin Islands-based provider of an automated market maker (AMM) on StarkNet, raised $2.65m in funding at a $25m valuation.
Lemniscap led the round, along with participation by Big Brain Holdings and GSR, DWeb3 Capital and Ghaf Capital Partners. Etienne Royole was also present.
The company plans to make use of the funds to increase its talent pool and hire talented Cairo developers. It also intends to expedite deployment of the core AMM contract to the Starknet Alpha Mainnet.
SithSwap, a next-gen Automated Market Maker for StarkNet, offers instant volatile and stable swaps with near-zero gas costs and full security of Ethereum. SithSwap natively supports pool gauges, protocol rewards, and bribes. These can be locked in return for voting power and future protocol emissions.