SithSwap: Public Sale Announcement
May 4th, 2022

❖ Introducing reSITH

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.

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