Blog Starswap launches today

Today is the launch of Starswapp.app.

I'll just copy their announcement here:

Last year the ERC-20 token Wrapped Star (WSTR) was launched to provide a fungible mechanism for trading stars. A pristine star can be deposited in exchange for 1.0 WSTR and vice versa currently 436 stars are deposited in the WSTR contract.  Stars and WSTR are exchanged on http://star.market but buyers can’t choose a specific star on Star Market so it’s not really a “market” due to WSTR’s simplistic last-in-first-out design, the only star available to redeem at any given time is the most recently deposited one.

Enter Star Swap by employing @uniswap’s native flash swap functionality Star Swap allows buyers to redeem a specific star from the WSTR stack.  Star Swap also abstracts WSTR entirely, so buyers just show up with ETH and trade directly for a star.

Here’s how buying a star on Star Swap works: 

1. buyer pays ETH
2. Star Swap buys 1 WSTR from the WSTR-ETH Uni v3 pool 
3. It borrows enough WSTR from the pool to redeem stars out of the Wrapped Star contract until it reaches the desired star
4. It transfers that star to the buyer
5. It deposits the redeemed stars back into the Wrapped Star contract
6. Finally it returns the borrowed WSTR to the Uni pool

Star Swap also makes it easy to sell a star for ETH in a single transaction. Star Swap deposits the seller’s star into the Wrapped Star contract, sells the received 1.0 WSTR into the Uni pool for ETH, and transfers that ETH to the seller.

In short, Star Swap is an automated star exchange built atop Wrapped Star and Uniswap.