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SipHash computes a 64-bit message authentication code from a variable-length message and 128-bit secret key. It was designed to be efficient even for short inputs, with performance comparable to non-cryptographic hash functions, such as CityHash; [4]: 496 [2] this can be used to prevent denial-of-service attacks against hash tables ("hash flooding"), [5] or to authenticate network packets.
Non-cryptographic hash functions optimized for software frequently involve the multiplication operation. Since in-hardware multiplication is resource-intensive and frequency-limiting, ASIC-friendlier designs had been proposed, including SipHash (which has an additional benefit of being able to use a secret key for message authentication), NSGAhash, and XORhash.
WireGuard supports pre-shared symmetric key mode, which provides an additional layer of symmetric encryption to mitigate future advances in quantum computing. This addresses the risk that traffic may be stored until quantum computers are capable of breaking Curve25519, at which point traffic could be decrypted.