Serum, a decentralized exchange on Solana, is midway through a major fundraise.
Through a token sale fundraiser, the team has secured $70 million out of a planned $100 million.
Serum is a critical component of Solana’s DeFi ecosystem with nearly $2 billion in TVL.
Share this article
Serum, a leading order book-based decentralized exchange on Solana, has raised $70 million out of a planned $100 million. The funds will go toward growing Serum itself as well as toward new projects emerging within its ecosystem, according to a press release made public today.
Serum Secures $70 Million in Committed Capital
Solana’s DeFi ecosystem is getting a new cash injection.
Incentive Ecosystem Foundation, the community-led foundation largely behind the development of Serum, has revealed that it is in the middle of an ongoing $100 million fundraising round. A pseudonymous core contributor to Project Serum going by JHL told CoinDesk that the organization had already raised about $70 million in committed capital out of the targeted $100 million.
The foundation plans to grow the Serum ecosystem with the new funds, of which $15 million have been allocated for that purpose. With the new funds in place, Incentive Ecosystem Foundation plans to support emerging projects in DeFi, NFTs, and gaming. The rest of the capital will be deployed toward new hires, hackathons, and other growth initiatives for Project Serum itself.
The fundraising was conducted via token sale in which several tokens from across the Serum ecosystem were offered to investors at a discount, in most cases 15%. These tokens included Solana (SOL), Serum (SRM), Raydium (RAY), Oxygen (OXY), Pyth Network (PYTH), and others. Notable participants in the fundraising round included Commonwealth Asset Management, Tiger Capital, and executives at Golden Tree Asset Management, among others. The investments are locked for one year, after which the tokens will vest linearly over five years.
Serum and Solana
Serum is a protocol for decentralized finance dApps on Solana. It launched in August 2020.
The ecosystem is considered the backbone of DeFi on Solana, currently hosting over 70 projects that between them boast nearly $2 billion in total value locked.
Serum operates on a decentralized central limit order book system governed by smart contracts. Rather than relying on automated market makers, Serum’s smart contracts match buyers and sellers directly according to price-time priority. In this way, it is intended to compete with AMM-based exchanges like SushiSwap and Uniswap, which utilize liquidity pools to make trading possible.
Serum was originally founded by Sam Bankman-Fried, who is more well known as the founder of FTX and Alameda Research. However, it is now managed by the Incentive Ecosystem Foundation, the legal entity that staffs the team of core contributors and pays their salaries.
Disclosure: At the time of writing, the author of this piece owned SOL and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
DeFi Derivatives Exchange ‘Serum’ Lists on Top Exchanges F…
Serum, a new crypto derivatives exchange, is preparing to go live. Sam Bankman-Fried, an advisor on the project, says that the DeFi exchange will handle its first trade this week….
What Is The Crypto Volatility Index?
The Crypto Volatility Index (CVI) is a decentralized solution used as a benchmark to track the volatility from cryptocurrency option prices and the overall crypto market.
Exploring the Biggest DeFi Opportunities on Solana
Following Solana’s meteoric price rise, the smart contract platform’s DeFi ecosystem has exploded. With so many new projects establishing themselves on Solana, there are numerous opportunities to benefit from the…
Solana, Serum Announce DeFi Hackathon Winners
The Solana and Serum ecosystem has several promising new entrants. More Growth on Solana Solana and Serum have announced the results of their recent DeFi hackathon. The projects recently hosted…