In Brief:
- Project Serum has launched a Liquidity Mining Program of $100M.
- First starting allocation was approved by Serum’s decentralized autonomous organization, or DAO
- The company aims to target both new and existing projects that share liquidity with serum for a range of major liquid trading pairs.
Project Serum, a decentralized derivatives exchange for the Solana network, has launched a Liquidity Mining Program of $100M.
According to the announcement the newest offering from Serum aims to attract more users to its growing ecosystem. First starting allocation was approved by Serum’s decentralized autonomous organization, or DAO.
Serum gives users an on-chain central limit order book(CLOB) that permits projects built on the Solana blockchain to share liquidity across the entire ecosystem. The amount will be utilized in a reward mechanism allocated for Automated Market Makers(AMMs) that interact directly with the Serum on-chain order book.
The company aims to target both new and existing projects that share liquidity with serum for a range of major liquid trading pairs. The initial token rollout will include pairs such as BTC, ETH, and SOL against USDC.
“We’re looking forward to working with Serum to support the ecosystem and bring its unique service to a wider audience,” said Alpha Ray, Founder of Raydium. “Incentivizing AMMs to interact with Serum’s on-chain CLOB will, in turn, bring more users onto the platform, which will only benefit the protocol as a whole.”
Recently, Solana based DEX Drift Protocol raised $3.8M in a funding round led by Multicoin Capital. The fund is used towards growing the team and giving liquidity on our Dynamic Automated Market Maker(DAMM).
