Serum (SRM) raised $75 million to expand the ecosystem

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2022-01-10 05:07:05

The Incentive Ecosystem Foundation, the community organization behind Project Serum (SRM), has successfully raised $75 million to expand the ecosystem.

Serum (SRM) raised $75 million to expand the ecosystem

Serum (SRM) is Solana’s leading decentralized exchange (DEX) and liquidity provider, considered one of the most important “pillars” of this ecosystem.

In order to continue to have more resources to develop the project, recently, the Incentive Ecosystem Foundation, the community organization behind Serum, has raised $ 75 million from a series of large funds, including Tiger Global, Commonwealth Asset Management, Tagus Capital, Golden Tree Asset Management and some other individual investors.

Investors participating in the fundraising round have the right to buy a number of tokens in the Solana ecosystem that this DEX is holding, including Serum (SRM), Solana (SOL), Raydium (RAY), Bonfida ( FIDA), Oxygen (OXY), (MAPS) and Liquid Finance (LQID), at 15% below market price.

All tokens purchased will be subject to a 6-year lock-in period, which includes 1 year of hard locking and 5 years of gradual daily unlocking.

However, the Incentive Ecosystem Foundation is offering another $25 million in tokens for a total of $100 million.

The money raised will be used to further expand the Serum ecosystem, supporting new projects in all fields, from DeFi, DAO, NFT to blockchain games and metaverse. Serum claims to provide comprehensive support, from developing sustainable business models to marketing projects. In addition, Serum will also focus on finding new ideas and initiatives through activities such as hackathons or recruiting quality personnel.

In addition, raising capital will help Serum become less dependent on FTX and Alameda Research, who built Serum under the direction of Sam Bankman-Fried. A representative of the Incentive Ecosystem Foundation revealed:

“Serum was originally founded by FTX CEO Sam Bankman-Fried, then most of the project developers were employees of FTX and Alameda. Over time, for both legal reasons and the desire to give the project development rights to the community, we decided to decentralize Serum – it now has its own staff, is completely independent of legal aspect.”

The Serum ecosystem has more than 70 projects so far, with a locked value (TVL) of more than 2 billion USD.

Serum ecosystem overview as of October 2021

In October 2021, Serum also announced the launch of a liquidity bonus fund of up to 100 million USD to attract users and projects to provide liquidity to the DEX exchange. This is Serum’s response to the fact that other major DeFi ecosystems continuously announce many huge stimulus packages to both develop their own ecosystem and suck liquidity from competitors.

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