Serum Community Foundation Raises $100Million To Support Ecosystem Development & Innovation
The Incentive Ecosystem Foundation, a community-led foundation that supports development on the Serum network, announced that it has raised $100M to support the growth, development and innovation of the Serum ecosystem. Serum is a decentralized exchange and platform that provides the underlying liquidity infrastructure for protocols built on Solana’s fast and censorship-resistant blockchain.
The round is composed of 18 investors, with contributions coming from a list of premier firms in the traditional finance and digital asset spaces including, but not limited to, Commonwealth Asset Management LP, Tagus, Tiger Global, and executives at Golden Tree Asset Management.
A portion of the funds is expected to be allocated to a Serum ecosystem fund, which is dedicated to supporting the multitude of projects leveraging Serum’s liquidity infrastructure and decentralized exchange capabilities. The fund focuses on several key areas of growth across the Serum network, providing funding and developmental support to up and coming Serum ecosystem projects such as DeFi, NFTs, gaming, metaverse and DAO tooling. The added funds are expected to promote innovation, development, and growth of protocols built on the Solana blockchain that utilize Serum’s decentralized exchange and liquidity infrastructure. In addition, the foundation will offer support services for business development, marketing and ecosystem integration.
JHL, a Serum community contributor, commented on today’s news, “Over the last few months the Serum ecosystem has experienced incredible growth. With over 70 projects built on Serum, each leverages and contributes to its liquidity pool and trade volume. We are excited at this news and look forward to working together with other community members to further position Serum as the core liquidity infrastructure provider in the Solana ecosystem and beyond.”
Serum is a decentralized exchange platform built on the Solana blockchain that brings liquidity services of traditional finance to the decentralized landscape. It offers an on-chain central limit order book (CLOB) that gives developers access to matching services and shared liquidity across all protocols building with Serum. Currently, over 70 projects are participating in its ecosystem including Raydium, Atrix, Vybe Network, Solrise, 01 Protocol and Zeta Markets amongst others.
According to Serum Analytics by Vybe Network, applications on Serum now account for upwards of $2bn total value locked, the net value of all assets held by the various DeFi applications. Additionally, on December 4, 2021, daily trading volume on Serum hit an all-time high of $350mm in a 24-hour period.
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