1Q2022 Recap & 2Q Outlook

Project Serum
6 min readMar 31, 2022


2022 is off to an exciting start with trading volume on Project Serum DEX reaching new All-Time Highs and a capital injection from Incentive Ecosystem Foundation propelling further development of the Serum Ecosystem. Here’s a recap of everything that happened in Q1 of 2022.

Serum Trading Volume Hits 2 ATHs in 2 Months

Serum started the year off strong by reaching a 24-hour trading volume All-Time High of $727.90m on January 24. As interest in the DeFi space has steadily grown, Serum’s lightning-fast transactions and high liquidity have attracted a steady stream of new investors, as demonstrated by this trading volume graph from December to January.

One month after hitting January’s ATH, Serum broke its 24hr trading record again by hitting a new ATH on February 24, with $855.94m of assets traded on the exchange. This was a massive milestone for the infrastructure, helping solidify its position within the DeFi space. As Serum continues to demonstrate the true capabilities of the Solana blockchain, the milestone of reaching $1B in trading volume is not far off.

Incentive Ecosystem Foundation Funding

The Incentive Ecosystem Foundation raised $75m to support the continued development of the Serum ecosystem. With over 70 projects participating in the ecosystem, funds raised will not only drive new growth of the platform, but will also help cement Serum’s position as the core liquidity infrastructure for the Solana blockchain.

Describing plans for the future, Serum core contributor JHL stated, “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.”

The capital injection will increase Serum’s liquidity while attracting new developers to help build out the platform’s infrastructure and bring more traders on the core to increase the volume.

Convergence Hackathon 2022 Recap

Serum and Wormhole hosted the Convergence Hackathon from January 7 through February 6.

Key stats:

  • 783 participants
  • 97 projects
  • 20 workshops
  • 50+ judges
  • 246mm impressions from the media coverage

Winners of the Hackathon are listed below (announcement tweet):

Main Prize:

  • 1st Place: Credix

Twitter: @Credix_finance

  • 2nd Place: Companion

Twitter: @Companion_to

  • 3rd Place: Convergence RFQ


  • 4th Place: Vyper

Twitter: @VyperProtocol

  • 5th Place: Cashmere

Twitter: @CashmereWallet

Community Choice Award:

  • Winner: MacroBlock

Website: http://macroblockshop.surge.sh/

Serum Award:

  • 1st Place: LIQNFT

Twitter: @LIQNFT

  • 2nd Place: Metaversium

Twitter: @Metaversiumgame

Wormhole Award:

  • 1st Place: Mayan

Twitter: @MayanFinance

  • 2nd Place: Sentre

Twitter: @SentreProtocol

PsyOptions Award:

  • 1st Place: Sollar

Twitter: @Sollarprotocol

  • 2nd Place: PsyOptions Planner

URL: https://psy-options-planner.netlify.app/#

Pyth Network Award:

  • Winner: qPools

Twitter: @qpoolsfinance

Atrix Award:

  • Winner: Paris Protocol

Twitter: @SolinParis

Terra Award:

  • Winner: Soluna

Twitter: @solunaDAO

Twitter Spaces

Serum’s new and revamped Twitter Spaces have provided a great chance to showcase up-and-coming Solana and Serum applications. Twitter Spaces are a great way to dive deep into the fundamentals and technicalities of the protocols that populate these ecosystems and introduce the human voices behind the code. Serum hosted nine Twitter Spaces and will continue the series in the coming weeks.

Serum Ambassador Program Soft launch

Earlier this year, Serum soft-launched a community ambassador program for participants based in LA, Seattle, Singapore, Dubai, Moscow, and Prague to gain representation at Solana Hacker houses. By having ambassadors in these strategic locations, Serum greatly expands its footprint and attracts new talent and ideas to the project.

With many upcoming events in the coming months, Serum is looking to connect with more ambassadors worldwide. If you’re interested, DM us a blurb of your background and tell us why you’d be great in this role.

Serum Accelerator

Serum has officially launched its Serum Accelerator program with the Serum x Wormhole Convergence Hackathon winners. The Serum Accelerator was formally launched on February 23 via Twitter. The first cohort of protocols for this 10-week program features 13 participants ranging from DeFi, NFTs, and a combination of TradFi products.

The Accelerator supports the growth of startups who plan on actively contributing to Serum and will provide mentorship, resources, and training for all facets of a startup company, including product positioning, user acquisition, team formation, and fundraising.

Industry leaders including Chris McCann from Race Capital, Adam Jin from FTX Ventures, Anthony Yoon from ROK Capital, and Giorgi from Symmetry are amongst the mentors. Serum is very grateful for their commitment to supporting the next generation of developers in this space.

Community Ukraine Donation

In light of the recent events in Ukraine, the Serum community donated $100K SRM to a decentralized Aid organization called Aid For Ukraine DAO. Aid For Ukraine DAO is a collaboration between the Ukrainian government, the Everstake pool, and the Solana blockchain. Donations to the organization will provide relief and support to those who’ve been affected by the war. You can donate to Aid For Ukraine DAO here.

You can read more about Project Serum’s donation here:

Sponsorships & Events

  • MtnDao: the first ‘hack to ride’ hacker house for the Solana ecosystem in Salt Lake City, Utah. Over an entire month, 100 developers gathered from far and wide to collaborate on Solana projects.
  • Solana Riptide Hackathon
  • NYC Hacker House event

Featured on FTX podcast and Solana Riptide Livestream

JHL, a Project Serum Core Contributor, was featured on FTX podcast #97 and the Solana Riptide Hackathon Livestream. JHL gave great advice for new programmers looking to develop on the Solana ecosystem and valuable insight into Project Serum’s unique place in the DeFi landscape during his interviews.

Please find FTX Podcast #97 Here.

You can watch the Solana Riptide Livestream here.

Looking Ahead to 2Q 2022

Request for Project: Cross-chain Exchange

Project Serum announced in March a $500K USD Ecosystem Prize for the development of a cross-chain exchange.

In order to offer a seamless trading experience for all users, Project Serum is incentivizing developers to build a unified wallet for the Solana ecosystem that would enable users to trade on Serum without being required to set up a Solana wallet or own any SOL.

All builders and developers in the community are invited to participate in the project for a chance to receive up to $500K USD from the Serum Ecosystem Fund and additional $SRM grants.

If you’re building something like this, get in touch with contact@projectserum.com.

To learn more about the prize and specifications for the project, read the full article here.

Headlining Bahamas Hacker House

The outlook for Project Serum in the coming quarter is bright! Serum will be headlining the Serum x Jump x Solana Hacker House — Bahamas Edition, taking place from April 24 through April 29 at the Baha Mar Conference Center.

During this event, 150 participants are invited to spend 6 days in person in the Bahamas with guidance from core Solana Labs engineers and developers from Serum, Jump, and partners from across the DeFi space. This is an excellent opportunity to connect with industry professionals, enthusiasts, and project teams already building within the Solana ecosystem.

To register, visit the Solana Foundation Hacker House website today!

Who Is Building on Serum During Q1? 🔧

This list is not exhaustive but hopefully illustrates some of the exciting projects being built within the Serum ecosystem!

Thanks for supporting Project Serum.

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Project Serum

Project Serum is a decentralized liquidity infrastructure protocol. Learn more at https://projectserum.com