Serum DAO Approves First Proposal for Liquidity Mining Program — Ecosystem Contributors Planning for $100M in Initial Allocation
We are delighted to announce that the Serum DAO voted on and approved the first proposal of a new Liquidity Mining Program. This program aims to attract more users to Serum’s growing ecosystem and to encourage further development on the protocol.
This is great news on top of Serum’s recent growth momentum, including its Total Value Locked (TVL) increase by 350% over the past 3 months (having exceeding $1.5bn on October 12, 2021 and a more recent high of up to $1.9bn).
The program details, as discussed by the DAO, seek to allocate SRM rewards for AMMs that interact directly with Serum’s on-chain order book. SRM will be allocated to participating AMMs to be distributed alongside each platform’s existing token incentives. The program will be rolled out across multiple Phases.
The total amount of SRM rewards to be allocated across all the Phases is ultimately subject to voting; some Serum contributors have expressed excitement for an initial allocation of $100M. We cordially invite all Serum ecosystem participants to discuss and champion the next players in the program’s future Phases.
Phase 1 of this program will begin with Atrix Finance, whose proposal was recently voted through. The community looks forward to others joining the program too, such as ecosystem favourites Raydium and Mercurial Finance. You can expect the program’s rollout to include the usual pairs such as BTC, ETH and SOL against USDC. Stable pairs are another area to look out for as more incredible players join in.
Project Serum has already proven that an on-chain order book is a key primitive for Solana-based “mass appeal applications”. Incentivizing AMMs to continue exploring ways to interact with Serum’s on-chain CLOB is a great way to bring more users onto the platform and benefit the protocol as a whole. The liquidity program positions Serum to reduce trading friction, increase composability and innovation, appeal to new users, and bring the Serum and Solana ecosystem closer to the symbolic goal of 1 billion users on-chain.
Thank you again for all your support for the Serum ecosystem’s development and the excellent, insightful discussions on the Serum Community Forum. These are the powerful, community-driven kinds of proposals we envisioned as primary drivers behind Serum’s continued growth.
Read Serum Roadmap 2.0
Listen to Sam Bankman-Fried’s breakdown of the Serum ecosystem