Serum Newsletter #3
Welcome back to the Serum Newsletter! In this edition we will be covering the latest product in the Serum ecosystem — our own AMM and liquidity incentive program.
Today, we will be covering more than just the usual and focus on the latest product to join the Serum ecosystem — our own AMM. This fast and robust AMM comes with it’s own liquidity incentive program with up to 1,000,000 SRM up for grabs.
As mentioned earlier, 1 MILLION SRM tokens will be airdropped as yield between 10 different SRM AMM pools:
SRM/BTC
SRM/ETH
SRM/USDT
SRM/USDC
SRM/SOL
SRM/YFI
SRM/LINK
SRM/SUSHI
SRM/FTT
SRM/FRONT
This initiative will be from 28th October, 1 AM (HKT) to 25th November, 1 AM HKT). The airdrop will occur 20 times with 50,000 SRM per drop.
As of 29 Oct 3pm HKT, a total of 100,000 SRM our of 1,000,000 has been dropped. SRM is dropped straight into the pools, so the value of LP tokens will increase. This means the amount of assets you can redeem it for grows. SRM won’t be directly dropped into wallets, each LP token just becomes more valuable.
The breakdown of the fees are as such: 30 bps to trade against the pool — 25 bps goes to LP as a rebate, 4 bps goes to the SRM buy/burn, and 1 bp goes to the GUI host.
To learn how to host your own GUI, check our guide here.
Trading on the AMM
First things first, you have to create a Sollet wallet. The process is pretty straightforward, just follow the instructions and save your keys in a secure place. Next, make sure to add your favorite token addresses. If you skip this don’t worry as long as you have SOL in your wallet the addresses will be generated automatically when swapping.
Now we can trade. Head over to swap.projectserum.com and everything should come naturally if you’ve used an AMM before. Make sure your wallet is connected, then select the assets you wish to swap!
Providing Liquidity on the AMM
Choose the pair that you want to provide liquidity on, for example the SRM/USDT market. If you want to provide 10,000 USD worth of liquidity you will have to put up 5,000 USD of SRM and 5,000 USDT. Click on the numbers in the “Balance” section to have the numbers auto-compute for you.
Removing liquidity is also simple, head to “My Pools” in the top right, just beside the cog and click “Remove”.
WIP Info Page
We’re also working on a handy dashboard that will allow users to have a quick overview of the status of all the current pools:
Now that the SRM yield has been added the APY for providing liquidity is up to 600% depending on the pool.
E.g.
https://swap.projectserum.com/#/?pair=FRONT-SRM
https://swap.projectserum.com/#/?pair=USDC-SRM
Updated API Documentation
Guide to Running a Solana Validator
Updated Developer Resources for Serum
Updated list of projects on Serum
SBF talks Serum on The Money Movement podcast
First NFT sale on Serum and Solana
Conclusion
This wraps up the 3rd edition of the Serum Newsletter, but we’re not done with showing off what we’ve been building behind the scenes.
If you have any questions or wish to build in the Serum ecosystem please feel free to reach out to us at contact@projectserum.com. We’re always happy to answer questions or aid in anyway we can!
