Project Serum announces $100M liquidity mining program
Solana (SOL)-based DEX infrastructure project Project Serum announced a $100 million liquidity mining project on Thursday.
The plan was approved by Serum’s DAO, which allocated $100 million to the program. As part of its first step, the fund will be distributed to AMMs (Automatic Market Makers) as rewards for using Serum’s on-chain order book. The funds will be allocated in Serum’s native token SRM to participating AMMs.
Atrix Finance was the first to participate in the program. Raydium, a popular decentralized exchange, has also expressed interest in the program.
Alpha Ray, Founder of Raydium, said in the announcement:
“We’re looking forward to working with Serum to support the ecosystem and bring its unique services to a wider audience. Incentivizing AMMs to interact with Serum’s on-chain CLOB will in turn bring more users onto the platform, which will only benefit the protocol as a whole.”
Project Serum was launched in August 2020 by the popular crypto exchange FTX to provide a decentralized exchange capable of reliable cross-chain transactions at the speed and price users desire.
Currently, decentralized exchanges (DEXs) such as Raydium and Mango Market have deployed Serum’s basic technology. As of October 12, the total assets managed by Serum have exceeded $150 million.
The post Project Serum announces $100M liquidity mining program appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow