Serum Community Foundation Announces $100M Raise to Support Ecosystem Development & Innovation

Serum is a protocol for decentralized exchanges that brings unprecedented speed and low transaction costs to decentralized finance built on Solana announced it is raising funds to support its operations and launch the Incentive Ecosystem Foundation.

The Incentive Ecosystem Foundation, a community-led foundation that supports development on the Serum network,  announced that it is raising $100M to support the growth, development, and innovation of the Serum ecosystem.

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, Alan Howard, Commonwealth, Tagus, 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.

In 2021, the Serum ecosystem experienced incredible growth with an acceleration of users, assets and applications joining the community. With over 70 projects built on Serum, each leverages and contributes to our trade volume.

According to Serum Analytics, applications on Serum now account for upwards of $2bn total value locked, the net worth 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. Serum’s on-chain central limit order book (CLOB) gives developers access to matching services and shared liquidity across all protocols built with Serum. It now has over 70 projects participating in the ecosystem including Raydium, Atrix, Vybe Network, Solrise, 01 Protocol and Zeta Markets amongst others.

⏩ SOURCE