Decentralized exchange protocol, Project Serum, has announced that it is raising funds to expand its operations. On Monday, the protocol revealed that it has raised $100 million. The funds will go towards expansion, improvement, and innovation. Serum supports most of Solana’s DeFi applications. It is also on course to enhance the capacity of the Incentive Ecosystem Foundation. The foundation is an independent entity and key to the success of the project. Ultimately, the aim is to provide more incentives for developers.
The money will come in handy, in line with Serum network’s expansion strategy. For instance, the Serum Foundation wants to use $15 million to expand the Serum ecosystem. The balance will go towards expanding the business through new hires, hackathons, and other strategies. In addition, the Incentive Ecosystem Foundation wants to support new projects in DeFi, NFTs, and gaming.
The round’s investments were locked in for a year. In addition, investors received a 15% discount on various tokens including Raydium (RAY), Solana, Bonfida (FIDA), Oxygen (OXY) and other tokens..
Aside from expanding its workforce, Project Serum is also going to explore additional products. The products include NFTs, metaverse apps, and decentralized autonomous organizations (DAO). Commonwealth Asset Management LP, Tagus, and Tiger Global are some of the companies that have already committed to the project. Additionally, Golden Tree Asset Management’s top executives will be joining the team.
In committed capital, we’re right around $70 million”
Contributors will receive compensation and rewards through the Incentive Ecosystem Foundation. The Serum Ecosystem Fund, which owns both Serum and Solana tokens and tokens from other projects, also falls under the foundation.
Serum is a decentralized exchange that runs on Solana’s mainnet, with a non-custodial central limit order book (CLOB). On-chain CLOB and matching engines are unique to this high-performance DEX in the DeFi space. The Serum ecosystem currently holds about $2 billion in total value locked and hosts over 70 projects.
As a decentralized derivatives exchange, it was designed to be scalable and liquid. Consequently, this enabled it to eliminate several compatibility problems and infrastructural weaknesses in the then-emerging DeFi market.