The new DAO proposal asks the community of 250,000 SRM tokens to onboard small-cap protocols and adds new liquidity to the DEX.
Grant of Over $1.25 Million Proposed
Fabric’s grant proposal for SRM tokens went live on Nov. 26, as announced via the protocol’s official Twitter account.
The decentralized autonomous proposal (DAO) is made by Bodie, and 0xDEADBEEF proposes 250,000 SRM tokens out of the 5 million SRM tokens available to be given to the protocol. Currently, the SRM token exchanges hands around the $5 range, putting the valuation of the proposal at over $1.25 million, as per data from CoinMarketCap. The tokens are intended to enhance the total value locked (TVL) on the DEX by increasing the onboarding of small-cap protocols and providing new liquidity to the Serum DEX.
“The grant will speed up the development of, and bring significant attention to the FABRIC core offering, our synthetic asset issuance protocol (synth dApp). This is noteworthy as FABRIC plans to facilitate the use of Serum as one of the primary forms of collateral that underpin the synth dApp. Given that the current collateral in Synthetix (the closest equivalent to FABRIC on Ethereum) exceeds $690m dollars, having this additional long-term utility for the Serum token is an extremely exciting value prop,” elaborated Bodie & 0xDEADBEEF on the description in the proposal.
More specifically, using the grant, the protocol plans to achieve 4 main objectives:
Muti-yield pools to incentivize Raydium AMM LP staking
Synthetic SRM / fSRM : Utilize SRM in the SRM-fSRM LP pool to enable direct swaps
Enable use of SRM and MSRM as collateral on the Fabric synth dApp
4 to 6 pools to create a liquidity mining schedule for small-cap and large cap-pairs
Earlier this month, DataBitz, the Community Lead of Fabric, joined Greg Goon Trades of DeFi Direct for a Livestream to discuss the current stage at which the protocol is currently and their roadmap for the near future. The protocol currently has a total value locked (TVL) of nearly $3 million, as per data from DeFiLlama.
Fabric is a protocol that offers tokenized synthetic assets for various asset classes like cryptocurrencies, fiat currencies, equities, commodities, amongst others, to the Solana ecosystem. All the assets on the platform are collateralized by its native token, FAB, which is locked in pools to guarantee that the Solana Program Library (SPL) synthetics are minted and distributed fairly.
Find more about Fabric here:
Source : solana.news