Serum’s Incentive Ecosystem Foundation Raising $100 Million

he community-led foundation has 18 investors that are participating in this fund for the development of the Serum ecosystem.

Serum Ecosystem Gets a Huge Boost

The Serum protocol’s Incentive Ecosystem Foundation is raising $100 million to fast-track the development of Serum’s ecosystem.

The foundation announced on Jan. 7 that this funding round consisted of 18 institutional investors, including Alan Howard, Commonwealth Asset Management LP, Tagus, Tiger Global, and executives at Golden Tree Asset Management. 

“Over the last few months, the Serum ecosystem has experienced incredible growth. With over 70 projects built on Serum, each leverages and contributes to its liquidity pool and trade volume,” mentioned JHL, a Serum community contributor told CoinDesk. “We are excited at this news and look forward to working together with other community members to further position Serum as the core liquidity infrastructure provider in the Solana ecosystem and beyond.”

Source: Project Serum Medium

“We want to grow the decentralized exchange by bringing in new developers to fill applications on top of it, and…bring users to trade on it so volume can increase over time,” added JHL in a telephone interview with Reuters on January 7. “We want to be one of the largest decentralized exchanges.”

As previously reported by Solana News, Serum announced the Convergence Hackathon on Dec. 20 in partnership with the bridging solution, Wormhole. The hackathon is currently underway and will be active till Jan. 31 and has prizes of up to $5 million in prizes and funding for Web3.0 projects.

What is Serum?

Serum is a completely permissionless DEX built on the Solana blockchain network. The protocol utilizes an on-chain central limited order book (CLOB) and a matching engine that provides liquidity and price-time priority matching to several investors and projects built on the ecosystem. The ecosystem currently has a total value locked (TVL) of $907.11 million, as per data from DeFiLlama.

Find more about Serum here:

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