Project Insight: Serum's EcoSerum Program

The program serves as a jump-starter for the blooming Project Serum ecosystem.

By
Solana News
on
May 23, 2021
Category:
Project Insight

EcoSerum

Project EcoSerum is the Serum DEX community, consisting of developers, traders, and investors alike. Serum's community, accessibility, and liquidity are its building blocks, setting up the platform to be a powerful player in Solana DeFi.

Source


Project Serum is a decentralized Solana-powered exchange that provides low transaction costs and unrivaled speed. The digital token $SRM is the token for the Serum community, and $SRM holders pay 60% fewer fees for transactions they make using the token. The DEX uses fully on-chain and entirely limit-order-based order books to be fast, cheap, and highly scalable. It offers a better UX level than centralized exchanges because it is based on a non-custodial exchange, has cross-chain trading support, and doesn't require any KYC. As a Solana-built project, Serum has a unique advantage over many other DEXes because it is interoperable with ETH and Bitcoin. The recent release of the Wormhole bridge has made transacting between the networks a fairly simple procedure, opening a range of possibilities for investors.


EcoSerum Key Tenets

EcoSerum is a community-building node consisting of developers, traders, investors, and others who can assist in helping Project Serum founders achieve their aims and objectives. These goals include having a billion users, a billion valuable projects, and at least $1 trillion on-chain. The EcoSerum Telegram channel is open to anyone who wants to partner with the platform.

Other responsibilities of the node include getting Serum-built projects listed with an IDO and providing standard node duties, including support through cross-chain, and cranking. Stakers in the EcoSerum are $SRM holders who strongly desire the long-term growth of Project Serum, especially in the creation of UX-focused tools and applications.

Each Serum-powered project is eligible for an EcoSerum grant. However, terms and conditions do apply, as not all projects will become eligible for a grant. Some exciting projects that have received an EcoSerum grant recently include: Crowny; Synthetify; Skynet Capital; Soleon; and Sollectify. Other grant recipients can be found here.

Key Project Biographies

  • Skynet Capital 

Skynet Capital is a developer on Solana’s ‘J’ Java library for open-source Project Serum and Solana projects. Through the EcoSerum grant, Skynet Capital intends to add value to Serum mainly through software development (libraries, tools, and infrastructure). The Solana J library would be completely open-source and welcome to new contributors. Skynet intends to hire more developers on the project and assist with Serum support in the Discord channel.

  • Sollectify

The Sollectify platform is a creator-centric NFT marketplace where users can create, trade, and sell non-fungible tokens (NFTs) for various unique digital items such as game items and artworks. It is the first of its kind on the Solana blockchain. More updates regarding further development will be made available through their Discord and Telegram channels. Subscribers to the Sollectify newsletter will also receive all updates regarding the project, which is a promising start to the NFT landscape on Solana.

  • Soleon

Soleon is a fully decentralized derivatives exchange and trustless cross-chain trading platform that is Solana-built and fully backed by project serum. Soleon's Ecoserum grant will help it to remain a leader in decentralized derivatives exchange and trustless cross-chain trading on the Solana ecosystem.

  • Synthetify

Synthetify is a firm that builds blockchain-powered platforms to connect all financial instruments such as synthetic assets, fiat money, cryptocurrencies, and stocks. Synthetify's EcoSerum grant will boost its growth and implementation of ideas to remain an acknowledged leader in providing a decentralized protocol for synthetic assets on the Solana blockchain.

  • Crowny

Crowny is a platform that helps brands to achieve better targeting and provide relevant content to users. Crowny's Ecoserum grant will help it maximize its impact and boost the reach of protocols that will partner with them. Crowny releases monthly recaps that allow interested investors to follow their growth.

Other Funding

Source

Another grant is available for projects once they are launched. The decision to give a grant to such launched projects and the size of the grant is also determined by EcoSerum, based on a set of criteria that evaluates the project and its contribution to the Serum/Solana platforms.

Only $SRM holders are allowed to:

  • Vote on projects to support
  • Provide feedback, testing, in some cases, follow up on investments and engage with project team members.
  • Vote on proposals. This voting can be done directly or assigned to a node leader. 

EcoSerum has also approved a proposal that 2 percent of $SRM buy-and-burns is distributed as grants for new valuable projects.

Some previous projects that node participants have voted for in the past include: an AMM bot; dumplings; cross-chain bridges; cross-chain lending; and a Serum oracle.


Closing Thoughts

Developers or creators who need funding for their projects can approach the EcoSerum team using the grant application form. Project Serum's evolution isn't stopping yet; it has the tokenomics for future success, and the team is led by Sam Bankman-Fried, an exceptional DeFi scientist. Bankman-Fried is known for his work as the CEO of FTX, as well as being one of the founders of quantitative trading firm Alameda, and grants Serum qualifications based on his previous successful ventures. By providing a boost to Solana/Serum projects, the platform is not only helping their own growth - they are providing the necessary boost to these teams to bolster the entire ecosystem.


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