Funding Alert

Solana’s decentralized exchange foundation Serum raises $100M from institutional investors to expand its network

• BySaksham Daga     |    January 10, 2022

In just a few years, Solana has  become the fastest blockchain in the world. Solana is also the fastest growing ecosystem of cryptocurrencies with over 400 projects spanning decentralized finance (DeFi), non-fungible tokens (NFT), Web3 and more. Today, Serum, the underlying protocol on which  Solana DeFi works, has emerged from the shadow of its former parent company, FTX. 

 Today, the Incentive Ecosystem Foundation (IEF), a team supporting one of Solana’s largest projects,  has raised $ 100 million from 18 institutional investors, including Commonwealth Asset Management LP, Tagus and Tiger Global, to Golden. Tree Asset Management executives have announced that they have applied. .. IEF is a non-profit organization that supports the development of serum networks. 

 IEF said it would use the funds to  expand its network and position it as a central provider of liquidity infrastructure. The Foundation also uses funding  to support the growth, development and innovation of the serum ecosystem. Serum is a decentralized exchange and platform that provides the  liquidity infrastructure that underlies Solana’s fast, censorship-based blockchain-based protocol. In return for the investment, investors will receive various tokens that have been blocked for 6 years. According to JHL, tokens will be rested for one year,  and  for the next five years, investors will receive a certain number of tokens every day. 

 Serum is a decentralized exchange platform based on the Solana blockchain, bringing liquidity services from traditional finance to a decentralized landscape. It provides a central on-chain limit order book (CLOB) that gives developers access to matching services and shared liquidity across all protocols created by Serum. Currently, over 70 projects are participating in the ecosystem, including Raydium, Atrix, Vybe Network, Sollise, 01 Protocol and Zeta Markets.

Follow Startup Story