Serum liquidity mining shows a 290,000% annual interest rate? Founder SBF: Platform displays error

FTX exchange founder Sam Bankman-Fried (Sam) announced on Twitter on the 27th that Serum's automated market maker, Serum Swap, has officially launched. In the next month, one million SRM tokens will be used as rewards for specific liquidity pools, claiming a current annualized interest rate of over 200%.

FTX founder Sam announced the launch of the decentralized exchange "Serum" based on the Solana blockchain at the end of July, followed by leading the exchange SushiSwap, claiming to launch a Solana version of SushiSwap. After a two-month silence, they unexpectedly released an automated market maker based on Serum and initiated liquidity mining.

According to Sam, one million SRM tokens will be used for liquidity mining rewards in the following pools, with details as follows:

• Start Time: 01:00 am Taiwan time on October 28
• End Time: 01:00 am Taiwan time on November 25
• Total Airdrop Amount: One million SRM
• Airdrop Time: 20 random times, 50,000 SRM airdropped each time

The airdrop pools are as follows:

• SRM/BTC
• SRM/ETH
• SRM/USDT
• SRM/USDC
• SRM/SOL
• SRM/YFI
• SRM/LINK
• SRM/SUSHI
• SRM/FTT
• SRM/FRONT

According to their platform data, the annualized rates in the above liquidity pools range from 172% to 547%. However, Sam mentioned that the platform interface still needs optimization, and the annual rate will vary with the size of the pool. In addition, the price of SRM will also be a direct factor affecting the rate.

Despite recent positive developments in the FTX ecosystem, such as the introduction of fractional stock trading on the 29th, allowing users to participate in tokenized stock trading for traditional stocks and cryptocurrencies, its platform token saw a nearly 10% drop after the news.

Although liquidity mining requires SRM tokens for participation, the price of SRM has been relatively flat since the announcement, rising by 18% on the 28th and then returning to the starting point. As of the deadline, the price is approximately $0.975.

There was also an unexpected incident where the Serum Swap page seemed to display errors, with the UNI/SRM pair showing a suspiciously high interest rate of 290,965%. Sam explained that it was a decimal point error.

Sam finally mentioned that Serum Swap has not undergone formal audits, and participating in liquidity mining may incur impermanent losses. Users are advised to consider the risks they can bear. The announcement also pointed out that besides Serum Swap, they have an offline market maker platform "SAMM" (Serum Automated Market Maker), and will also launch more automated market maker projects like "Pools" in the future.