Solana-based decentralized exchange Serum launches $100 million liquidity mining program

On Thursday (10/28), the decentralized exchange Serum, based on Solana, announced the launch of a "1 billion USD" liquidity mining program.

Serum itself provides an on-chain Central Limit Order Book (CLOB), allowing projects on the Solana chain to share liquidity across the entire ecosystem, thus addressing existing barriers. By connecting with other AMM protocols, high-frequency trading becomes possible with pre-set orders, high transaction speeds, and low fees.

According to the announcement from the official source, to stimulate the growth of the Serum ecosystem, the Serum DAO has approved a $100 million liquidity mining program as an incentive for AMM market makers providing liquidity to the Serum on-chain order book. The first collaboration is with Atrix Finance, offering three trading pairs: BTC/USDC, ETH/USDC, SOL/USDC.

The official statement mentions that Serum has proven the on-chain order book to be a key factor in attracting users to trade within the Solana ecosystem, so incentivizing AMM protocols will increase Serum's on-chain Central Limit Order Book (CLOB) liquidity, benefiting the ecosystem and attracting more users.

Artrix Finance will be the first project to join, and other DeFi projects with the largest TVL on Serum, such as Raydium and Mercurial Finance, have also expressed interest. The Serum team expresses gratitude for the community's support and encourages ecosystem members to continue participating and providing governance suggestions.

Matthew Graham, an early investor in Serum and CEO of Sino Global Capital, commented:

"Serum has proven that on-chain orders are the key foundation for Solana's explosive applications. This enhanced liquidity mining will reduce trading frictions, increase composability and innovation, further attracting new users, bringing Serum and the Solana ecosystem closer to the goal of 1 billion users."

The Serum protocol ranks eleventh in decentralized exchanges, with a Total Value Locked (TVL) that has grown by 350% in the past three months, reaching $1.85 billion on October 14. While still a distance from protocols like Curve and Uniswap, Serum's TVL was less than $350 million on October 7, and with the current growth rate, it is poised to catch up rapidly.