Author(s): @TTx0x Party submitting application: Sino Global Capital Website: https://www.sinoglobalcapital.com/ Tags: asset-onboarding Asset Name: Serum Asset Code: SRM Submission Date: 2022-10-12 Ratification Date: N/A Status: Rejected Forum URL: https://forum.jetprotocol.io/t/asset-onboarding-application-srm-serum/1095
The purpose of this application is to provide the Jet Community with details on SRM to approve its onboarding as collateral. SRM holders should be able to use Jet Protocol as a platform for lending and borrowing against their SRM tokens
Sino was an early backer of Project Serum and has been consistently advising its contributors and community on the growth and development of the protocol.
Project Serum forms the fundamental trading infrastructure for a variety of projects building on Solana. SRM is the utility and governance token of Project Serum. Onboarding SRM as an asset allows Jet users to borrow and lend SRM.
SRM is a potentially volatile asset.
1. Please provide a brief, high-level description of the asset’s native ecosystem (project), including protocol’s type (peer-to-peer/ peer-to-liquidity/ etc.).
Serum’s on-chain central limit order book and matching engine provides liquidity and price-time-priority matching to traders and composing projects. Serum brings the full centralized exchange experience, with fast settlement and trading, and low transaction costs, to a decentralized world with the additional features of being non-custodial and allowing users to choose the price, size, and direction of their trade.
Project Serum is built by the Serum Foundation, who continue to be core contributors to the protocol.
3. Please indicate the ICO date, initial price and valuation of the token and total capital raised (in USD and crypto terms).
Serum launched on the 31st of August 2020 and was one of the first major open source projects to build on Solana. There was a ICO on AscendEX and FTX on 7 Aug 2020 at a price of $0.170, raising a total of US$1.02M.
4. How much of the capital raised via the ICO was converted into FIAT (in terms of FIAT currency and amount of tokens)?
A total of 6M SRM tokens were sold during the ICO, the proceeds of US$1.02M were kept as fiat.
There were block presales to investors who wanted to be long-term participants in the Serum ecosystem. These represented roughly 4% of the total supply. They are fully locked for the first year, and then unlock linearly over the next 6 years.
Locked Seed and auction purchasers hold 4% of supply. The team and advisors were allocated 20%. The remaining tokens were split between 22% for project contributors, 27% for partners and collaborators, and 27% for ecosystem incentives.
Exchange taker fees are 4bps.
Serum (SRM) is the utility and governance token of Serum
Serum ($SRM) token holders gain $SRM’s utility and governance functions, as well as DEX fees, which go towards buy and hold. 100% of the exchange fees flow back into SRM, via a buy and hold.
SRM can be deposited as collateral on several money markets such as Solend and Port finance, and within decentralized options vaults such as Friktion and Katana
6. Please provide all Smart Contract address. If the project is open source, detail how the Smart Contracts are implemented.
CEX: Binance, FTX, AscendEX, Upbit, Gate.io, AAX, OKX, Bitget, BTSE
DEX: Serum Orca, Rayidum
Yes, ~$60K +/- 2%
3. Please provide 7-day asset trading history (daily aggregated trading volumes for trading pair of asset with USDC).
Switchboard and Pyth, ~15-20 Feeds
5. How often does the asset drop significantly in price? Please provide a link to the price history.
7. For algorithmic stablecoins only: Please provide details on the risks associated with the design.
8. For wrapped assets only: Which bridges are used? Are they custodial or non-custodial? Are they audited?
SRM deposits into yield farming and lending protocols:
Tulip: 620K SRM
Francium: 2.65M SRM
Solend: 550K SRM
Apricot: 30K SRM
51,872 and 10,217 SRM holders on Solana and Ethereum respectively
Tokenomics can be found here: SRM Token - Serum
3. Is the asset supply expected to increase or decrease over time? Is there a token burn mechanism? Is the project able to mint more tokens in the future?
Project cannot mint any more tokens in future, there was a buy and burn mechanism which burnt a total of 7M SRM. This has transitioned into a buy and hold mechanism
6. Are there tokens on vesting schedule? If yes, what is that schedule and related vesture limitations?
Tokens are fully locked for the first year, and then unlock linearly over the next 6 years.
Ecosystem incentives are allocated via a grants process.
There were token presales to investors who wanted to be long-term participants in the Serum ecosystem.
5. Has the project or the asset obtained any legal opinions on the regulatory standing of the token? If yes, please provide links to the relevant documentation.
6. Has the project or the asset had any legal interactions? If so, describe and provide documentation.
Link(s) to project’s documentation portal/ source code for the system(s) that interact with the proposed asset:
If you have additional marketing material, recorded discussions, or collateral onboarding campaign material, link here:
The poll below has been added by the JetDAO Governance Committee and is solely for signaling purposes to showcase the sentiment of the community.