[Asset Onboarding Application] - $SRM - Serum
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
Application Profile
1. What is your motivation for submitting this application?
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
2. What is your association to the proposed asset?
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.
3. What are the key benefits to the Jet Protocol for onboarding the asset?
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.
4. What are the known limitations of the asset?
SRM is a potentially volatile asset.
Project Profile
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.
2. Who are the founding members? What is their current involvement with the project?
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$1.02M were kept as fiat.
5. What was the way of issuing and distributing the tokens? Were there pre-ICO investors?
There were block presales to investors who wanted to be long-term participants in the Serum ecosystem. These represented roughly 4% of the total supply. They are fully locked for the first year, and then unlock linearly over the next 6 years.
6. What is the current token distribution (project team vs. investors vs. public)?
Locked Seed and auction purchasers hold 4% of supply. The team and advisors were allocated 20%. The remaining tokens were split between 22% for project contributors, 27% for partners and collaborators, and 27% for ecosystem incentives.
7. Are there any fees generated by the protocol? If yes, please provide details and amounts.
Exchange taker fees are 4bps.
8. Is the protocol audited? By what firms? Please provide link(s) to the audit documentation.
9. Is the protocol open source? If yes, please provide links to the repository.
10. Other relevant project data or comments:
Asset Profile
1. Asset name:
SRM
2. Asset type (native/ wrapped):
Native
3. One-sentence description of the asset:
Serum (SRM) is the utility and governance token of Serum
4. What’s the purpose of the asset within its native ecosystem?
Serum ($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.
5. Does the asset have any use outside of its native ecosystem (integrated protocols)?
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.
SRMuApVNdxXokk5GT7XD5cUUgXMBCoAz2LHeuAoKWRt
Asset Liquidity
1. What exchange(s) support the asset?
CEX: Binance, FTX, AscendEX, Upbit, Gate.io, AAX, OKX, Bitget, BTSE
DEX: Serum Orca, Rayidum
2. Does the asset have liquidity on Serum? What is the liquidity depth (resting orders)?
Yes, ~$60K +/- 2%
3. Please provide 7-day asset trading history (daily aggregated trading volumes for trading pair of asset with USDC).
4. Which oracles monitor the asset? How many feeds are available?
Switchboard and Pyth, ~15-20 Feeds
5. How often does the asset drop significantly in price? Please provide a link to the price history.
6. For stablecoins only: Has the asset ever lost the peg? If yes, for what reason?
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?
9. What amount of asset’s liquidity exists in the integrated protocols (if applicable)?
SRM deposits into yield farming and lending protocols:
Tulip: 620K SRM
Francium: 2.65M SRM
Solend: 550K SRM
Apricot: 30K SRM
10. List any parties interested in taking part in liquidations for the proposed asset type.
Key Mechanics
1. How many active addresses/ users currently hold the asset?
51,872 and 10,217 SRM holders on Solana and Ethereum respectively
2. Please provide a brief overview of the tokenomics.
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
4. Please explain the staking mechanism (if any).
5. Please explain the slashing mechanism (if any).
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.
7. Are any tokens allocated for specific purposes or issuance schedules (e.g. liquidity mining)?
Ecosystem incentives are allocated via a grants process.
Legal Profile
1. Is the project or the asset owned by any incorporated organization?
No
2. In which jurisdictions was the token issued?
N/A
3. Was the token issued as part of regulatory process (e.g. securities offering)?
No
4. Was the token issued as part of fundraising 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.
No
6. Has the project or the asset had any legal interactions? If so, describe and provide documentation.
No
Links
Link to project’s white paper:
Link(s) to active communities related to the project:
Link(s) to project’s documentation portal/ source code for the system(s) that interact with the proposed asset:
Link(s) to audits - both procedural and Smart Contracts:
Link(s) to legal opinions:
Link(s) to other legal material:
Other relevant links:
List all relevant Solana addresses here:
Marketing / Campaign Material
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.
- Yes
- No
0 voters
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