[Asset Onboarding Application] $SRM - Serum
Author(s): @Adrian
Tags: asset-onboarding
Asset Name: Serum
Asset Code: SRM
Submission Date: 2021-10-14
Ratification Date:
Status: Archived
Forum URL: https://forum.jetprotocol.io/t/add-srm-as-collateral-for-jet-protocol/646/11
Extra: Another application for $SRM was submitted here: https://forum.jetprotocol.io/t/asset-onboarding-application-srm-serum/1095
Hi everyone. Adrian from the Serum community here. Great to see Serum and Jet working together to provide infrastructure for on-chain liquidations.
SRM is becoming an important asset in the Solana ecosystem and it would be great to be able to expand its utility with composing projects.
Thanks Adam for putting together this template to apply for SRM to be used as collateral on Jet Protocol.
To give you a quick summary of what Serum is: Serum is a protocol for decentralised exchanges. It provides a decentralised order book for the Solana ecosystem, all on layer 1. Jet protocol composes with Serum by placing limit order bids directly on Serum’s order book to liquidate insolvent accounts.
Collateral Asset Profile
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Collateral Name (and symbol): Serum (SRM)
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Collateral Short Description: The Serum token (SRM) grants its holders governance rights to the protocol, protocol rewards, discounts on trading fees, and other rights.
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Total Value in Circulation: 133,231,781 (Note that this is currently increasing at a rate of approximately 5.5m per month).
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Total Value on Solana: There are 10bn tokens in total. More info in our docs.
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Price Oracle Feeds:
Proposal
Detailed description of the asset and the reason(s) the Jet Community should consider onboarding it.
SRM is Serum’s utility and governance token. Currently, 100% of Serum fees are directed towards SRM buy and burn. In the future, a percentage of these fees may go to rewards distribution when the DAO decides to vote on Serum fee distribution.
Serum’s matching service and order book architecture powers many projects building within Solana, including Jet Protocol’s liquidation feature. The Serum community looks forward to strengthening a positive and healthy relationship with the Jet community: having SRM as collateral on Jet will attract significant traffic from Serum, reinforce SRM’s utility, and advertise Serum to the Jet userbase.
Use Cases
Traders and developers that hold SRM…
Serum (and SRM) is one of the first projects (and tokens) in the Solana ecosystem, and Serum is an extremely well-known and highly used financial primitive. Holding SRM improves the trading fees of any Serum-based UI or any dApp that composes with Serum. Holding SRM also makes one eligible for partaking in Serum’s governance via voting rights: voting will affect important issues ranging from protocol features, SRM grants to ecosystem contributors, fee structures, and other DEX parameters.
Relevant Metrics
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Total Value In Circulation: 133,231,781 (Note that this is currently increasing at a rate of approximately 5.5m per month).
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Total Value Locked: 9bn tokens are subject to the same long term (7 year+) lockup schedule.
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Age of Asset: ~14 months
List sources for metrics in #Additional-Links
https://projectserum.medium.com/srm-unlock-8e74f23d829f
Risk
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Technical Risk: Serum is unaudited (though audits are in progress).
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Counterparty Risk:
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Liquidity Risk: Serum markets require market makers for usability.
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Price Feed Risk:
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Bridge Risk:
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Other Risk:
Additional Links
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Any links used for reference or research in this creation of this proposal.
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Links to any available audits of the project.