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Serum Community Foundation raises $100 million

Updated: Jul 25, 2024
Published: Jan 7, 2022
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The Incentive Ecosystem Foundation, a community-led foundation of Project Serum, plans to raise $100 million in a new round of funding.

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investors were offered several tokens at a discount

The foundation plans to expand the Serum ecosystem with fresh capital. Fifteen percent of the money, or $15 million, will be allocated for this purpose. Investors have a six-year lock-in period for the tokens - a one-year cliff and then daily linear vesting for five years. Tiger Global, Commonwealth Asset Management, Tagus Capital, Golden Tree Asset Management executives, and several other investors participated in the round.

During the token funding, round investors were offered several different tokens at a discount to their market price. These tokens are Serum, Solana , Bonfida , Oxygen, Maps.me, Liquid Finance, and Pyth Network (PYTH). All of these tokens are part of the Solana and Serum ecosystems. The discount was 15% to their market price, except PYTH, which was offered at its last seed round value. The Incentive Ecosystem Foundation has already raised $75 million and is seeking to raise an additional $25 million.

How will Serum grow its ecosystem?

With this ecosystem fund, the foundation plans to support upcoming Serum projects in DeFi, NFT, and gaming. The foundation also plans to provide business development and marketing support to such projects. The rest of the capital will be used for growth initiatives for Project Serum, such as hosting hackathons and hiring employees.

Project Serum aims to attract more projects and users to its platform. In October, the community approved the launch of a $100 million liquidity program. It is not the first time the Incentive Ecosystem Foundation has raised funds, but it has not disclosed the funding amounts of its previous rounds.

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