Project Ideas for Serum

Project Ideas

If you want to know how to get involved on these projects see our dedicated page: Getting involved

Developer resources can be found on: https://projectserum.com/developer-resources

Feel free to reach out to us if you are interested in any of these projects:

See the list of awarded grants on Project Serum dedicated section: https://projectserum.com/grants.

There is no guarantee that you will receive a grant. Please contact EcoSerum to know whether the project you are interested in is eligible for a grant.

Grants might or might not be available after the first implementation for future ones

We recommend developers to use the same conventions as Sollet.io for seed phrase and private key.

We recommend developers to have by default both a mainnet and devnet/testnet version with a toggle so it can be tested out on both

AMM Bots using Pools

Building an open source system that people can use to achieve AMM-like behavior on Serum. There are lots of variants and customizability but here are some ideas:

  • AMMs that trade on Serum’s markets
  • AMMs with more than two components
  • AMMs with easy to customize curves

If you build it to the below specs, it will receive a predetermined bounty instead of the variable one.

Bounty: 75k locked SRM

Specs:

  • Parameters must be reasonable

  • Must be functional

  • Must have pool tokens

  • Must be open source

  • Must be able to launch new AMMs with arbitrary SPL tokens

Note: A draft of an implementation of AMMs on Solana can be found on the GitHub account of Solana Labs.

Sushi Swap

Notes: This is submitted on behalf of EcoSerum, a Serum node. Serum Academy is involved in the development of Serum but has not been involved in the development of Sushi in any way.

Proposal
  • The Sushi community builds out support for Sushiswap on Solana
  • Sushi rewards are paid to both Ethereum and Solana/Serum based Sushiswap
    • Proportional to the TLV in each
    • Or alternately fixed to each pool
    • Open to other suggestions as well–what’s fair?
  • The Sushi community composes this with the Serum orderbooks
    • Each Sushi pool has a curve, currently constant-product
    • The pool sends bids/offers into the associated Serum orderbook to simulate that curve
    • This allows the Sushi AMM to share liquidity and volume with the orderbook
    • There are maker rebates on Serum orderbooks that the AMMs would capture; they can also add on their own fees
  • FTX has a bridge from ERC20 <> SPL (Solana token) Sushi; in the next week, Sollet.io will as well
  • Sushi will also be able to compose with a borrow/lending protocol on Serum to allow the pools to trade on margin, though that’s not necessary for V1
  • To clarify: Sushi would not be moving off of Etherum in any way; this would be an addition, not a replacement.
Rewards
  • EcoSerum, a Serum node that helps build out the community, will give the following rewards:
  • 50k SRM for 1+2
  • 1 locked MegaSerum for 1-5
    • One MegaSerum is 1 million Serum put together
    • This will allow the Sushi community to participate in Serum, run a node, receive yield, benefit from a buy/burn, and receive discounts
    • This will be locked (not sellable or transferable) for 1-7 years: fully locked until Aug 1 2021, and then unlocking linearly over the 6 years after that
  • These rewards are for the Sushi community, controlled by governance, to do what they want with
  • In addition, 20k SRM for 1+2 and another 10k for 1-5 to the team who builds it

Messaging Application

Bounty: Bounty of 25k locked SRM

Build an instant messaging app on Solana with the following:

  • The app would pass encrypted messages over the network
  • The app would be fully on-chain
  • Build a GUI for people to chat with each other
  • The app could be directly integrated to Serum DEX GUI

Yield Farming

A yield farming token that is integrated into an AMM system on Serum.

Here is an idea of what it could look like:

  • Build a “pool” which starts at 100 SRM + 100 SOL per pool token. It’s just an ETF — you can’t actually trade against the pool.

  • The pool automatically does the on-chain AMM-style market making on the Serum SRM/SOL market. Basically this means; a liquidity providing strategy such that, if SRM/SOL goes from price A → B → A, the pool’s valuation will at worst be unchanged. The pool will be fully on-chain and its behavior will be well defined from creation.

  • You can ‘create’ into the pool by delivering the basket. So at the beginning if you send in 200 SRM + 200 SOL you get 2 SPT (Serum Pool Tokens). If after an hour of trading the pool was 150 SRM + 80 SOL then to create 2 SPT you’d deposit 300 SRM + 160 SOL.

  • You can redeem your SPTs for the fractional share of the pool.

  • The pool gets the proceeds of its trading, including maker rebates

  • Each day, 10,000 Dumplings are added to the pool for the first 100 days; then no more Dumplings are created. When a Dumpling contract is first created, 100,000 Dumplings (DUM) are airdropped on all SRM holders to seed liquidity for joining the pool.

This means that:

  • If you redeem your SPTs after 5 days and you were half the pool, you’d get back your SRM/SOL, and also 25,000 Dumplings. You can trade those on the DUM/USDC market or whatever.

  • If after 5 days you want to join the SRM/SOL MM pool for, say, 100 SRM + 100 SOL, you’d have to send in: 100 SRM, 100 SOL, and some DUM (maybe 15,000, depending on how large the pool had been/how many DUM are in 1 SPT).

This means that entering the MM pool is gated by buying/owning Dumplings, and you get Dumplings each day for providing liquidity.

Borrow/Lending

If you build it to the below specs, it will receive a predetermined bounty instead of the variable one.

Bounty: maximum (100k locked SRM)

Specs:

  • Can be isolated between pairs, or cross between all pairs

  • Must at least include the following SPL tokens: USDT, USDC, BTC, ETH, SOL (or wrapped SOL), SRM, FTT, SUSHI, MSRM, YFI, LINK.

  • Must be seamlessly composable onto trades

  • Parameters must be reasonable

  • Must be functional

  • Fees must be either:

  • Predetermined at the creation of a pool

  • Set via a vote of SRM nodes

  • Set via a vote of the protocol’s token

  • 100% of fees paid to BORROW/LENDING token

  • Must be open source

  • Must be able to launch new books with arbitrary SPL tokens

Serum Oracle

An on-chain oracle that takes prices from Serum markets, does sophisticated risk and sanity checks on them, and creates a clean price feed that other projects working on Serum can use. Furthermore, once there are on-chain cross-chain bridges, those can be combined with this to create a fully on-chain cross-chain pricing oracle.

Specs:

  • Takes in arbitrary signals
    • Can take from multiple sources
    • Combines in a reasonable way
  • Has reasonable error handling and outlier handling
  • Writes on-chain
  • Some way to charge people for querying it on-chain
  • A built-in way to use Serum orderbooks as an oracle

SPL Name Service

Create a table where the mint of a token can submit a name for their token. Also create a table where a token controls governance of the naming. If you create this, EcoSerum will support the token’s adoption; you get 20% of them.

Cross-Chain Bridges

It would be awesome to have fully on-chain bridges between Solana and as many other chains as possible. Cross-chain bridges would be decentralized. See prospective specs for one on Sollet.io, but there are many other versions!

Exchanges

If you are an exchange and want to add Solana, SRM and SPL support please reach out to us.

Native Metamask Integration

Native MetaMask integration for Solana, SRM and SPL tokens. See this introduction to Web3 Plugins for more details

Security Audits

Security audits of the following repositories:

App Store

Create a Serum app store that would allow people to navigate to all common Serum apps from a single page. This way everyone would be exposed to everything from: Cryptocurrencies.ai, Bonfida, Coin98,various AMM apps, wallets etc…

Bounty: 40k

GUI Improvements

Below is a list of GUI improvements that could be developed:

  • A tool to validate GUIs against the source code
  • Build support for on-chain triggered orders (stop losses, take profits) into Serum.

See Project Serum GitHub account for the source of Sollet.io and the DEX GUI

Other projects the Serum community is excited about

  • Other social networking applications
  • General yield farming
  • Hosting Solana validators and RPC servers for Serum usage
  • Serum app store, or other way to easily collect popular dapps on Solana https://twitter.com/StaniKulechov/status/1322232473930137603
  • Add Serum DEX markets that use aTokens, cTokens, yTokens, etc.; make the UI intuitive; so that it’s like other Serum DEXes except open orders are interest bearing
  • Make the prices look like normal BTC/USDC prices etc.
  • Easy ways to go from e.g. aUSDT_SOL → aUSDT_ETH → USDT_ETH and aUSDT_SOL → USDT_SOL
  • Great info, GUI display, querying, external API, on-chain API, etc. of Serum data:
    • Dex.projectserum.com
    • Swap.projectserum.com
    • SPL token transfers
  • Make explorer.solana.com great again
    • When you go to an address and see a history of transactions, there should be a column for (approximate) time, not just block number
    • If you go to a token mint address, token address, or transaction, you should see a (history of) all SOL and SPL token transfers associated with it
    • Transaction parsing for serum dex and swap.projectserum.com
    • “October 28, 2020 at 24:19:50 China Standard Time” should be 00:19:50 (e.g. https://explorer.solana.com/tx/sYdyGKLWqSEjZkSWMCf3o28giXWyx569FAHbeVc4XFuqgvJ52XQ6TvJMnwdGmM76aS2pkePcymqCPBPvmAZUKYe)
    • Building an API into the explorer so you can easily query things like “total SRM sent to address X from time t1 to time t2” and things like that
  • Swerve: https://twitter.com/SwerveFinance/status/1320864824042008578