The nodes recently voted in favor of the following proposition, creating an initiative to fund projects building on Serum coordinated by EcoSerum, one of Project Serum’s nodes. Furthermore, 2% of all Serum fees will be used to fund new projects through EcoSerum.
Funding and Tokens
If you’re building a new project on Serum, you can coordinate with EcoSerum on the following terms:
EcoSerum will have grants available for promising proposals. This will be funded primarily with 2% of all Serum fees. To kick start things, the EcoSerum Project Funding Pool (EPFP) has been seeded with 200,000 locked SRM tokens and 1 locked MegaSerum (MSRM).
- These are (M)SRM tokens that are fully locked until 2021-08-01 and then unlock linearly over the following 6 years.
Any promising project will be eligible for a grant of between 1,000 and 20,000 unlocked SRM tokens to pre-launch.
Each project that receives a grant will get a further grant of SRM upon project launch. EcoSerum will decide on the second grant size post-launch depending on the project’s execution, ranging from 5,000 SRM to 100,000 SRM, locked 1-7 years.
For some projects general to Solana, there may be an additional 25 SOL granted for every 100 SRM.
Each project that receives a grant and successfully launches will also have a 1% chance of winning the MegaSerum!
Each project can choose to implement a fee/revenue model that is integrated into Project Serum. If they do:
- The Serum nodes will help in managing the project and its revenue
- There will be an SPL token minted for the project; call it TA.
- 100% of the revenue/fees/etc. of the project will go to a weekly buy/burn of TA.
- The project team will be granted 20% of TA tokens; 1% unlocked, 19% with a 1-7 year lock.
- In the case of a massive/complicated project and/or which does not come from the community’s blueprint, these terms are negotiable with EcoSerum.
- 1% of TA will be distributed to EcoSerum stakers, pro-rata, 1-7 year lock.
- The other 79% of TA tokens will be distributed pro-rata to all SRM tokens staked (any SRM can be staked, whether locked or unlocked, and there is no minimum quantity). Unlocked SRM holders will receive unlocked TA; locked SRM holders will receive 1-7 year locked TA. Rather than giving one grant up-front, the locked TA will be distributed over the next 7 years to locked SRM.
- The nodes will manage the entire process, integrating it into the SRM buy/burns and staking.
- The nodes will coordinate to help TA get listed on Serum with an IDO (initial dex offering) and supported by major Serum GUIs.
- The nodes will coordinate to get liquidity providers to support TA markets.
- The nodes will support it with standard node duties, including cranking, cross-chain support, and more