Serum(SRM)

A new report has revealed that venture firm Three Arrows Capital (3AC) has reportedly failed to meet margin calls from lenders. The developments have once again brought up the risk of insolvency following the brutal collapse of crypto markets earlier in the week. The report stated that crypto lender BlockFi was one of several companies that liquidated some of 3AC’s positions. Is Insolvency On The Cards? Well-placed sources have revealed in a report that Three Arrows Capital could potentially be facing insolvency after going through several liquidations. The sources revealed that the hedge fund’s liquidations totaled around $400 million, with the hedge fund’s founder Su Zhu tweeting that they are in touch with relevant parties. “Well-Placed Sources’ Say Three Arrows Capital Was Liquidated for at Least $400 Million, Hedge Fund Allegedly Maintains ‘Limited Contact With Its Counter-Parties.” There are growing fears that the hedge fund founded by Zhu and Kyle Davies back in 2012 could be on the verge of insolvency, stated the report. The sources also revealed that 3AC maintained only limited contact with counter-parties after the wave of liquidations. A Falling Portfolio Data from Dune Analytics has revealed that Three Arrows Capital’s current portfolio is around $372.47 million and has seen a change of nearly $139.12 million in the last 24 hours. The hedge fund’s portfolio is relatively diverse, consisting of tokens including AAVE, BAT, CEL, FTT, GUSD, LIDO, and LINK. Currently, $166 million is locked in USD coin (USDC), with the second-largest allocation held in serum (SRM), with the allocation standing at around $46 million. 3AC was also heavily invested in the Terra ecosystem and faced a significant loss of capital thanks to the collapse of the LUNA and UST. 3AC has so far not commented directly on the reports emerging about its possible insolvency, with founder Su Zhu making only a vague statement about the developments. He stated, “We are in the process of communicating with relevant parties and fully committed to working this out.” Su Zhu has not tweeted since the 7th of June, with the founder’s silence making investors jittery since Zhu has also not responded to any questions from them. Crypto’s Problems Continue To Mount The liquidations faced by Three Arrows Capital and its potential insolvency come at a time when the crypto space is already facing several issues. Developments around Celsius, Justin Sun’s Tron facing issues with its USDD stablecoin, and Microstrategy’s losses have made markets extremely jittery. Add to this the fact that the global economy is also facing a recession, with inflation wreaking havoc. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Solana's Project Serum, a non-custodial decentralized exchange protocol supporting a majority of Solana's DeFi applications, has announced that it is raising funds to broaden its operations and launch its Incentive Ecosystem Foundation. Serum was launched in August 2020, primarily backed by Alameda Research and FTX, one of the crypto industry's most prominent cryptocurrency derivatives exchanges. The project was designed to offer a scalable and liquid decentralized exchange for derivatives, tooling in and resolving a number of compatibility issues and infrastructural vulnerabilities of the then-burgeoning DeFi space. Serum offers a complete, non-custodial decentralized exchange running on an on-chain central limit order book (CLOB) on Solana's mainnet. Notably, it is also the only high-performance DEX in the DeFi space that's built around a fully on-chain CLOB and matching engine. In 2021, Serum's ecosystem was met with acceralated growth, with users, assets, and applications registering to its community. Projects built on Serum now number to over 70 actively developed protocols and applications. According to Project Serum, the Incentive Ecosystem Foundation is a community-led foundation that would support development on the Serum network, today announced that it is raising $100 million to support the growth, development, and innovation of the Serum ecosystem. So far, $70 million has been committed for the project's fundraising call, with participation from Commonwealth Asset Management LP, Tagus, Tiger Global as well as key executives from Golden Tree Asset Management. Aside from allotments for the foundation, Project Serum is also planning to expand its team and explore new product verticals that include NFTs, gaming, metaverse applications, and tooling functionalities for decentralized autonomous organizations (DAOs). “In committed capital, we’re right around $70 million,” Serum core contributor JHL stated, clarifying that the investments for the round were locked for the period of one year, with a linear vesting scheduled for another five years. Additionally, Serum notes that participants in the current round have received $SRM tokens and a portion of the ecosystem fund, with 85% of the raised amount allocated for the fund. “Serum was originally founded by [FTX founder Sam Bankman-Fried], and at the time most of the contributors to Serum were employees of Alameda and FTX. Over time, both due to the evolving regulatory landscape as well as the desire to include the community further in Serum’s future, we’ve now decentralized Serum – it has its own employees, it’s completely separate in a legal sense and in every way possible,” JHL shared. The pseudonymous core contributor says that the Incentive Ecosystem Foundation is envisioned as a separate entity tasked with the function of providing contributors with compensation and benefits. The Incentive Ecosystem Foundation also manages the Serum Ecosystem Fund, another allocation that holds both Serum and Solana tokens ($SRM and $SOL), as well as tokens from other projects such as Raydium ($RAY), a first-in-class automated market maker (AMM) for Serum; and Bonfida ($FIDA), a full-service decentralized product suite (analytics, name service, perpetual swaps, staking) for Serum. Serum, Raydium, and Bonfida are all fully integrated and purposely built for the Solana ecosystem. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Solana's Project Serum, a non-custodial decentralized exchange protocol supporting a majority of Solana's DeFi applications, has announced that it is raising funds to broaden its operations and launch its Incentive Ecosystem Foundation. Serum was launched in August 2020, primarily backed by Alameda Research and FTX, one of the crypto industry's most prominent cryptocurrency derivatives exchanges. The project was designed to offer a scalable and liquid decentralized exchange for derivatives, tooling in and resolving a number of compatibility issues and infrastructural vulnerabilities of the then-burgeoning DeFi space. Serum offers a complete, non-custodial decentralized exchange running on an on-chain central limit order book (CLOB) on Solana's mainnet. Notably, it is also the only high-performance DEX in the DeFi space that's built around a fully on-chain CLOB and matching engine. In 2021, Serum's ecosystem was met with acceralated growth, with users, assets, and applications registering to its community. Projects built on Serum now number to over 70 actively developed protocols and applications. According to Project Serum, the Incentive Ecosystem Foundation is a community-led foundation that would support development on the Serum network, today announced that it is raising $100M to support the growth, development, and innovation of the Serum ecosystem. So far, $70 million has been committed for the project's fundraising call, with participation from Commonwealth Asset Management LP, Tagus, Tiger Global as well as key executives from Golden Tree Asset Management. Aside from allotments for the foundation, Project Serum is also planning to expand its team and explore new product verticals that include NFTs, gaming, metaverse applications, and tooling functionalities for decentralized autonomous organizations (DAOs). “In committed capital, we’re right around $70 million,” Serum core contributor JHL stated, clarifying that the investments for the round were locked for the period of one year, with a linear vesting scheduled for another five years. Additionally, Serum notes that participants in the current round have received $SRM tokens and a portion of the ecosystem fund, with 85% of the raised amount allocated for the fund. “Serum was originally founded by [FTX founder Sam Bankman-Fried], and at the time most of the contributors to Serum were employees of Alameda and FTX. Over time, both due to the evolving regulatory landscape as well as the desire to include the community further in Serum’s future, we’ve now decentralized Serum – it has its own employees, it’s completely separate in a legal sense and in every way possible,” JHL shared. The pseudonymous core contributor says that the Incentive Ecosystem Foundation is envisioned as a separate entity tasked with the function of providing contributors with compensation and benefits. The Incentive Ecosystem Foundation also manages the Serum Ecosystem Fund, another allocation that holds both Serum and Solana tokens ($SRM and $SOL), as well as tokens from other projects such as Raydium ($RAY), a first-in-class automated market maker (AMM) for Serum; and Bonfida ($FIDA), a full-service decentralized product suite (analytics, name service, perpetual swaps, staking) for Serum. Serum, Raydium, and Bonfida are all fully integrated and purposely built for the Solana ecosystem. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Edward Zuo, a Senior Advisor at Project Serum, explains Serum in simple words and why it offers many opportunities for DEXes, such as lending, futures, and perpetuals. He also shares his 5-year prediction and whether he's worried about the enormous SRM supply.

SRM is currently the second most traded crypto on one of the biggest South Korean exchanges, Upbit, after Dogecoin. It is also trading at a premium on both Upbit and Bithumb, the latter also announcing the listing of SOL. The post South Koreans Turn to Serum (SRM) As Solana (SOL) Ecosystem Pumps first appeared on BitcoinExchangeGuide.