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Project Serum allocates $100M to liquidity mining
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Project Serum, a decentralized derivatives exchange for the Solana network, has launched a $100 million liquidity mining program as part of a broader effort to attract users to the ecosystem.
The initial allocation was approved by Serum’s decentralized autonomous organization, or DAO, the project announced Thursday. The sum, paid out in Serum’s native SRM token, will be used as a reward mechanism for automated market makers that work directly with Serum’s on-chain order book.
Liquidity mining is an effective tool for DeFi protocols as it incentivizes automated market makers to supply liquidity and enhance the network’s overall operation. As a broader concept, liquidity mining refers to a process whereby a project offers its tokens to anyone
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