A huge portion of these Serum markets were created by community users through Raydium, with Raydium’s AMM as the primary or only dedicated market maker.Įcosystem & project adoption: By helping to launch IDOs and Fusion pools (bootstrapped liquidity mining for projects), Raydium has created and is market making for a significant number of projects in the Solana ecosystem. Trading pairs and markets: Raydium currently has almost 200 pairs, each of which represents a liquidity pool with an integrated Serum market. With more users trading on Raydium, Serum sees increased volume from both swaps that fill through Serum, and from users who trade on Raydium’s Serum DEX GUI page. User growth: Raydium has grown a significant user base with approximately 800k unique active monthly users. If the community decides that overall TVL carries even more weight, this number could be increased to approximately $1b relatively quickly.Īlong with providing liquidity and driving volume, some additional reasons for this proposal are listed below: With these additional resources, Raydium would target to grow TVL on Serum to approximately $500m over the period of the grant under the assumption that productive liquidity and volume maintain key importance but understand that overall TVL is also beneficial for the optics of a protocol in the current environment. Our proposal for this grant is 4,000,000 SRM of the 5,000,000 SRM tokens available. This approach has been sufficient to cement Raydium as the largest market maker on Serum for several months now, with Raydium accounting for between 40-60% of maker volume on most days. Over the past month, Raydium has placed approximately $69,000,000 of liquidity to Serum order books within a 10% depth at any given time with about $15,000,000 being within a 2% depth. Up until now, Raydium has focused on providing highly productive liquidity to Serum that is close to the mid-price and more likely to drive trading volume. The swap feature also checks for the best price between Serum and Raydium then executes whichever route gives the user more tokens, contributing to taker volume when executing through Serum. Serum has, and will continue to be, integral to Raydium in this regard.Īs an AMM with full Serum orderbook integration, Raydium leverages liquidity from pools to place limit orders and market make on Serum’s orderbooks. As traders and market makers, our objective has always been to build an AMM that avoids the pitfall of siloed liquidity pools, instead driving ecosystem-wide liquidity by integrating with a true on-chain order book. Serum has been at the core of Raydium’s AMM since inception.
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