This article comes fromThe Block, original author: Yogita Khatri

Odaily Translator | Nian Yin Si Tang

Summary:

This article comes from

, original author: Yogita Khatri

Odaily Translator | Nian Yin Si Tang

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Summary:

- The community-led Project Serum Foundation raised $75 million in token sales.

The Incentive Ecosystem Foundation, a community-led Foundation for Project Serum, has raised $75 million in a new round of funding. Serum is a Solana-based decentralized exchange and liquidity infrastructure platform.

Executives from Tiger Global, Commonwealth Asset Management, Tagus Capital, Golden Tree Asset Management, and several other investors participated.

Project Serum contributor JHL told The Block that it was a token funding round where investors received a range of different tokens at a discount to market prices. These tokens include Serum (SRM), Solana (SOL), Raydium (RAY), Bonfida (FIDA), Oxygen (OXY), Maps.me (MAPS), and Liquid Finance (LQID).

All of these tokens are part of the Solana and Serum ecosystems. They are quoting 15 percent below market prices, JHL said. Investors will face a six-year lock-up period — a one-year lock-up followed by a five-year linear release, JHL continued.

He also added that this funding round is still ongoing and that the Incentive Ecosystem Foundation is looking to raise an additional $25 million.

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The foundation plans to continue growing the Serum ecosystem as new funding becomes available. Fifteen percent of the new financing, or $15 million, will be allocated for this purpose, JHL said.approveThrough this ecosystem fund, the foundation plans to support upcoming Serum projects such as DeFi, NFT, and gaming. The foundation also plans to provide business development and marketing support for the projects.

The rest of the funds will be used for Project Serum's growth initiatives, such as hosting hackathons and recruiting, JHL said.

Project Serum is always working to attract more projects and users to its platform. Last October, its communityto reportapprove

Launched a $100 million liquidity mining program. JHL said the program is separate from the Ecosystem Fund.This isn't the first time the Incentive Ecosystem Foundation has raised money, but it didn't disclose how much it raised in previous rounds.The foundation's latest investment round is notable because it is backed by investment giants such as Tiger Global. As The Block recently

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