1 second to account! Ultra-low service fee Serum Swap liquidity mining full solution

On October 28th, FTX founder and Serum consultant Sam Bankman-Fried (SBF) announced that the first AMM (Automatic Market Making Mechanism) Serum Swap on Serum has been launched and liquidity mining has been started. In the first month, 1 million SRM will be airdropped to liquidity providers.

The operating principle of Serum Swap is similar to other common AMMs. Users can add assets to the liquidity pool to earn income, or trade through Serum Swap . According to the official introduction, Serum Swap AMM uses a standard x*y=k curve.

At present, there are more and more AMM and DeFi aggregation tools on the market, so, as the first What are the features of AMM Serum Swap and how to use it? Rhythm BlockBeats will introduce in detail how to use Serum Swap and get airdrop rewards in this article.

Serum Swap Liquidity Mining and Handling Fee

Different from Ethereum-based AMM, Serum Swap is based on the high-performance public chain Solana. After calculation, it only takes about 1 second for Serum Swap to process each transaction, add or remove asset pool. At the same time, the transaction fee on Serum Swap is only about US$0.00002, which is much lower than that on platforms such as Uniswap.

Of course, due to the fact that Serum Swap has just launched, some functions have not yet been fully launched, and the currently tradable trading pairs are still Less, it is also necessary to introduce a cross-chain bridge to increase the tokens that can be traded.

Interestingly, Serum Academy also proposed a new token mechanism "dumpling DUM", which may be Added to Serum Swap. Dumplings (DUM) is a liquidity mining token. Buying or holding DUM is a threshold for entering the automatic market maker pool. Daily users who provide liquidity to the pool can also get dumplings as rewards.

Serum Swap transaction fee is only 0.3%, fee distribution:

Liquidity Provider (LP): 0.25%

SRM repurchase and burning: 0.04%

As a decentralized application, users can Build a Serum Swap front-end page and make a profit (0.01% share is available). The open source code of the Serum Swap front-end (including all the resources needed to build the Serum Swap front-end webpage): https://github.com/project-serum/oyster-swap

Similar to other AMMs, Serum Swap can also perform liquidity mining. The Serum Swap team will provide airdrop rewards of 1 million SRM tokens to liquidity providers from 1:00 on October 28 to 1:00 on November 25:

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The airdrop method is to randomly select 20 time points for airdrop, each time airdrop 50,000 SRM, SRM/BTC, SRM/ETH, SRM/USDT, SRM/USDC, SRM/SOL, The 10 asset pools of SRM/YFI, SRM/LINK, SRM/SUSHI, SRM/FTT, and SRM/FRONT will receive 5,000 SRM airdrops.

Detailed tutorial

Follow Like other decentralized trading platforms, users first need to have a wallet supported by the platform. Serum Swap currently supports Math Wallet, FTX Wallet, Binance Wallet, etc. For the specific support list, please check: https://serum-academy.com/zh/wallet-support/

If the user does not have a wallet yet, there is no need to worry. The Serum Swap page provides direct creation of a wallet. The specific operation is as follows.

1. Create a Solana wallet

Log in to Serum Swap official front end (https://swap.projectserum.com) Click "Connect" in the upper right corner.

If the user does not have a relevant wallet, a window will pop up prompting you to create a new wallet, and will provide you with the mnemonic of the new wallet. Remember the "mnemonic" of the wallet and keep it properly (very important ), and click CONTINUE.

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The next step is to create a wallet password (this step can be skipped), click "CREATE WALLET"

After creating the wallet, click "CONNECT" in the lower right corner to authorize Serum Swap to access Solana wallet.

2. Provide liquidity in Serum Swap

After creating the wallet, log in to the official front end of Serum Swap (https: //swap.projectserum.com), select "Pool".

Select the trading pair that you want to provide liquidity. Taking BTC/USDT as an example, when a user wants to provide $20,000 worth of liquidity, he needs to invest $10,000 worth of BTC and $10,000 worth of USDT.

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3. Trading in Serum Swap

If you want to trade on Serum Swap, select "Trade" on the front end, enter the purchase amount and select the currency to purchase, and you can trade.

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Currently Serum Swap’s liquidity mining token dumpling DUM (Dumplings) has not yet been launched, and the rewards users can get for providing liquidity on Serum Swap are only airdrops of 1 million SRM tokens provided by Serum award.

Rhythm reminds users that currently only SRM/BTC, SRM/ETH, SRM/USDT, SRM/USDC, SRM/ The 10 asset pools of SOL, SRM/YFI, SRM/LINK, SRM/SUSHI, SRM/FTT, and SRM/FRONT will receive airdrop rewards. Providing liquidity to other assets is not eligible for airdrop rewards.

Serum Swap’s innovative mechanism "Dumpling DUM"

Dumpling (DUM) is a liquidity mining token, buying or holding DUM is to enter the automatic market maker pool A threshold of , daily users who provide liquidity to the pool can also get dumplings as rewards.

Users deposit assets into Serum Swap to provide liquidity, and will receive SPT (Serum Pool Tokens) token rewards in proportion .

Take the SRM-SOL token pool as an example, at the beginning, the user deposits 200 SRM+200 SOL into tokens Pool, get 2 SPT rewards. If the transaction continues, after one hour, if the asset ratio of this token pool becomes 150 SRM+80 SOL, then 300 SRM+160 SOL needs to be deposited to create 2SPT.

Users can use SPT to redeem the corresponding part of the assets in the token pool. After redemption, users will be able to obtain SRM, SOL and DUM. After a specified time, users who want to provide liquidity for the SRM-SOL pool need to deposit DUM in addition to depositing SRM and SOL.

However, the Serum Swap code is currently being audited and has not yet been completed, so participating users need to assess the risks themselves.

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