Serum Remote SRM Grant Proposal

Hey Serum DAO,

I’m tomjohn1028 and I’d like to write a proposal for receiving a 40,000 SRM grant for some of the past work I’ve done as well as this new Serum Remote protocol. For those who don’t know me, I’ve been building with Serum for well over a year now. I’ve contributed mainly to client side code with the Serum TS package, fixing bugs and making needed improvements. I was also involved in later architecture designs and decisions for features like permissioned markets and the AOB.

Recently, I started digging into DAO infrastructure while setting up a DAO for PsyOptions and found some missing infrastructure for allowing DAOs to natively diversify treasuries.

This protocol and realms UI integration would allow members of DAO’s to simply make a proposal to trade assets using Serum’s liquidity. Serum’s CLOB based liquidity is uniquely positioned to own this market as the async nature of proposals and execution are not well suited for swaps.

With this infrastructure DAOs could do the following

“Take $10K USDC and buy BTC as long as it’s under $40K within the next week”

“Take 25,000 $COIN and sell it for USDC over the next week for any price over $0.25”

The protocol is flexible and extensible, with this first version integrating a simple execution strategy. But it could be further developed to add a market buy/sell checking against an oracle price to avoid order book manipulation. A TWAP strategy could be added to trade much more volume over a longer duration.

Please see the readme on the protocol’s repository for more information on current capabilities.

I believe the volume from this type of protocol will grow significantly as there are more and more Solana DAOs coming online and a growing amount of interesting SPL tokens.

Happy Hacking,
tomjohn

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Hey!

I think one of my earlier suggestions was there should be an appointed group/council/whatever of experts to judge contributions like this. I personally have no idea how valuable what you have created is, all that goes through my head is the following:

Why does Mr Psyoptions need money from Serum, he is wildly successful and has just done a IDO and fought off the Mango raiders.
Assume psyoptions and yourself to this point has benefitted from serum network/backing/volume/integration. This would be you giving back.
This looks like great Serum tooling, and will help faacilitate growth. Will you maintain it past this point? Or do you collect the grant and is that it
Is 40,000 Serum for X amount of work reasonable/going rate? I have no idea man.

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Great questions and thoughts! Wildly successful is relative, I’m just getting started ser and have a long road ahead. Instead of opening a can of worms trying to equate value of time to a token price, analyzing SRM emissions, allocations for previous & current contributors, etc which are all unknowns to me, I’ll share a little bit about how this proposal came about.

I was helping set up the PsyOptions DAO and through discussions with the community found this use case. I reached out to some current core Serum devs for their thoughts on the usefulness with no plans of asking for a grant. They immediately replied saying they loved the idea but I should receive some sort of grant for it. They initially suggested 25k SRM. But then another discussion with some devs lead to them suggesting a 40K SRM grant considering my past contributions to Serum’s codebase, the loyalty shown in using Serum, building with Serum, etc without ever receiving a grant. In the last 12 months I’ve contributed to Serum and Solana codebases, fixing my own problems or roadblocks, without expecting anything in return.

Also note that Serum has never done any exclusive agreements with PsyOptions. Serum has heavily cross promoted all of our competitors, even some that forked Serum or internalized the Serum code to run their own order books. And because PsyOptions did not fork Serum, Serum captures 80% of the fees the PsyOptions’ protocols generate. So I don’t think it would be fair for the Serum community to expect some debt be paid.

I was always planning to maintain the protocol because it’s something the communities I’m involved with want it.

I think this topic of rewarding contributors and effectively incentivizing/mobilizing individuals from around the world is a fascinating topic. I have a million other thoughts and questions on contributors being rewarded for their time and ingenuity, but this thread isn’t the right place. For anyone reading this, I’d love to do any twitter spaces, podcast, etc to ideate and discuss DOs (Decentralized Organizations…there is nothing autonomous here) should handle contributors.

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A bit biased here but I support this, knowing both Tommy’s goals and contributions to the code bases.

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