Yesterday was a big day for Serum and Bonfida — first there was the Initial Serum Offering (ISO) and then there was the initialization of the Serum Ecosystem Pool (EP).

We’re grateful for the outcome of the $FIDA listing that came after and the extremely active engagement from the Bonfida, BitMax, and FTX communities. At the time of writing, $FIDA is trading at above $0.5 on FTX, up from the IEO prices of $0.1.

The launch of the EP was also very exciting — and the pool token $SECO is worth approximately $1.18 as of writing, up 18% since its participation in the FIDA and LQID launches. The initialization of the EP was a significant event for Serum too — a total of 2,599,365 USDC was deposited into the pool and thus made the initialization the biggest trading event on Serum!

We’d like to take the time to thank our partners, supporters, investors, and community for getting us to this point.

Initial Serum Offering

This was the first ever ISO, and unsurprisingly there are a number of changes the community has suggested for the next one — we apologize for the frustrations caused thank you for being the brave ones to try something entirely new and foreign.

Among some of the issues faced during the ISO:

Size per participant

The ISO started at 9:45PM HKT, and by 9:47PM all the $FIDA up for auction were sold out. It was first come first serve, and the huge demand led to it quickly filling up. In the future we will consider further limiting the size allocated to each participant.

Balance Issues

One of the issues faced by participants was related to balances:

  1. Either their order went through, and they successfully exchanged USDT for FIDA, or;
  2. Their order didn’t go through and they did not manage to exchange USDT for FIDA.

In these scenarios there were some users that reported that they didn’t get credited FIDA (scenario 1) or get refunded USDT (scenario 2). To be clear, Bonfida is a trustless on-chain DEX, and orders can’t eat your funds; however, navigating the GUI can be tricky (which we should improve!). In general, these were the result of either (a) unsettled trades, or (b) orders that didn’t trade. To troubleshoot, we recommend:

1) Completely refreshing/reloading the wallet and DEX

2) Head to iso.bonfida.com

3) Check for remaining open orders, unsettled balances, and unapproved transactions

If you still have issues with your balances after completing these steps, please head to the #iso-balance-issues channel on our Discord, describe the specific issue you encountered, and we will troubleshoot together. Alternatively you may contact support@bonfida.com with an email titled “ISO Balance Issue” containing all relevant information.

Rogue Offers during the ISO

During the ISO, some users discovered the FIDA/USDT market early and placed sell orders on the market with offers up to 3202 USDT per FIDA. Unfortunately, some users sent blind market orders, and some of those traded against the offers.

In general it is your responsibility to manage your trading, and as Bonfida is fully decentralized we have no control over user trades at all. However in this case and this case alone we have voluntarily donated the difference to users who got filled beyond the $0.1 USDT limit during the ISO. If you were affected, please head to the #iso-fida-issues channel on our Discord or contact support@bonfida.com with an email titled “ISO FIDA Issue”.

Serum Ecosystem Pool

While we’re generally happy with SECO and its performance, after receiving feedback from the community it became clear that it could have been more specific about its practices. The main concerns were:

  1. The slippage on SOL and SRM
  2. The price at which LQID was bought
  3. The price at which FIDA was bought and when

Which are all fair concerns — the information beforehand wasn’t crystal clear, so we understand where the questions are coming from. To clarify things:

  1. The EP initialized at 9:30PM HKT
  2. All tokens were bought on standard Serum DEX markets
  3. Some people were concerned about a reported execution price of $1.55 for SRM. That is understandable; that would have been a bad fill! Fortunately, it was instead a typo. The actual SRM execution price was around the market price of $1.2. There were similar dynamics with SOL and the actual execution price was 1.68.
  4. LQID was bought on Serum — the EP executed on the LQID/USDC market and the market started with a listing price of $0.2 for LQID. The actual execution price was $0.28.
  5. FIDA was bought on Serum — the EP executed on the FIDA/USDC market before it was made public. There was never any guarantee or implication that the EP would be filled for ISO/IEO prices from $0.075 to $0.1. As it turned out, the EP executed at an average price ($0.3) way below the current $0.60 market price of FIDA, helping lead to the 18% gain in the pool’s value!
  6. In the future, we’ll give more specifics about the rebalance mechanism.
  7. The pool is not perfectly balanced and the actual ratio of the rebalance is more as follows: SRM 19.44%, SOL 24.5%, FIDA 28.8% and LQID 27.26
  8. For future rebalances the pool will not increase it’s position in one asset by more than 5% to avoid the pool taking too large positions in an asset which has decreased significantly in price.

100,000 LQID Airdrop

At 10PM HKT today (23/12), an extra 100,000 LQID has been airdropped into the Serum Ecosystem Pool to further reward early participants and as a minor apology for the issues faced yesterday.

Holy Trinity Rebalance

The Holy Trinity Pool was initialized and partially rebalanced earlier today around 10:30AM HKT, securing the following prices:

SRM 1.110209924
SOL 1.491576677
FTT 4.954784569

The Pool then rebalanced the remainder of the USDC at 3:45PM HKT, securing the following prices:

SRM 1.074645977
SOL 1.409037442
FTT 4.907002167

Splitting the rebalance of Pools is something Bonfida is exploring to avoid repeating the same mistakes from yesterday with the Serum Ecosystem Pool and to allow future rebalances to be less impacted by slippage.

This is just the beginning of Bonfida; we’ll continue to build and adapt and improve. We’re excited for what comes next!

None of the above is financial advice.

Bonfida does not provide services to personal accounts of current residents of the United States of America, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, or Antigua and Barbuda.

FIDA is not offered within the United States or prohibited jurisdiction.

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