VC Pools

To most readers the term venture capitalist refers to a wealthy person that works in Silicon Valley, and dishes out money to those companies they find worthy. Perhaps, on a second thought the reader then thinks of the juicy deals those VC’s get for participating in the fund raising of businesses still in their infancy.

In a large part of the world, only certain individuals or firms that have the prerequisites are allowed to have access to this early deal flow. It’s quite restrictive and effectively locks out a large part of market participants.

Those that have been paying attention are aware that Pools are now live on Serum. Pools are a flexible, fundamental primitive on Serum. These Pools allow one to bring VC Pools to life. Each pool has the following properties:

  • A set of assets (SPL tokens)
  • A set of Pool Tokens representing ownership of those assets
  • The ability to create or redeem the pool
  • (optional) admin ability to use the assets in the pool

Basically Pools are a way for a group of users to take collective action. Why does this matter? Well for a few reasons, they can act as AMMs, give yield and act as collective baskets. We’re going to focus on collective baskets for this article.

How are pools going to provide everyone with the ability to be a VC? It’s quite simple, the Pool will swap the stablecoins for the tokens at a 10% discount to IEO price.

$FIDA represents the right to be a part of the Pool. As an example, for every 10 USDC deposited in the Pool, users must pair it with 1 $FIDA. Put simply, to buy 10 USDC of $X you will need to put in 10 USDC + 1 $FIDA. All this $FIDA in the pool will be burned after the Pool initializes.

While tokens purchased by the pool are unlocked, the pool will be locked for 1 year — which effectively makes the tokens “locked”.

As with all other Pools, depositing in the VC Pool will receive a token (similar to an LP token) that represents their ownership of the pool. This token can be used to redeem assets from the pool depending on their share of it.

There is a cap to how much USDC can be deposited in the pool, and the pool works on a first come first serve basis.

Bonfida does not provide services to 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.

Data, Analytics, and GUIs for Serum

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