Serum Remote
Serum Remote is a Program created by the PsyFi DAO Contributors in an effort to make Treasury Management more accessible to DAO participants. Before Serum Remote there was no simple way for a DAO participant to create a Treasury Management proposal. With Serum Remote, DAO participants can now easily propose swapping a token their treasury holds for another token. A tutorial on how to use Serum Remote can be found here.
Serum Remote is a Program created by the PsyFi DAO Contributors in an effort to make Treasury Management more accessible to DAO participants. Before Serum Remote there was no simple way for a DAO participant to create a Treasury Management proposal. With Serum Remote, DAO participants can now easily propose swapping a token their treasury holds for another token.
Example: Like many Treasuries across the crypto industry, your DAO Treasury is mainly composed of your projects native token. While this can be extremely beneficial during bullish market conditions, it is not prudent to be dependent on the performance of one asset. To change this, and ensure your DAO has runway to continue operations no matter the market conditions, you propose selling 10% of the PSY treasury holdings for USDC if and only if the price of PSY is above $00.25
When proposing a Treasury token swap through the Serum Remote program you will need to consider the following parameters:
- The Serum Market. Which token pair do you want to trade? What is the market address for that pair?
- The Deposit Address. Which DAO owned Treasury Account will receive the tokens after the swap has been executed?
- The Amount of “Token A” to be Swapped. For example, you want to swap PSY for USDC, but how many PSY tokens do you want to swap?
- The Order Side. If you are looking to sell “Token A”, the program must put sell orders on the Serum order book. If you are looking to buy “Token B”, the program must put buy orders on the Serum order book
- The Bound. For example, if you are looking to buy a token the Bound will be “upper” while selling a token would make the Bound “lower”
- The Bounded Price. For example, if you are looking to sell “Token A” for “Token B” as long as the price is above $10.25, the Bounded Price is $10.25. “Token A” will only be sold if the highest bid on the order book is above the Bounded Price.
- The Reclaim Date. This is the date in which the strategy will stop, and all unused funds will be returned to the Treasury Account address in which they originated