Serum
Name
Serum
Summary
Serum is the world's first completely decentralized derivatives exchange with trustless cross-chain trading.
Serum ecosystem brings unprecedented speed and low transaction costs to decentralized finance (DeFi).
Serum is a decentralized exchange (DEX) and ecosystem built on Solana.
Rating
Symbol
SRM
Overview
Serum is a decentralized exchange software built on Solana where cryptocurrencies can be bought and sold by traders. Alameda Research, along with the FTX exchange, created Serum in 2020 and chose to build it on Solana.
Sam Bankman-Fried, the founder of FTX and Serum, chose to build the decentralized exchange on Solana due to it allowing faster and cheaper transactions compared to other blockchains. Serum’s utility token, SRM, enables holders to receive up to a 50 percent discount on their trade fees and stakers to vote and participate in the platform’s governance mechanism.
Unlike most decentralized exchanges which are based on the automated market making model (AMM) such as Uniswap and Curve, Serum provides a limit order book and matching engine to traders. Traders are not just limited to making a market order, but are able to also place order at different prices, giving them a similar experience to using a centralized exchange. Any crypto projects with a token can leverage on Serum to bootstrap liquidity and have a matching service for trading.
Historical Price Movement (in INR)
Technology
SRM is Serum’s governance token that is primarily an SPL token (Solana's token standard) but is cross-listed as an ERC-20 on Ethereum. Users receive limited governance rights over Serum in proportion to their holdings. Serum also uses 80% of the revenue generated by the exchange to buy back and burn SRM tokens every week. The remaining 20% gets distributed to SRM stakers that have locked their holding in Serum's staking contract.
Serum is a protocol that facilitates the exchange of tokens on the Solana blockchain. Most DEXs use an automated market maker (AMM) model as opposed to an orderbook since Ethereum's relatively long latency makes an on-chain matching engine inefficient. Serum was able to use an on-chain central limit orderbook (CLOB) because it built its protocol on Solana. Solana produces blocks every 400–600ms, more than 10x faster than Ethereum's 14 second block times (on average).
Aside from its CLOB, another focus of Project Serum is cross-chain interoperability. Solana announced Wormhole on Oct. 8, 2020, a decentralized Solana-Ethereum cross-chain bridge that would allow Serum users to exchange assets between chains.
Use of Native tokens in the ecosystem:
The SRM utility and governance token enables users to receive discounts on protocol fees and voting rights; 100% of exchange fees flow back to SRM via buy-and-burn, staking rewards, and ecosystem grants.
Premined Rewards & Airdrops
54%
Founders & Project
42%
Investors
4%
Volume ( as of 9th May 2022)
$65,784,780
Total Supply
10,161,000,000 SRM
Circulating Supply
294,605,733 SRM
Crowd Sales
NA
Funding
01-07-2022-Funding Round-$100M
07-31-2020-Seed Round-$150K
07-30-2020-Seed Round-$20M
Country
United States
Name of Organisation
Serum Foundation
Year Incorporated
2020
Registered Address
Greater New York Area, East Coast, Northeastern US
Dispute Resolution and Governing Law
United States
Country Risk Assessment
A1
Founding Team
| Name | Designation | Education | Experience |
| Sam Bankman-Fried | Founder | Massachusetts Institute of Technology | 8 yrs |
