What is Project Serum (SRM)? Understanding Serum in 5 Minutes

What is Project Serum (SRM)?

The serum is a brand new decentralized exchange (DEX) for cross-chain trading for the decentralized finance (DeFi) sector.

Built on Solana, Serum was created to address the centralization gaps that exist in the current DeFi space in order to provide the best user experience.

What problem does serum solve?

Centralized: Most DeFi projects today depend on a centralized oracle to provide data.
Cross-chain: Currently, no project completely solves the problem of interacting with other blockchains, still having to depend on 3rd parties.
Speed and Usability: Transactions currently on DeFi take a few minutes (5-10 minutes) to make a transaction and the transaction fees are also very expensive (maybe up to several hundred dollars). Users prefer the fast, cheap execution of centralized exchanges.
Oderbooks: AMM – Automated Market Making is the current DeFi market system that allows users to trade without placing orders, everything is automatic. However, this will not benefit users if the market is volatile, they need to limit orders to protect assets.
Stablecoin: Stablecoin is always valued at 1 USD. But now the USD depends on the bank that issues the USD because of the fear that the bank may go bankrupt at any time.

How Serums Solve Problems?

To solve the above problems, the Serum development team decided to build on the Solana Blockchain platform.

Here are the key ingredients that help Serum solve the problems facing the DeFi space:

Fully Decentralized: Serum allows DeFi projects to derive projects from decentralized oracles, without being dependent on any other platform.
Cross-chain Swaps: Serum DEX also integrates Cross-chain into the platform to help users exchange data and crypto between different blockchains without the need for a 3rd party.
Fast and cheap: Building on the Solana blockchain helps Serum to process transactions many times faster and transaction fees are also extremely cheap.
Orderbooks: Serum DEX with full limit Orderbook. Gives traders complete control over their orders. Orderbook and fully automated on-chain order matching.
Cross-chain contracts: Cross-chain contracts are resolved to easily open positions in synthetic DeFi assets.
SerumBTC: BTC ERC-20 or Solana tokenization model.
SerumUSD: Model for creating stablecoins, a stable decentralized currency.

What is an SRM token?

SRM is the utility token of the Serum ecosystem, it will be fully integrated into the Serum and benefit from the buying/burning of transaction fees

Basic information about SRM token

Website: Projectserum.com
Token type: SPL (Solana blockchain)
Explorer: explorer.solana.com
Total Supply: 10,000,000,000 SRM
Current Circulation: 50,000,000 SRM

Allocate SRM tokens

With a fixed total supply of 10 billion tokens, SRM is distributed into 5 parts with the following ratio:
27% to the Ecosystem Incentive Fund
27% chp Partners and collaborators fund
22% to project contributors.
20% for the development team and advisor
4% for Sale and Auction.

SRM token release schedule

How to own SRM tokens?

SRM has been listed on many large and reputable exchanges, you can buy and sell SRM on Binance, OKEx, FTX…

Storing SRM tokens

SRM token is built on the Solana blockchain, so you need to store SRM in a typical Solana-enabled wallet like Trust Wallet or a wallet of a reputable exchange like Binance, OKEx to facilitate trading.