Serum (SRM) is the world’s first fully on-chain crypto ecosystem with trustless trading brought to you by Project Serum, in collaboration with Defi experts and crypto exchanges different. Serum is built on Solana blockchain.
Features of SRM
Decentralized: DeFi projects that want to deliver data must rely on a centralized oracle. Serums are not needed.
Cross-chain support: By providing a platform that allows different blockchains to interact, cross-chain allows Serum to break down those barriers.
Stablecoins: A stablecoin is always priced at $1. But currently the USD is not dependent on the bank issuing the USD because of the fear that the bank may close at any time.
Orderbook: Automated market making is the current DeFi market system. A system with no limit orders. This market has many disadvantages, for example you cannot choose a price other than the current market price.
Speed and usability: Currently, transactions on DeFi are slow and very expensive. Users love the fast, cheap implementations of centralized exchanges.
Serum is a fully functional decentralized exchange with cross-chain transactions of equal speed and fees. Although developed on Solana, it will be able to interoperate with the Ethereum blockchain. The serum is made up of seven key ingredients that help it inherit DeFi’s legacy:
Token SRM: will be fully integrated into the Serum as a utility token. When you own SRM tokens, you get a discount on transaction fees. With that, SRM will be purchased and destroyed temporarily.
Cross-chain exchange: This functionality allows the exchange of assets between chains securely without the need for an intermediary.
Orderbook: a decentralized automated comprehensive limit orderbook. Thereby traders have full control over their orders. Orderbook and order matching are fully automated on-chain.
Full integration of Ethereum and Solana: Helps to interact with the Ethereum ecosystem, ERC-20 and Solana tokens on Serum quickly and efficiently.
Cross-chain contract: The cross-chain contract is settled to easily open positions in the DeFi symbiotic asset.
SerumBTC: ERC-20 or Solana tokenization model of BTC.
SerumUSD: Model for creating stablecoins – a stable decentralized currency.
What are SRM tokens?
SRM is designed with the following principles in mind:
- Value accumulated through the application, not hyperinflation
- All tokens in the seed sale are long-locked; They are meant to be a long-term support for the Serum ecosystem, not for instant profits
- 91.25% of all tokens have a long-term unlock, reaffirming the project’s commitment to Serum
- Buy/burn 100% of the platform’s net revenue
- SRM allows administration capabilities on Serum
Purposes of using SRM
All net fees of SRM tokens obtained on the Serum will be periodically destroyed. Along with that, the SRM token is mainly used in the Serum ecosystem for the following purposes:
Users holding SRM tokens will have the right to vote on the development and direction of the Serum project.
The requirement to participate in staking is to own at least 11,000,000 SRM tokens.
Serum will set aside a fund to reward nodes.
In addition to functions like governance, stake rewards used to pay transaction fees are a fundamental function of the SRM token. Transaction fees collected on the Serum will be periodically destroyed. With that, when you hold SRM tokens, you get a discount on transaction fees:
Just holding SRM will get a discount of 1-50% of the fee to use the Serum.
Hold 1,000,000 SRM will get 60% discount when buying Serum
The Serum project is developed and managed by the Serum Foundation – a group of experts in crypto, decentralized trading and finance.
In addition, DEX Serum can also be seen as a product launched by FTX, a derivatives exchange – crypto trading. Along with that is a list of advisors for the project who are all experienced in blockchain technology development. Notable names in the list of advisors include:
- Robert Leshner – Founder at Compound
- Calvin Liu – CSO at Compound
- Sam Bankman-Fried – CEO at FTX and Alameda Research
Serum is a brand new decentralized exchange in the DeFi ecosystem, founded by the team that reinvented the FTX exchange. Serum was launched with the mission of proving the boundaries of decentralized exchanges without using the Ethereum blockchain. Built on the blockchain for Solana, SMR helps solve problems in centralized exchanges by providing a public, trustless solution.
According to AZCoin News
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