Serum (SRM) is a project that offers high speed and low costs to the decentralized finance (DeFi) ecosystem. Serum is also a decentralized exchange (DEX) built on the Solana (SOL) blockchain. The purpose of Serum’s emergence is; The aim is to find solutions to the security vulnerabilities of the decentralized structure and DeFi ecosystem, which are not sufficiently developed.
Serum, which has the mission of being completely decentralized, operates on an unattended trading exchange with cross-chain support and does not require Know Your Customer (KYC), that is, identity verification. The Solana network on which Serum is built can reach up to 50 thousand transactions per second.
Serum (SRM) token project
SRM token is the native token of Serum DEX. Thanks to the integration with Ethereum and Solana networks, Serum becomes faster and more efficient and can also support the ERC-20 token standard. Additionally, SRM token also works as the governance token of the platform. SRM token generally helps to solve trust problems in the network and facilitate the buying and selling transactions of decentralized exchange users.
SRM token is also used in staking rewards distributed based on node performance. SRM token holders have voting rights on issues such as decreasing or increasing fees, commission rates and the ability to set rewards. The platform also uses SRM tokens in cases such as commission discounts and transaction fees.
Who are the founders of the Serum (SRM) project?
Serum was developed by Sam Bankman-Fried, CEO of the FTX cryptocurrency exchange, and the founders of Multicoin Capital, TomoChain, Compound and Kyber Network.
Bankman-Fried was previously development director at The Center for Effective Altruism and a trader at Jane Street. He is also one of the founders of the Alameda Research trading firm. Bankman-Fried graduated from the Massachusetts Institute of Technology with a bachelor’s degree in physics.
What makes the erum project special?
Serum allows users to exchange assets between different blockchain networks, thanks to Solana’s cross-chain trading protocol. Serum offers users a decentralized automatic limit order book for every transaction made on the platform. The platform becomes much faster and more efficient thanks to the integration of Ethereum and Solana.
It enables artificial assets to be produced on DeFi through cross-chain contracts and to create positions with these assets. While Serum BTC offers an ERC-20 or Solana-based Bitcoin (BTC) option, SerumUSD creates a decentralized stablecoin model.
Whitepaper: SRM token
Serum describes itself as a place where other DeFi projects live; It is defined as a platform that solves problems such as speed, efficiency, arbitrage losses and high transaction fees. To better understand the mission and vision of Serum Token, you can take a look at the internet.
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