E&S Token Review: Serum (SRM)


Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.

Today we are going to introduce a new cryptocurrency: Serum (SRM)!

DeFi now has around 70 billion US dollars locked up in its various protocols.

How long can this growth be sustained on the Ethereum blockchain which has seen network fees rise to record highs?

Project Serum is not waiting for discovery. While the appetites of hungry yield farmers keep them fixed on sketchy, food themed DeFi protocols, Project Serum is silently building a new, futureproof DeFi space. Their recently launched Serum DEX is the first pillar of this ecosystem. Fully interoperable with Ethereum, Serum may just become the one DEX to rule them all.

What is Serum?

Serum is a decentralized cryptocurrency exchange built on the Solana blockchain. Project Serum will unveil a fully functional decentralized exchange with trustless cross-chain trading, all at the speed and price that customers want. And despite living natively on Solana, it will be interoperable with Ethereum.

Serum DEX currently has about 30 different cryptocurrency markets, all of which are traded with USDT or USDC. Anyone can create their own DEX on top of Serum DEX and use the instructions outlined on Serum Academy to support other trading pairs.

Serum is made of 7 main ingredients:

  • SRM: the Serum token is the utility token of the Serum ecosystem. SRM will be fully integrated into Serum, and also benefit from a buy/burn of fees.
  • Cross-Chain Swaps: trustlessly exchange assets between chains. This is in contrast to most current protocols that rely on trusted parties to administer the swap.
  • Orderbook: a decentralized automated full limit orderbook. This will give traders full control over their orders, unlike automated market making. Orderbook and matching is fully automated on-chain and orders are from Serum end users.
  • Full Ethereum and Solana integration. This will make Serum fast and efficient–all while being interoperable with the Ethereum ecosystem and ERC20 tokens.
  • Physically settled cross-chain contracts. These will allow easy margin positions in DeFi on synthetic assets.
  • SerumBTC: a model for creating an ERC20 or Solana tokenization of BTC. This would be a fully trustless BTC token.
  • SerumUSD: a model for creating a decentralized stablecoin. This would be a decentralized stablecoin that does not have a single point of failure.

How does Serum work?

It is important to note that the Serum DEX is still in development and how it works will likely be impacted by its changing role in Project Serum’s future ecosystem. There are 3 fundamental mechanisms which underly the Serum DEX. The first is Solana’s SPL token standard, the second is Serum’s interoperability protocol, and the third is Serum’s SRM cryptocurrency token. The SRM token along with SRM staking and voting will be covered in detail in the next section.

Where can you buy SRM?

If you are looking to hold in your wallet some SRM cryptocurrency, your best options appear to be Binance, OKEx and FTX. While SRM is offered on over 25 cryptocurrency exchanges, the volume is by far the highest on these exchanges.

serum

If you want to find out more details about this cryptocurrency, I suggest you to follow me on Publish0x to receive the notification on the next article, which will be released next Sunday, dedicated to SRM!

Next Sunday I’ll talk about SRM cryptocurrecy, SRM staking, the road map and something more!

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MikeZillo
MikeZillo Verified Member

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ? Telegram: @mikezillo


Easy&Short. Cryptocurrencies made accessible
Easy&Short. Cryptocurrencies made accessible

In this section, we are going to create two article per each cryptocurrency/token. The first one will be technical, with a simplification of the Whitepaper and the second one will be about particulars of the coin. For example staking yields, particular functions and so on! I am sure you will like this very much!

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