Derivatives exchange FTX has launched a new DEX called Serum based on the Solana blockchain, according to a Twitter thread posted by FTX CEO Sam Bankman-Fried on July 27.
Most DEXs are launched on Ethereum and Serum distinguishes itself by being based on another blockchain. However, it has been designed to be directly interoperable with the Ethereum blockchain. The white paper describes Serum as “a fully functional decentralized exchange with trustless cross-chain trading, all at the speed and price that customers want.”
Like other exchange tokens, Serum’s native token SRM can be used to avail discounts and for voting, among other uses. The DEX will make use of order books, which are different from the automated market making decentralized protocols used by the likes of Uniswap. It will also feature wrapped versions of Bitcoin and the US Dollar.
Bankman-Fried has said that Serum would be faster and cheaper than Ethereum-based alternatives.
FTX launched in April 2019 and offers both futures and leveraged tokens for individuals assets and baskets of assets. It sees a global volume of just under $2 billion.
