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What is SERUM
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Serum was created by the same team behind FTX Exchange, one of the leading derivatives and cryptocurrency exchanges on the market. Serum powers a DEX ecosystem that is fast while supporting multiple chains, stablecoins, order books, and wrapped coins. Although most DeFi systems are based on blockchain technology, a lot of them currently have centralized aspects.
For instance, the platforms are based on a smart contract, which can be exploited and have its stored funds stolen. Additionally, these platforms interact with the traditional world using centralized oracles that provide price feeds.
However, with Serum, everything is decentralized, making it cheap, fast, and secure for all users. Additionally, the platform powers a decentralized exchange that supports cross-chain trading without compromising its speed. It is also built on the Solana blockchain which can potentially reach 710,000 transactions per second (tps). Although at present, it can only handle around 50,000 tps, it is already exponentially faster than Ethereum’s 15 tps.
SRM is the native utility and governance token on the Serum ecosystem. SRM holders benefit from 50 percent of all fees on the network. Also, those with one megaSerum (MSRM) token, or one million SRM stacked together, are exempted from paying 60 percent of their trading fees. Other utilities of the token include paying for transaction fees, just like Binance’s BNB. Also, it can be used for staking and providing a limited governance model. Staking nodes require a minimum of 10 million SRM tokens and at least one MSRM