What is Serum (SRM) | The Only Guide You Need

Serum is a fully decentralized derivatives exchange with trustless cross-chain trading, built on the Solana blockchain. At its core, Serum is a suite of DeFi products and utilities, including a DEX (Decentralized Exchange), an on-chain order book, and wrapped tokens. It aims to make financial systems more fair, efficient, and inclusive by bringing unprecedented speed and scalability to DeFi.

Who Created Serum and What Problem Does It Solve?

The Serum project was created by Sam Bankman-Fried, the CEO of FTX and Alameda Research, and a group of experts from diverse backgrounds.

Serum aims to solve some of the most pressing problems in the current DeFi space, including high transaction fees and slow transaction speeds, by leveraging the high throughput and low cost of the Solana blockchain. It also provides cross-chain trading capabilities, creating a more interconnected blockchain ecosystem.

How can I buy SRM?

Purchasing SRM is a straightforward process that can be completed on various cryptocurrency exchanges, including Binance. Here’s a step-by-step guide:

1. Sign up for a Binance account.
2. Deposit fiat or a supported cryptocurrency into your account.
3. Search for SRM in the Binance trading platform.
4. Buy SRM using your deposited currency.

Always remember to do your research before making any investment decisions.

Tokenomics of SRM

SRM is the native utility token of the Serum ecosystem. It’s used for paying for transaction fees and staking, which enhances the network’s security. As of August 2023, the maximum supply of SRM is 10 billion, and the current circulating supply is to be confirmed.

Initial Token Distribution of SRM

The initial distribution of SRM tokens is as follows:

These figures were the initial distribution and may have changed over time.

Best Wallets for SRM

As SRM is built on the Solana blockchain, it can be stored in wallets that support Solana-based tokens. Some recommended wallets include:

1. Hardware Wallets: Ledger
2. Web-based Wallets: Sollet
3. Mobile Wallets: Phantom

It’s essential to conduct your own research to decide which wallet best suits your needs.

How can I find more SRM news?

For the latest news about Serum, you can follow the official Serum Twitter account or join the Serum Reddit community. Additionally, the Serum whitepaper provides in-depth technical insights into the project.

Crypto news websites, blogs, and forums are also excellent sources of news about Serum and other similar projects.

Coins Similar to SRM

There are a few other projects working on scalable, decentralized exchanges and cross-chain solutions. Some of these include:

• ThorChain (RUNE)
• Polkadot (DOT)
• Cosmos (ATOM)

While each project has its own unique approach, they share the common goal of building a more efficient and interconnected blockchain ecosystem.