About Serum (SRM)
SRM is the staking token of Serum, a decentralized exchange (DEX) and ecosystem built on Solana, which has limited governance capabilities. The decision to adopt Solana over Ethereum due to its cost-efficiencies and scalability allows the ecosystem to operate on a completely permission-less basis.
The Serum ecosystem was built to provide maximum transactional efficiency with full limit order books including direct interfaces which operate as a centralized exchange with sub-second trading and settlement speeds. At $0.00001 per trade, SRM transaction costs ranked as the lowest DEX fees when launched in August 2020.
Serum was initiated by the Serum foundation in conjunction with partners including FTX, Alameda Research, and the Solana Foundation. The FTX/Alameda connection garnered a good deal of attention for SRM due to the public profile of FTX CEO Sam Bankman-Fried.
Serum has initiated a cross-chain gateway between its exchange and the Ethereum network. This bride, called Wormhole, creates an entry point for non-Solana DeFi users to navigate trading SRM. Serum has also introduced a second token designed to offer deeper trading discounts called MegaSerum (MSRM). One MSRM is equal to 1 million SRM stacked together.
SRM is strongly associated with Solara blockchain adoption and as more DeFi market share has shifted from the Ethereum network to Solara SRM volume has swelled. As more front-end user interfaces, including Bonfida and Raydium, have extended access to Serum trading books, SRM has recorded daily volumes exceeding $1.5 billion.
What is the price of SRM?
After launching in August 2020, SRM achieved an all-time high near $13 in early May of 2021 when the total market cap exceeded, briefly, $600 million. By the end of the second week of May of 2021, SRM had fallen to $9 and the market cap was $460 million.
Total circulating token supply: 50 million.
How to buy (SRM)
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This article is for informational purposes only and takes no account of particular personal or market circumstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see ourbefore investing.
May not be available in all jurisdictions.
This content is correct as of May 2021
Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
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