Serum is a decentralized exchange and ecosystem that wants to make its mark in the DeFi sector with speed and low transaction features. This article will provide information about the Serum ecosystem and the Serum cryptocurrency SRM.
What are Serum Ecosystem and Serum Crypto Coin?
The Serum ecosystem is dedicated to decentralized finance. The company was originally founded by Alameda Research. The platform is built on the Solana blockchain. There are some reasons why the platform was built on the Solana blockchain.
In the past, the popularity of DeFi and the rise of decentralized exchanges built on Ethereum have attracted attention. However, despite the growing popularity, many users complained about the high fees and the slowness of the platforms.
Serum was founded on August 31, 2020, with the aim of solving these problems. Since its inception, the platform has been operated by experts in cryptocurrencies and DeFi from Alameda Research, FTX, and Solana Foundation.
What Does Serum Offer?
There are many features that distinguish the Serum ecosystem from centralized and decentralized exchanges. As an overview, the main features are the following:
- Serum Core: Serum uses an Asset Agnostic order book to access trading opportunities on the Solana blockchain. This means that users can take advantage of futures, borrow lending positions, and other trading opportunities.
- True Composability: Serum uses the Asset Agnostic order book to bring more flexibility to applications. AOB allows users to add middleware when building applications while preserving design principles and composability.
- Developer Ecosystem and Services: The Serum ecosystem provides developers with on-chain order matching and can adapt to the markets allowed by the platform. Developers also have access to the trading features available on AOB.
- Serum Token(SRM): It is a token created by the Serum Foundation purely for ecosystem support and governance.
- Solana Speeds and Costs: By choosing the Solana blockchain, the platform benefits from the high speed and low transaction costs offered by the Solana blockchain. Solana blockchain transaction fees are currently $0.00001 and can execute transactions in less than 1 second.
The mentioned above features are features that the Serum platform offers to users in order to facilitate the global adoption of DeFi.
SRM Token
The SRM token is a governance token created to support the Serum ecosystem. The platform allocates fees for order book usage with SRM token, the Serum cryptocurrency. The total supply of SRM tokens is 1,000,000,000, and its distribution is as follows:
- 22.00% is allocated to Project Contributors
- 27.00% is allocated to Partner and Collaborator Fund
- 20.00% is allocated to Team and Advisors
- 4.00% is allocated to Locked Seed and Auction Purchase
- 27.00% is allocated to Ecosystem Incentive Fund
The SRM token is a cryptocurrency that has been around since 2020. The token is currently trading at $0.2174, up 8.26% at the time of writing.
SRM Token History
The SRM token, which forms an important part of the Serum ecosystem, was backed by FTX and Alameda Research, which went bankrupt last year. This event, which deeply wounded the crypto market, caused major declines in many projects and tokens. While Serum made a good entry into the crypto market, the funds it received in investment rounds were as follows:
- $20M was raised in the Seed on 31 July 2020 with an average price of ~ $0.05
- $330,000 was raised in the IEO (FTX) on 11 Aug 2020 with an average price of $0.11
- $330,000 was raised in the IEO (BITMAX) on 11 Aug 2020 with an average price of $0.11
- $100M was raised in the ICO on 7 Jan 2022
Before the FTX crash, the SRM token peaked at $13.72. After the FTX crisis, the SRM token fell by nearly 70% in 1 week. Currently, the SRM token is trading at $0.2174.
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