Serum was a DEX built on the Solana blockchain where users could buy and sell cryptocurrencies. It was launched in 2020 and had the backing of companies such as FTX and Alameda Research. With the collapse of these backers, Serum was declared defunct in November 2022, but the token for the project, SRM, can still be traded on other DEXs.
Serum was a permissionless protocol and ecosystem. Serum users could control their trading with its decentralized orderbook that was operated with smart contracts. They were able to choose the size, price, and direction of their trades. Users could trade across different platforms, including Ethereum and Polkadot. It was intended to be used by retail traders, developers, and algorithmic traders to utilize the shared liquidity or create a marketplace.
As previously mentioned, the Serum DEX is now defunct and users can no longer trade on it.
The Serum Token, SRM, was the utility and governance token of Serum. It is available on the Solana and Ethereum blockchains. Ten percent of all SRM tokens have been unlocked and there was a set unlock schedule prior to the demise of the Serum Project. SRM can still be traded on DEXs, such as Binance, but the future of the token is uncertain.
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