Serum (SRM): a cryptocurrency for a new DEX
Serum (SRM): a cryptocurrency for a new DEX
Crypto

Serum (SRM): a cryptocurrency for a new DEX

By Marco Cavicchioli - 12 Aug 2020

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SRM is the cryptocurrency of the Serum project. SRM is an ERC-20 token on the Ethereum blockchain, whereas Serum is a fully decentralized derivatives exchange with trustless cross-chain trading, created by Project Serum in collaboration with a trading consortium and DeFi experts, based on Solana and compatible with Ethereum. 

Solana is a project that is building a blockchain for fast, secure, scalable and decentralized apps and marketplaces. 

Serum is described as an “antidote” to the problems of DeFi, as it wants to eliminate all elements of centralization, including centralized oracles, it wants to be cross-chain, to be able to interact for example with Bitcoin’s blockchain and it wants to be fast and cheap, with transactions that cost less than a dollar and do not take minutes to be deleted. 

It also wants to provide its users with a user experience similar to that of centralized exchanges, especially in terms of performance, with a stablecoin that is always worth a dollar but not based on a deposit on bank accounts. 

SRM, the token of Serum

The SRM token can be staked on nodes to optimize network performance, and all commissions collected will be used to buy and burn SRM tokens weekly. 

Trading will be cross-chain, trustless and without involving any centralized part, while the order book will be decentralized, automated and limit-order based. 

The SRM token has been tradable in crypto markets since yesterday, August 11th, 2020, when it debuted at $1.33. 

Today the price has already risen to $1.77, probably also thanks to a certain hype that DeFi projects are benefiting from lately. 

The project whitepaper doesn’t actually contain a roadmap, and it’s not even on the official website. 

So it’s difficult to say how solid this project is, and what it really promises to do, given that the timing is not known. 

It must also be said that DeFi projects often enter the market with working prototypes, and Serum is an exception. What it promises is certainly interesting, but at the moment there is still very little substance, other than the list of nodes

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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