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Monday, May 23, 2022

Project Serum Defi Coin Review: Faster, Cheaper and more Powerful DeFi

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About Project Serum

Project Serum is a decentralized exchange (DEX) and ecosystem that brings unprecedented speed and low transaction costs to decentralized finance. It is built on Solana and is completely permissionless. This is the summer of DeFi. We’ve seen the release and growth of hundreds of projects in the space, which together have created a more powerful DeFi network; clean, intuitive interfaces; and an explosion in locked value. We’ve also seen the introduction of a number of new, novel projects.

Project Serum was created to eliminate the vulnerabilities in the current DeFi space that exist due to incomplete decentralization. It is claimed to be fully decentralized and runs on a non-custodial exchange with cross-chain trading support and no know your customer (KYC) requirements.

Solana is a web-scale blockchain that can reach 50,000 transactions per second. This is achieved through a verifiable delay function, known as SHA 265 hash chain, that enables optimistic concurrency control.

Serum is developed by the Serum Foundation, which is backed by a group of experts in cryptocurrency, trading and decentralized finance. The project also has backing from a wide number of firms.

Project Serum Facts

Defi Coin NameProject Serum
Short Name SRM
Circulating Supply50,000,000.00 SRM
ExploreClick Here To Visit Explore
Chat Option Click Here To Visit Chat
Max Supply10,000,000,000
Official WebsiteClick Here To Visit

What Makes Serum Unique?

The SRM is a utility token used on the Serum ecosystem. Its cross-chain swap protocol allows users to exchange assets between blockchains in a trustless manner.

Project Serum offers a decentralized automated full limit order book that provides traders with full control over each order. The full Ethereum and Solana integration makes Serum faster and more efficient while also allowing it to be interoperable with ERC20 tokens.

The physically settled cross-chain contracts allow easy margin positions in DeFi on synthetic assets. SerumBTC is a model for creating ERC20- or Solana-based tokens for Bitcoin (BTC) and SerumUSD is a model for creating a decentralized USD-pegged stablecoin.

Staking rewards are distributed on the basis of the nodes’ performance, which takes into account important on-chain actions, such as supplying blockchain histories for cross-chain settlement validation.

Users can also stake towards another node. A portion of a node’s staking fees goes to the leader and all nodes receive staking results. These rewards increase through productive participation in node duties.

Cross-Chain Support

Project Serum have been many attempts at cross-chain support. WBTC is probably the most known, creating an ERC20 token wrapping BTC; Thorchain is building an entire protocol that allows for complete, fast cross-chain support. There are lots of ways to attempt it. One thing all of the current versions have in common, though, is an oracle, or panel of token holders, or some other place where the truth is decided by people expected to be honest. Because, fundamentally, BTC isn’t on Ethereum, so how can a smart contract know or impact its transfers?

How Is the Serum Network Secured?

SRM is Project Serum governance token that is based on the Solana blockchain and has an ERC20 version. It has cross-chain support that enables the trustless exchange of assets between different blockchains. Serum uses a trustless bridge through a premier validator for distributed ledger technology (DLT).

Where Can You Buy Serum (SRM)?

Serum (SRM) can be bought and sold on a number of exchanges, including the following:

  • Binance
  • OKEx
  • HBTC
  • BitZ
  • Xtheta Global


Solana is a blockchain with significantly higher speed and lower costs than older blockchains. It has multiple settlement cycles per second and costs less than a penny to send a message–both orders of magnitude above existing standards. The Solana-based Serum DEX will have the speed, cost and UX that users expect from a centralized exchange–all while being trustless and noncustodial. And because of Serum’s full cross-chain integration, users will be able to trade BTC, ETH, ERC20s, SPL tokens (the token standard on the Solana blockchain), and more on it. This will finally give DeFi users a fully decentralized exchange that has the experience they’ve come to expect from CeFi (e.g. centralized exchanges).

Who Are the Founders of Serum?

Project Serum was co-founded by Sam Bankman-Fried. He is also the CEO of the FTX cryptocurrency derivatives exchange and a co-founder of the Alameda Research quantitative trading firm. Bankman-Fried also used to work as the director of development for The Centre for Effective Altruism and as a trader at Jane Street. Bankman-Fried graduated from the Massachusetts Institute of Technology with a bachelor’s degree in physics.

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