What is Serum (SRM)? In collaboration with our partner, Alameda Research, we are excited to announce the release of the Serum token. Serum or $SRM token is a revolutionary token that will reconstruct the DeFi network and the decentralized derivatives market. With a more intuitive, clean interface and a full limit order book dex with full liquidity and crosschain interoperability. Serum has the potential to reshape the existing DeFi landscape through its trustless cross-chain trading. So Serum hopes to solve the fundamental issues that exist with DeFi – the slowness and the high pricing. Let’s be honest, who is willing to stare at your Metamask wallet awaiting a trade without missing centralized exchanges?

What is Project Serum?

Project Serum is the antidote to DeFi’s struggles. With Project Serum’s Serum protocol, it will be the world’s first completely decentralized derivatives exchange with trustless cross-chain trading. The Serum software will enable a fast DEX with cross-chain support, stablecoins, wrapped coins, orderbooks, and the ability to create custom and innovative financial products while being fully decentralized. So, Serum is pure DeFi, and unlike the current DeFi, it is much cheaper and faster.

Project Serum’s producers are the Serum Foundation. The foundation has the backing from a group of experts in cryptocurrencies, trading, and decentralized finance. So with decades of collective experience among their team, the project is also has the backing from a wide number of prestigious firms. The partners of Serum include: FTX, Alameda Research, Solana, Genesis Block, Robot Ventures, CMS, Evernew Capital, Kyber Network, Sino Global Capital, 3Commas, TomoChain, Multicoin Capital, Gauntlet Network, 幣coin, Factblock, Aleph.im, Folkvang.io, AKG Ventures, ParaFi Capital, Lemniscap, TrueEdge Capital. 

The 7 Ingredients of Serum:

  • SRM SRM is the utility token of the Serum ecosystem, it will be fully integrated into Serum and benefit from buy/burn of fees
  • Cross-Chain Swaps – A protocol that allows users to truslessly exchange assets between chains
  • Orderbook – A decentralized automated full limit order book. It will provide traders with full control over their orders; orderbook and matching will be fully automated on-chain and orders are from Serum end users
  • Full Ethereum and Solana integration – This integration will make Serum faster and more efficient while also being interoperable with the Ethereum ecosystem and ERC20 tokens
  • Physically Settled Cross-Chain Contracts – These contracts will allow easy margin positions in DeFi on synthetic assets
  • SerumBTC – A model for creating an ERC20 or Solana tokenization of BTC
  • SerumUSD – A model for creating a decentralized stablecoin

SRM's Design

Serum (SRM): SRM serves as the backbone of the Serum ecosystem, natively on Solana and cross-listed as ERC20. 

MegaSerum (MSRM): MSRM is 1,000,000 SRM stacked together. The token is natively on Solana and cross-listing as ERC20.

Supply:

The supply of SRM is capped at 10,000,000,000 (10 Billion). 

MSRM: You can lock up 1,000,000 SRM together to create 1 MSRM. You can redeem 1 MSRM out for 1,000,000 SRM. 

*Note: The supply of MSRM is capped at 1,000 MSRM. At most 10% of all SRM can be in MSRM at any point of time.

Utility:

SRM: The SRM token will create reduced fees on the SERUM platform and allow users to stake rewards. So, users can also participate in buy and burns for 100% of net fees and specialised governance. 

MSRM: Each additional MSRM also receives slightly more rewards than 1m SRM. 

*Note locked SRM and MSRM will still get fee discounts and participate in governance. 

Staking:

SRM: For every node, it requires at least 10,000,000 SRM, and each node has to have at least 1 MSRM in it.

The distribution of staking rewards on the basis of performance for the nodes. The nodes perform important on-chain actions such as supply blockchain histories for cross-chain settlement validation. Users are also able to stake towards another node. So every node has a ‘leader’ who created it. However, portion of the node’s staking fees will go to the leader. All nodes will receive staking rewards. Rewards will increase with good participation in node duties. 

*Note locked SRM and MSRM can be staked on a node and can also be used to create a node. 

SRM Distribution:

  • 20% Team and Advisors
  • 22% Project Contributors
  • 4% Locked Seed and Auction Purchasers
  • 27% Partner and Collaborator Fund
  • 27% Ecosystem Incentive Fund

Conclusion

With the help of its various partners and its advanced technology, it will not be long to see Serum becoming the de facto standard for DeFi. We are ecstatic to see what the future holds for Serum, and we are glad to be able to make more DeFi services available to all.

About Genesis Block HK

Genesis Block is a premier OTC trading centre for all digital assets. With the head office in the financial hub of Asia, Hong Kong, the company has a team of financial professionals and industry leaders with prominent experience. The company serves clients globally and continues to grow rapidly by day. With an eager vision to make all digital assets widely available, Genesis Block also operates the largest digital asset ATM machines in Asia through the company’s subsidiary, CoinHere. So having over 40 commercial-scale crypto farms in the Asia-Pacific region, the company has pioneered in the crypto-space and wishes to one day bring mass adoption to cryptocurrencies.

At Genesis Block, we pride ourselves on the trust and goodwill we foster with our clients. We believe that transparency and honesty are fundamental to Genesis Block’s success in perpetuity. Furthermore, we will always be upfront and truthful regarding all information we provide and our service fees. Above all else, our clients trust us because we have a strong emphasis on safety and privacy with our client’s data.

About Alameda Research

Alameda Research is a leading quantitative trading firm with a strong presence in Hong Kong, Japan, and the United States. The firm has a comprehensive global operation with the capability to trade on every major exchange and market. With an experienced team coming from Jane Street, Optiver, Susquehanna, Facebook, and Google, the firm has built several sophisticated leading trading systems in the crypto-space.

Read More About Serum (SRM):

Learn About Staking Serum (SRM)

Genesis Block is proud to be a contributor to the Serum Project. We will be providing Staking services for SRM soon!
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