China’s Gaming Giant Tencent Starts NFT Plan
July 30, 2021
Tencent Music, a subsidiary of China’s internet giant Tencent, is entering the NFT business. Tencent Music will become the first music platform in China to
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?
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.
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.
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.
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.
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.
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.
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.
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.
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