What is SRM?

Serum is a decentralised exchange built on the Solana blockchain. It aims to bring high-speed and low-cost transactions to the decentralised finance space. This decentralised derivatives exchange comes with cross-chain trading capabilities. FTX, a centralised derivatives trading platform, and Solana, a low-cost, interoperable blockchain with smart contracts, collaborate on the project. SerumBTC and a SerumUSD stablecoin will also be available as SPL and ERC20 tokens in the Serum project, allowing physically settled cross-chain contracts to be offered. The Serum project is powered by the SRM governance token, which also discounts Serum trading and is burned with money generated by network transactions. An MSRM comprises 1 million SRM tokens, which is the amount required to operate a staking node. Hence, this helps decentralise the network and aids with transaction settlement validation. Essentially, Serum was created to solve the vulnerabilities that exist in the current centralised DeFi space. The best part is that it offers this in a permissionless and trustless way that DEX traders are comfortable with.