The ultimate vision of Serum is to accelerate the adoption of DeFi globally. They aim to achieve 1 billion users and $10 trillion in on-chain value.
What Is Serum (SRM)?
Serum (SRM) is a cryptocurrency that was created by the team at Project Serum. Despite being native to Solana, it is an ERC20 token that is meant to be used as a utility token on the Serum decentralized exchange. The SRM token is used to pay fees on the Serum DEX, as well as access certain features on the exchange. The Serum DEX is a non-custodial exchange, which means that users retain control of their own private keys.
It is the only high-performant decentralized exchange (DEX) that offers a completely on-chain order book, where ecosystem partners can build on the Serum’s on-chain order book that shares power and liquidity to retail and institutional users.
As DeFi becomes more popular, users are limited by high gas costs as well as slow transactions. Serum aims to resolve such problems, along with the issues of centralization, low capital efficiency, and liquidity segmentation.
How Does Serum Work?
Solana utilizes a proof of history (PoH) mechanism for consensus. It is a form of consensus that’s based on proof of past events. This method eliminates the need for all validators in the chain to agree to creating a block. The proof of history algorithm cryptographically proves that one transaction came before another, permitting its instantaneous implementation in the network.
Blocks are created approximately every 400 milliseconds on the Solana blockchain, with the network theoretically approaching 50,000 to 65,000 transactions per second (TPS).
The History Of Serum
Serum was founded in August 2020 by Steve Bankman-Fried, a computer scientist and college graduate of MIT.
Is Serum (SRM) A Good Investment?
Serum’s unique selling point is allowing anyone with programming skills to create their own DEXs, and then the liquidity of that DEX is pooled in with others. Between collaborations and innovations, Serum can continue to grow in users and adoption, making it an attractive incentive to hold SRM coin for the long run.
As you can see on the graph below, the highest that SRM has ever reached is $12.50 back in September 2021, and then a few months later it dropped and is now sitting below $1, which makes you wonder if SRM will see another all time high in the future.
To stay up to date with the current SRM price data, click here.
Should You Buy Serum (SRM)?
If you have done research on the team, vision, whitepaper and you are satisfied with what Serum has accomplished so far, then potentially it could be a great investment for the long term. Perhaps invest small, and wait for market direction before buying more.
Cryptocurrencies can be risky, so invest wisely and be careful with your hard earned money. As a rule of thumb, never invest money you can’t afford to lose.
The Serum Whitepaper
Serum released a whitepaper packed full of information which includes problems and solutions they are trying to solve, information surrounding the token they launched, the technical aspects behind the project, the project timeline they are working towards and formal introductions from the founders, employees and advisors.
If you want to read the Serum whitepaper click on the button below.
How Many Serum (SRM) Coins Are There in Circulation?
Serum has a max supply of 10 billion SRM coins.
How Can You Buy Serum (SRM) Coins?
It’s actually quite easy to buy SRM. All you need to do is follow these four basic steps:
- Create an account on a cryptocurrency exchange that lists SRM. Below we share some of these exchanges.
- Complete the identity verification process. Some exchanges require a scan of an identity document such as a passport or driver’s license.
- Transfer money from your bank account to the crypto exchange. The exchange may accept other payment methods, but bank account transfers typically have the lowest fees.
- Once the money is available in your account with the exchange, select the “buy” option to purchase SRM.
Where Can You Buy Serum (SRM) Coins?
If you would like to purchase some SRM coins, below are a handful of cryptocurrency exchanges which list them.
- Xtheta Global