Project Serum is the world’s premier fully on-chain Cryptocurrency ecosystem that comes with trustless trading. The project is from the stables of Project Serum, in partnership with a group of Crypto Trading and Decentralized Finance (DeFi) specialists.
As a Decentralized Exchange (DEX) deployed atop of the Solana Blockchain, it is swift and extremely dynamic. There is no need to seek permission from anyone to use the platform, and how to utilize it resides with the community. The builders claim they have built a project that is a remedy to the struggles of the entire DeFi market. This assertion stems from the fact that most protocols are at the lowest point as a result of centralization however, Serum is far from that shortcoming.
More so, it has the answer to the well-known nagging on-chain stablecoin predicament. This fashion is the ability to maintain the price at a dollar without compromising security and ending up with a shutdown. When it comes to the Order books on the Serum exchange, it supports the most outstanding technology emanating from Centralized Exchanges (CEX). Hence, there is no necessity to worry about Automated Market Making (AMM).
Users enjoy unparalleled speed so far as this platform comes into play in Cryptosphere, which is less than a few minutes. Not just that, but it cost very little for traders to place a trade, roughly lower than a dollar.
Serum offers a trustless environment where exchanging of digital assets amid chains with the absence of centralized parties involved. It saves time and reduces friction and guarantee the utmost security. Most DEX by virtue of being an ERC-20 fallout, it is not compliant with Bitcoin. Yet, Serum has tokenized Bitcoin enabling BTC transactions on its chain flawlessly.
How To Use Serum
It is easy and smooth to trade on the Serum DEX, and even newcomers to the Crypto scene can use the platform without any headaches. The exchange is compatible with Sollet (SOL) wallet.
The initial steps to take is to create a SOL wallet which takes a few minutes and amateurs can even handle it. After that, you need to fund the wallet with either SOL tokens or ETH which you can convert back to the former.
The Serum team highly recommend saving your seed words or private keys offline where it is very safe. The rationale is to enable you to recover your wallet in an instance where you lose your device. The next stage is to connect your SOL wallet to the Serum exchange. Then you are ready to trade, withdraw and deposit funds anytime and anywhere you are in the world.
Native Utility Token
According to the team, the tokens are designed with accruing value via utility but not hyperinflation in mind. The seed trades have long-term lockups, while their purpose is for long-term backers with emphasis on a not quick profit.
MegaSerum (MSRM), per the whitepaper, is a rare asset that supplies enhanced utility to the nucleus hodlers of Serum. The strategy is to buy and burn 100% of the net revenue at stake, meanwhile, SRM delivers functional governance power over the Serum community.
You can use SRM to pay for fees on Serum at a discounted rate. $SRM has 10 billion maximum supply while one million of that makes up one $MSRM. Also, the function of the token is for staking on the platform. Every node needs a 10,000,000 SRM which is 1 million MSRM, and all node requires 1 MegaSerum.
Join Serum Community
For further understanding of Project Serum, kindly join the Seum community for more engagements and assessments. Below are links to their social media accounts: