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In recent times, the DeFi projects seem to have seen remarkable growth, such as Compound, Origin Protocol, Kyber … Today CHK will introduce you to the Serum project – solving problems. The dilemma facing DeFi and blockchain is still facing.
What is SERUM?
SERUM is a completely decentralized platform as well as a decentralized exchange (DEX) built on the Solana blockchain.
Serum wants to create a Defi ecosystem for the best user experience. Built on the Solana Blockchain, the Serum is created to address the centralization vulnerabilities that exist in the current Defi space.
How SERUM works
What problem does SERUM solve?
Some problems of the DeFi platform that the Serum development team want to solve include:
Concentration: Most Defi projects today depend on a centralized oracle for data distribution. Chainlink for example.
Slow speed and expensive cost: Currently, transactions on Defi take about 5-10 minutes to make a transaction. Besides, the transaction fee is also very expensive, during the peak period it can be up to 100 USD. This is the biggest hurdle for users.
Stable coin: Today’s stablecoins are always set at $ 1. However, if the bank that issued USD collapsed, the value of that stablecoin would be impossible to determine.
Cross-chain cross-chain: The crypto market does not have a project that fully solves the problem of connecting blockchain gateways, still needs 3rd party intervention to solve it, but the efficiency is not much improved.
What is the solution of SERUM?
To solve those problems, Serum will become a decentralized exchange with cross-chain transaction functionality with very reasonable speed and fees. Here are some features of Serum that help it solve the above problems of DeFi:
Stablecoin: It launches new stablecoin model: SerumBTC and SerumUSD, they will no longer depend on any bank.
Cross-chain Swaps: Serum integrates Cross-chain into the platform to help users exchange information and cryptocurrencies between two or more different blockchains, without the need for a third party.
Completely decentralized: The Serum allows DeFi projects to take projects from decentralized oracle, not being dependent on other platforms.
Combining Ethereum and Solana makes the interaction between the two blockchains fast, and cost effective.
What is SRM token?
SRM is a utility token in the Solana ecosystem, with the following function:
● Governance: holders of SRM tokens have the right to participate in moderating development decisions of the project.
● Protocol Fee: token used to pay transaction fees on the cross-chain.
– SRM holders will receive 1-50% discount on Serum.
– Holders of 1 MSRM (1 MSRM = 1,000,000 SRM) will receive a 60% discount on fees on the Serum in the project’s ecosystem.
● Staking Reward: Participating nodes support processing of cross-chain transactions. The requirement to participate in staking is to own at least 11,000,000 SRM tokens. Serum will dedicate a fund to reward nodes. However details about the bonus staked and the project have not been officially announced.
Some basic information about SRM tokens
● Token name: SERUM token
● Token Symbol: SRM
● Blockchain: Solana
● Consensus: Proof of Stake
● Current price: 1.2 $ / SRM
● Maximum Token supply: 10,000,000,000 SRM
● Circulating Supply: 50,000,000 SRM
Distribution of SRM tokens
The SRM token is distributed as follows:
● Team and Advisors: 20%
● Project Contributors: 22%
● Locked Seed and Auction Purchasers: 4%
● Partner and Collaborator Fund: 27%
● Ecosystem Incentive Fund: 27%
Token release schedule
The initial supply is 175 million tokens, mainly used to provide liquidity.
Unlocked token holders voluntarily transfer tokens into reserves, reducing the circulating supply, with plans to re-export this token into the circulating supply to provide liquidity for buyer demand.
Right now, the circulating supply is 50 million, with 125 million in reserve. And 825 million is used to create incentives for SRM holders and Serum users in the staking reward ecosystem.
Serum has many famous big partners in the crypto community such as FTX Exchange, Solana, Alameda Research, Kyber Network, TomoChain, CoinGecko, Aleph.im …
Team & Advisor
The Serum project is supported by well-known advisers in the crypto community such as:
● Robert Leshner: Founder, Compound
● Sam Bankman Fried: CEO, FTX & Alameda Research
● Gary Wang: CTO, FTX
● Long Vuong: Founder & CEO TomoChain
How to earn and own SRM Token
Currently you can own SRM tokens by buying on these token-listed exchanges, or you can participate in community programs to win token rewards.
SRM Token exchange
SRM is being listed on many famous exchanges such as: Binance, Uniswap, OKEx, Sushiswap …
Token storage wallet SRM
SRM is an SPL token in the Solana blockchain, as well as an ERC-20 token in the Ethereum blockchain so you can store tokens in Solana’s wallet upon launch. In addition, you can choose some of the following reputable and secure ERC-20 token storage wallets:
● Trust Wallet
Should we invest in SRM?
Summing Serum (SRM)
All in all, the Serum seems to be a very new and promising addition to the DeFi ecosystem. What’s more, it provides a solution that helps DEXs truly compete with centralized exchanges.
In fact, Coinbase alone has over 35 million users while all Defi hasn’t even reached the 1 million mark. This is also a great opportunity for Serum to develop the project. Let’s see if Serum can truly deliver on the promise of a revolutionary DEX.
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