Project Serum presents itself as a trustless, functional, and decentralized exchange that performs cross-chain transactions at the speed and price customers desire. Despite primarily being a part of the Solana ecosystem, Serum Coin also operates in conjunction with Ethereum.
What is SRM Coin?
Project Serum offers its users the world’s first fully decentralized derivatives exchange through trustless cross-chain transactions, created in collaboration with a consortium of crypto transaction experts and DeFi specialists. Trustless transactions mean that the involved parties do not need to know or trust each other or a third party for the system to function. Thus, you don’t have to trust strangers to execute a transaction on Serum.
In addition, Project Serum lists its distinctions from other projects as follows:
- While many DeFi projects use a centralized oracle, there is no central aspect at any stage of Serum.
- Serum supports cross-chain functionality.
- The project has a stablecoin that is always worth one dollar, yet it is not tied to a bank account that can be shut down.
- There is a professional order book like those found in centralized exchanges.
- Transactions on the platform are both very cheap and very fast.
Furthermore, the fully automatic, decentralized, and completely limit order-based nature of the platform’s order book is cited as an important feature.
What is SRM Token?
According to the platform’s statements, Serum (SRM), the native cryptocurrency of Project Serum, is designed to enable users to earn rewards through utility rather than hyperinflation. In addition, SRM holders have governance power over the project.
Moreover, the platform describes the SRM token as “the backbone of the ecosystem.” SRM token holders enjoy various benefits such as discounted fees, staking rewards, and participation in governance on the platform.
Additionally, SRM can be connected to nodes to help optimize the network’s performance. All fees generated from Serum are burned in a weekly SRM burning event. Also, SRM holders can avail themselves of transaction fees discounted by up to 60%, which is another distinct advantage.
Besides, the Serum token is positioned as the 116th largest cryptocurrency with a market value of 82,652,474 USD according to CoinMarketCap data. At the time of preparing this article for publication, the SRM coin is trading at 1.65 dollars, having reached a record high of 2.22 dollars on August 13, 2020, and a record low of 0.11 dollars on August 11, 2020.
According to CoinMarketCap data, there are currently 50,000,000 SRM in circulation, with a maximum supply of 10,000,000,000 SRM anticipated.
SRM Coin Commentary
Comments suggest that the fact that Serum token is launched by FTX Exchange mitigates the issue of trust among users. The positive reception of FTX’s prior collaborations with successful projects like Multicoin Capital, Tomochain, Compound, and Kyber Network also bodes well.
Additionally, SRM token’s over 1,000% increase following its listing on Binance has swiftly brought it into the crypto spotlight, suggesting promising prospects for the token alongside the platform.
How to Buy SRM Coin?
SRM coin, the native cryptocurrency of Project Serum, can be quickly purchased through Binance, the world’s largest cryptocurrency exchange by trading volume.
