In recent times, projects on DeFi have had a strong growth including: Compound, Origin Protocol, Kyber ...
Today I will introduce you to the Serum project - a project that solves the difficult problems that DeFi and blockchain are still facing.
- 1 What is serum?
- 2 Serum solve problems?
- 3 How does Serum solve the problem?
- 4 What is serum (SRM)?
- 5 Basic information about SRM tokens
- 6 Token Allocation
- 7 Token Sale
- 8 Token Release Schedule
- 9 What is the token (SRM) token used for?
- 10 Earn Serum (SRM) token like?
- 11 Serum storage wallet (SRM) token
- 12 The exchange supports Serum (SRM) tokens
- 13 The future of the Copper Serum (SRM) token
- 14 Should we invest in SRM tokens?
- 15 summary
What is serum?
Serum is a fully decentralized and decentralized exchange (DEX - decentralized exchange) built on the Solana blockchain.
Serum desires to create an ecosystem DeFi Brings the best user experience.
Maybe you are interested in: What is DeFi? Overview and future of decentralized finance
Serum solve problems?
Here are some of DeFi's current issues that Serum's development team wants to address thoroughly:
- Centralized: Most DeFi projects today depend on a centralized oracle to provide data. The simplest example is Chainlink's oracle.
- Slow & Expensive (slow and expensive): Current transactions on DeFi take a few minutes (5-10 minutes) to make a transaction. Besides, transaction fees are also very expensive, during peak times can be up to $ 100. This makes most users feel frustrated, they want the transactions to be fast and cheap.
- Oderbooks: DeFi market nowadays uses the AMM (Automated Market Making) system that allows users to trade without placing orders, everything will be automated. However, this will not be beneficial for users if the market fluctuates, they need a limit order to protect assets).
- Stablecoins: Stablecoins now build value based on 1 USD. However, if the USD issuing bank collapses, how does the value of that stablecoin determine?
- Cross-chain: The crypto market at this time does not have a project to solve the problem of connecting the blockchain gateways together, there is still a third party interfering.
How does Serum solve the problem?
To solve the above problems, the Serum development team decided to build on the Solana blockchain platform.
Solana can handle 10,000 times more than Ethereum and it's 1,000,000 times cheaper (according to the project's announcement). And unlike many other chains, Solana is an official and decentralized blockchain with more than 100 validators.
Here are some of the benefits that Solana brings to Serum:
- Fully Decentralized: The Serum allows DeFi projects to take projects from decentralized oracle, not dependent on any other platform.
- Speed & Cheap (fast and cheap): Building on Solana blockchain helps Serum handle transactions many times faster and transaction fees are also extremely cheap.
- Orderbooks: Serum will launch DEX Serum based on Solana. DEX Serum inherits AMM's decentralization and automation features and allows users to use limit orders.
- Cross-chain Swaps: The DEX Serum also integrates Cross-chain into the platform to help users exchange data and crypto between different blockchains without the need for a third party.
- Stablecoins: Serum launches new stablecoin models: SerumBTC and SerumUSDa, tokenized products are not dependent on any banks.
What is serum (SRM)?
SRM is the official token of the DeFi ecosystem - the Serum project.
SRM tokens are expected to be in the crypto community by the end of 2020.
Basic information about SRM tokens
- Ticker: SRM
- Blockchain: Solana
- Token Standard: SPL
- Token type: Utility Token
- Consensus: Proof of Stake
- Total Supply: 10,000,000,000 SRM
- Circulating Supply: Since the project has not launched SRM tokens, there is no circulation in the market.
With a fixed supply of 10 billion tokens, SRM is distributed by the development team into 5 parts with the following ratio:
- 2.7 billion tokens are reserved for partners and collaborators
- 2.7 billion tokens serve as an ecosystem incentive fund
- 2.3 billion tokens distributed to individuals who contribute to the project
- 2 billion tokens are held by team and advisors
- The remaining 0.3 billion tokens are used for Sale and Auction
Currently, the project has not announced any token sale.
In the future when the project announces the sale of tokens, I will update you.
Token Release Schedule
It is expected that the SRM token will be unlocked in early 2021. Accordingly:
- 10% of the supply will be released on January 01, 01. After that, 2021% more tokens will be unlocked annually.
- 27% of the supply for Serum team and collaborators will be unlocked for 1 - 7 years starting in early 2021.
Information to unlock tokens of other parts has not been announced by the Serum team.
You can refer to the time and the number of tokens unlocked from 2021 to 2027.
What is the token (SRM) token used for?
In the project ecosystem, SRM tokens are used for the following main purposes:
SRM token holders have the right to vote in the development decisions of the project.
Participating nodes are responsible for processing cross-chain transactions. The condition for staking is to own at least 11,000,000 SRM tokens.
The server will set aside a fund as a reward for the nodes. Details of staking rewards, the project has not been formally announced.
I will update when there is notice from the project.
SRM is used to pay cross-chain transaction fees. Transaction fees will be burnt in the future.
- Holding SRM will receive a 1-50% reduction of fees on the Serum
- Holding 1 MSRM (1 MSRM = 1,000,000 SRM) will receive a 60% reduction of fees on the Serum
According to the project whitepaper, the transaction fee is very cheap. Details of the transaction fee I will update soon.
Hold FTT and get SRM
Project Serum and FTX collaborated to launch an attractive campaign for users of FTT. Specifically, 5% of the total SRM token supply will be distributed to FTT holders.
Details will be announced when the Serum project launches the token.
Earn Serum (SRM) token like?
In the near future, the Serum project will launch tokens, here are 3 ways for you to own SRM when it launches:
- Buy SRM tokens through IEO when the project is organized.
- Buy on exchanges listed on the SRM token
- Hold FTT token on FTX floor to get the SRM token when it launches
Serum storage wallet (SRM) token
Serum is built on the foundation of Solana blockchain. So you can store it on Solana's wallet when it launches.
In addition, you can also choose some reputable and safe wallets: Coin98 Wallet, Trust Wallet, NanoX ... to store SRM tokens.
Besides, the exchange is also a suitable option for those who want to trade SRM when it launches.
You should refer to: Instructions for using USDT Coin98 Wallet
The exchange supports Serum (SRM) tokens
As of now, SRM tokens have not been traded on any exchange yet.
It is expected that SRM will list on the first FTX after its launch.
Maybe you are interested in: What is FTX floor? Guide to register and use FTX floor from AZ
The future of the Copper Serum (SRM) token
By addressing DeFi issues, Serum will have the opportunity to capture this $ 3.89 billion market share.
DEX & Cross-chain are two technologies that are growing strongly today and will continue in the future.
Serum is having the opportunity for users to know more through the above technologies.
The FTX CEO also commented that Serum's decentralized ecosystem is fast and cheap (10,000 times faster than Ethereum and 1,000,000 cheaper) powerful and user-friendly.
DeFi Market: Serum has to compete with other DeFi projects like chainlink, Compound, Maker ...
DEX & Cross-chain: Some opponents that Serum must be concerned about if you want to lead as: Binance DEX of Binance, iDex of ETH, Nash of Neo, Tomodex of TomoChain.
You refer to the opponents of Serum on Coin98.NET. All to have detailed article. I put the link below for you to easily find.
Should we invest in SRM tokens?
I believe that you have also learned the basic and necessary information about the SRM token after reading this paragraph.
I will note some main ideas for you to easily make investment decisions:
The project website has not updated the roadmap in the near future. Maybe the project will update after the public launch in late 2020.
I will notify you as soon as I have news from the project.
Serum has many famous big partners in the crypto community such as FTX Exchange, Solana, Alameda Research, Kyber Network, TomoChain, CoinGecko, Aleph.im ...
The Serum project is supported by reputable advisors 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
The project has not yet been launched, so there are no products on the market.
SRM is a Utility token used for the following purposes: Governance, Staking, Reward, Fee.
Hopefully, my last post helped you to have a better overview of the Serum project as well as the SRM token.
And you guys, what do you think about the coin after this article? Please share your opinion in the comment section or join the discussion with 17k other brothers in the community Coin98 Finance.
Hello and see you again in the following article.