What is Serum DEX? How to use Serum DEX.
Over the past few days, DeFi has exploded and made the whole community more exciting than ever. A new name entering the DeFi race is the Serum DEX - a product built on the Solana blockchain. In this article, let's learn how to use Serum DEX.
What is Serum DEX?
Serum DEX is a decentralized exchange (DEX) built on Solana blockchain, allowing users to have cross-chain transactions between different blockchains.
Serum DEX inherits the decentralized and automated features of AMM (Automated Market Maker) and allows users to use limit orders.
Learn more about Project Serum: https://coin98.net/serum-srm/.
Overview of the steps to use Serum DEX
Creating SOL wallet & Depositing Funds on Sollet.io
Serum DEX is built on the Solana blockchain, so the first step is to create a SOL wallet. You can use the Sollet.io wallet.
Additionally, in the future, Coin98 Wallet will integrate support for Serum DEX. Let's wait for more information from us.
When you visit Sollet.io for the first time, you can create a new wallet. Please note that the seed words should be saved carefully, preferably offline in a safe place. These phrases are extremely important which is the only way for you to recover your wallet.
Once saved, you should create an additional password for your Sollet.io wallet. Then select "Create Wallet" to finish.
The next step is to deposit funds to your wallet.
Right after creating your wallet, click “Receive” and the SOL address will appear, you just need to transfer money to this address.
To add other tokens to this wallet, click the + icon in the right corner. Find and add the desired token. For example, I added SRM to the wallet.
You can also add tokens manually using Mint Address (Contract Address) of that token.
Connecting Solana wallet with Serum DEX
Access Serum DEX here: https://dex.projectserum.com/
Check "mainnet-beta" on the right corner to ensure real transactions.
Select "Connect Wallet", you will be transferred to the Sollet.io interface, then select "Connect".
You will see your Sollet.io wallet balance synchronized and appear on Serum DEX interface.
You can disconnect this wallet at any time by clicking "Disconnect" in the right corner of the Serum DEX screen.
Trading on DEX Serum
Once the wallet is connected, you can trade with a quite similar experience on CEXs (centralized exchanges).
Here I will take an example of buying 88 BASE by QUOTE with a limit price of 3.1 QUOTE per BASE.
Select trading pair in the left corner of Serum DEX screen.
Enter the price and amount of tokens you want to buy.
After selecting “Buy BASE”, click “Approve” in the popup screen of Sollet.io.
Next, you can see that the limit order has appeared on the Orderbook and Open Orders.
Note that your balance will not be updated when you cancel Open Orders or execute trades successfully. These funds are in an intermediary account and require you to transfer them back to your own wallet. You have to go to Balance to settle them back in your Sollet.io wallet.
Your balance after canceling the limit order "Buy 88 BASE at the limit price of 3.1 QUOTE".
Your balance after the order "Buy 11 BASE at the limit price of 2.22 QUOTE".
Note: You need to settle your transactions. Otherwise, they will remain in the intermediary account.
So you have successfully traded on Serum DEX.
Through this article, you have learned the basic steps for trading on Serum DEX. With an easy transaction experience, fast speed and low cost, this is a trading platform that people should try.