In recent times, Defi projects have seen strong growth such as Compound, Origin Protocol, Kyber ...Today VakaFx will introduce the Serum project - which solves the difficult problems that Defi and blockchain are still facing.
What is Serum?
The serum is a fully decentralized platform and a decentralized exchange (DEX) built on the Solana blockchain. Serum wants to create a Defi ecosystem that brings the best user experience. Built on the Solana Blockchain, Serum is created to address the centralization gaps that exist in the current Defi space. Serum still needs to be tested with real users first, but we may see Serum come online soon.
What does Serum solve?
Here are some of the current Defi problems that Serum's development team wants to address:
Most Defi projects today are dependent on a centralized oracle for data delivery. The example is the Chainlink oracle.
- Slow & Expensive
Transactions currently on Defi take a few minutes (5-10 minutes) to make a transaction. Besides, transaction fees are also very expensive, during peak periods can reach $100. This frustrates most users because they want transactions to be fast and cheap.
Currently the Defi market uses an automatic market creation system (AMM- Automated Market Making) that allows users to transact without placing orders, everything will be automatic. However, this is not beneficial for users if the market is volatile, they need to limit orders to protect their assets.
Today's stablecoins are built on $1. However, if the USD issuing bank collapses, the value of that stablecoin cannot be determined.
The crypto market at this time has no project that fully solves the problem of connecting blockchain gateways, still needs 3rd party intervention.
How does the 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 Ethereum and it is 1,000,000 times cheaper (as announced by the project). And unlike many other chains, Solana is an official and decentralized blockchain with over 100 validators.
Here are some of the benefits that Solana brings to Serum:
- Fully Decentralized: Serum allows Defi projects to take projects from decentralized oracle, not being dependent on any other platform.
- Speed & Cheap: Built on Solana blockchain helps Serum process transactions many times faster and transaction fees are also extremely cheap.
- Orde books: Serum will release the DEX Serum based on Solana. DEX Serum inherits AMM's decentralization and automation functionality and allows users to use limit orders.
- Cross-chain Swaps: Serum DEX also integrates Cross-chain into the platform to help users exchange data, cryptocurrencies between different blockchains without the need for a 3rd party.
- Stablecoin: Serum launches a new stablecoin model: SerumBTC and SerumUSD, the tokenized product is not dependent on any banks.
What is Serum (SRM) token?
SRM is the official token of the Defi ecosystem - Serum project. SRM token is expected to launch the crypto community by the end of 2020.
- Basic information about SRM token
- Ticker: SRM
- Blockchain: Solana
- Token Standard: SPL
- Token type: Utility Token
- Consensus: Proof of Stake
- Total Supply: 10,000,000,000 SRM
With a fixed total supply of 10 billion tokens, the SRM is distributed at the following proportions:
- 2.7 billion tokens: partners and collaborator fund
- 2.7 billion tokens: the ecosystem incentive fund
- 2.3 billion tokens: project contributors
- 2 billion tokens: held by team and advisors
- 0.3 billion tokens: locked seed and auction purchasers
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 1/1/2021. Then, each year, 15% more tokens will be unlocked.
- 27% of the supply for the Serum team and collaborators will be unlocked in 1-7 years starting from early 2021.
Information on unlocking other tokens has not been announced by the Serum team.
What is Serum (SRM) token used for?
In the project's ecosystem, the SRM token is used for the following main purposes:
The user who owns the SRM token has the right to vote for the development decisions of the project.
- Staking Reward
Participating nodes support the processing of cross-chain transactions. The requirement to participate in staking is to own at least 11,000,000 SRM tokens.
The serum will dedicate a fund to reward nodes. Details of staking rewards, the project has yet to be officially announced.
SRM is used to pay transaction fees on the cross-chain. Transaction fees will be burned in the future.
Holding SRM will get 1-50% off fees on Serum
Keeping 1 MSRM (1 MSRM = 1,000,000 SRM) will get a 60% discount on the charges on the SerumIn the project's ecosystem, the SRM token is used for the following main purposes:
How to earn Serum (SRM) token?
In the coming time, the Serum project will launch the token, here are 3 ways for you to own SRM when it launches:
- Buy SRM tokens through the IEO when the project is organized.
- Buy on exchanges that list the SRM token
- Hold FTT token on FTX exchange to receive SRM token when it launches
Serum (SRM) token storage wallet
The serum is built on the foundation of the Solana blockchain. So you can store it on Solana's wallet when it launches.
Besides, you can also choose some of the following reputable and secure wallets: Trust Wallet, NanoX ... to store SRM tokens.
The future of the Serum (SRM) token
- Potential market
With Defi issues tackling the Serum will have a chance to grab this $ 3.89 billion market share.
DEX & Cross-chain are two strongly growing technologies today and will continue in the future.
The serum has a chance 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 cheaper than 1,000,000) powerful and user-friendly.
Defi market: Serum must compete with other Defi projects such as Chainlink, Compound, Maker ...
DEX & Cross-chain: Some competitors that Serum must pay attention to if they want to be on top are: Binance DEX of Binance, iDex of ETH, Nash of Neo, Tomodex of TomoChain.
Should you invest in SRM token?
The roadmap is not updated on the project website in the coming time. Maybe the project will update after the public launch in late 2020.
The 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
SRM token price prediction
Serum launched on August 11, and its native SRM token has since increased by 1500%. The Serum project is a collaboration between centralized derivative trading platform FTX and Solana, a smart contract blockchain with low transaction fees, high speed, interoperable.
Since its launch, the token has skyrocketed from its opening price of $ 0.11 to over $ 1.80 according to Tradingview.com
Being listed to major trading platforms like Binance has also contributed to pushing the price of SRM token. According to data from Coingecko, SRM's transaction volume surpassed $ 350 million in its first 12 hours. The market cap for Defi wave's newest darling now stands at $ 300 million.
In addition to Binance, SRM is currently listed on many other Defi exchanges and protocols, including Uniswap, BitMax, HBTC, Balancer, TomoDEX, 1Inch, and its co-founder FTX.
The current SRM price is still rising sharply shortly after launch proving that traders, investors, and speculators are still very much interested in the token.
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