Karmaverse Zombie (SERUM)

What is Serum (SRM)?

Serum (SRM) is a cryptocurrency that exists both as an SPL token on the Solana blockchain and as an ERC-20 token on the Ethereum blockchain. A distinctive feature of SRM is its dual existence on these two major blockchains, allowing for a broad range of interoperability within the DeFi space. Another notable aspect of SRM is its convertible nature, where 1 million SRM tokens can be converted into one MegaSerum (MSRM), enhancing its utility within the ecosystem. SRM's design is deflationary, with a portion of trading fees used to buy and burn tokens.

SRM is an integral part of Project Serum, a decentralized finance (DeFi) ecosystem developed on the Solana blockchain. The primary component of this ecosystem is the Serum DEX (Decentralized Exchange), which enables cross-chain cryptocurrency swaps and leverages the high throughput and low transaction costs of the Solana blockchain. SRM's role within this ecosystem is multifaceted, contributing to governance, staking for validator nodes, and reducing trading fees.

What is Serum (SRM) used for?

SRM is utilized for several purposes within the Project Serum ecosystem. It is primarily used for staking, which is mandatory to operate a validator node on the Serum DEX. This staking mechanism is central to maintaining the network's integrity and performance. Additionally, SRM holders can stake their tokens to receive reduced trading fees on the Serum DEX. SRM also plays a critical role in the governance of the DEX and future DeFi protocols, allowing token holders to participate in key decision-making processes.