Serum (SRM) is a decentralized ecosystem built on the Solana blockchain, providing a composable infrastructure for trading applications. It features a fully on-chain orderbook, allowing participants to control their orders and set prices. SRM is the utility and governance token, used for staking, reducing trading fees, and governing the Serum DEX. Additionally, it has a second token, MegaSerum (MSRM), which offers increased benefits and is required to run a validator node.
Serum (SRM) is the utility token of the Serum decentralized cryptocurrency exchange (DEX) built on the Solana blockchain. It serves several purposes within the Serum ecosystem:
Utility Token: SRM is used for various activities on the Serum DEX, such as paying transaction fees and participating in governance processes.
Staking: Users can stake SRM tokens to support the network and receive rewards. To become a staking node, one needs to hold at least 10 million SRM tokens, including one MegaSerum (MSRM).
Governance: SRM token holders can use their tokens to vote on proposals for the further development of Serum, making it a democratic and decentralized platform.
Cross-Chain Swaps: Serum enables cross-chain swaps by having counterparties send collateral tokens to a smart contract readable on both Solana and Ethereum chains.
Payment: SRM can be used to pay fees on the Serum DEX, which offers fast and low-cost trading.
Investment: SRM tokens can be bought, sold, and traded on various exchanges, providing an opportunity for investment in the decentralized finance (DeFi) space.
Overall, SRM plays a central role in the Serum ecosystem, facilitating various functions that support the decentralized exchange and its users.
To store Serum (SRM) tokens, you have several options:
Kriptomat Wallet: Kriptomat offers a secure storage solution, allowing you to store and trade Serum tokens without hassle. This wallet provides enterprise-grade security and user-friendly features.
Coinmerce Wallet: Coinmerce also offers a secure wallet to store SRM tokens. If you buy SRM on the Coinmerce exchange, it will be automatically stored in your wallet, which is protected by a hardware wallet.
Bit2Me Wallet: Bit2Me provides a multi-currency wallet that supports Serum and many other cryptocurrencies. You can create a wallet in 30 seconds and manage your SRM tokens securely.
Hardware Wallets: For added security, you can use hardware wallets like Ledger or Trezor. These wallets provide offline storage and backup, making them ideal for long-term investments.
Mobile Wallets: Mobile wallets like Payperless allow you to store SRM tokens on your mobile device. You can download the application, select the appropriate cryptocurrency, and receive a new wallet address.
Solana Wallet: Serum recommends the SOL wallet from sollet.io, which is specially designed for use with Solana-based digital assets like SRM.
- Ethereum Wallets: Since SRM is interoperable with the Ethereum blockchain, you can also use Ethereum-based wallets like Bitski, Arkane, MetaMask, and Brave.
Regardless of the wallet you choose, make sure to keep your password secure to ensure the safety of your SRM tokens.
To buy Serum (SRM) tokens, follow these steps:
Choose a Cryptocurrency Exchange: Select a reputable exchange that supports SRM, such as Kraken, Bitget, Kriptomat, or Uphold. Ensure the exchange is available in your region and compliant with local regulations.
Create and Verify Your Account: Sign up for an account on the chosen exchange. Verify your email address, phone number, and identity to unlock the full potential of the platform.
Add Funds: Deposit funds into your account using a bank transfer, credit card, debit card, or Bitcoin (BTC). This will enable you to purchase SRM tokens.
- Buy Serum: Navigate to the exchange's trading interface, select SRM from the list of available cryptocurrencies, enter the desired amount, preview the transaction, and confirm your purchase.
These exchanges offer a user-friendly interface and various payment methods to facilitate the purchase of SRM tokens.
