What Is Serum (SRM)? – Beginner’s Guide

Many situations call for the introduction of a cryptocurrency. Some businesspeople hope to earn rich off of the investments of others by peddling coins. Some businesses choose to introduce a cryptocurrency in order to expand into the digital market. Joke coins have also been released into circulation.

Serum is a serious effort to revolutionize the world by simplifying the buying, selling, and spending of cryptocurrency. The coin is a part of a visionary, high-stakes ecosystem initiative led by one of the crypto industry’s youngest millionaires.

Want to get into Serum (SRM) but don’t know what it is or how to get started? Don’t worry; this helpful guide will fill you in on all the details of the project and have you ready to dive headfirst into the simplest trading environment on the market in no time.

What Is Serum (SRM)?

 

Serum refers to both the Serum decentralized exchange and SRM, its utility token.

 

The Serum token, a cryptocurrency, operates on the Solana blockchain in its native environment, resulting in extremely fast transaction times. The cryptocurrency is also available on Ethereum as an ERC-20 token.

 

The MegaSerum, worth 1,000,000 tokens, is another Serum option. Users can easily change the unit of measure from SRM to MSRM and vice versa. A maximum of 1,000 MSRM has been established as a supply limit by the Serum Foundation. Token holders of MSRM have access to exclusive features within the Serum ecosystem.

 

For the decentralized cryptocurrency exchange Serum, SRM is the primary utility token. The key use case for Serum tokens is the Serum DEX.

 

Download App for Android

Download App for iOS

How Does Serum Work?

 

You can compare the effects of Serum with Ether. It may be held, traded, and exchanged like any other currency. The Serum team even makes advantage of Solana’s virtual machine to enable the execution of smart contracts.

 

As a fungible ERC-20 token, it can interact and trade freely with other tokens on the Ethereum blockchain using native exchanges.

 

Since Serum runs on the Solana blockchain, settling transactions is instantaneous. In contrast to Ethereum’s 15–30 tps, Solana may process 50,000–or more–transactions per second.

 

What Makes Serum So Special?

 

Serum stands out due to two main factors.

 

In the first place, it has a decentralized design. Although cryptocurrency holdings are recorded on decentralized ledgers, trading platforms are often only websites. Thus, it is possible for hackers to gain access to sensitive information such as client lists and cryptocurrency storage lockers. Over the past five years, nearly all of the high-profile crypto thefts that grabbed news have targeted centralized cryptocurrency exchanges. Decentralized exchanges like Serum remove the need for a centralized authority to make decisions about trading activity, assess fees, or put users at risk.

 

Second, Serum is unique in that it is a Solana-based cryptocurrency. As a result, it can be used for a wide variety of tasks, including some that traditional digital currencies cannot. Solana’s ability to scale is a major benefit over other cryptocurrencies.

Download App for Android

Download App for iOS

What Determines Serum Value?

 

Serum’s utility as a token on the Serum DEX is the primary driver of its rising value. Investors are drawn to the project because of the founder’s charm and the fact that it is interoperable with Ethereum. The charitable aspects of SRM make it attractive to investors who want to do good while they make money in the cryptocurrency market.

 

Low transaction costs due to the lack of a central exchange are one way in which widespread adoption of the coin will benefit its users.

How Many Serum (SRM) Coins Are There?

 

The total number of SRM in circulation will never exceed 10 billion. There are now 372 782 297 in circulation. About 10% of SRM tokens were released at the start by Serum without any restrictions. The remaining 90% will be released at predetermined intervals over a period of six years. This means that the return on investment for the original seed investors will be slow and steady. The locked tokens, as stated on the SRM website, “are aimed for long-term supporters of the Serum ecosystem, not fast profit.”

Download App for Android

Download App for iOS

How to Use Serum?

 

The majority of current Serum users are patient investors who don’t mind waiting several years for their money to unfreeze. The coin was made with the intention of attracting long-term holders, not short-term speculators.

 

In exchange for a larger investment in Serum, you will be invited to take part in governance decisions on the Serum Exchange and the project team’s DeFi goals.

 

How To Find and Choose the Best Serum Wallet?

 

If you want to store your Solana-based digital assets in a secure and convenient way, Serum suggests the SOL wallet available at sollet.io. Any cryptocurrency wallet will do for storing your SRM coin. Because of their compatibility with the Ethereum blockchain, wallets built on the Ethereum platform can be used interchangeably.

 

Bitski, Arkane, MetaMask, and Brave are just a few of the most well-known Ethereum wallets.

 

A hardware wallet or cold wallet may be the ideal option if you have a substantial SRM holding or are in possession of coins that are only slowly becoming liquid. When it comes to protecting assets over the long term, these wallets are the way to go. When it comes to offline storage and backup, wallets from Ledger and Trezor are among the safest choices for holding cryptocurrency.

 

However, you won’t need a specific wallet to use this card. Wallets that are compatible with SRM can be found for various platforms and operating systems online, and the majority of them are free to use. As long as you are careful with your password, any of these wallets will do a fine job of keeping your SRM and other digital assets safe and accessible at all times.

 

To safely store and exchange Serum tokens, you can take advantage of Kriptomat’s storage service. Kriptomat’s SRM storage offers the perfect balance of enterprise-grade security and simple inteV

Download App for Android

Download App for iOS

Serum: Proof of Stake or Mining?

 

Serum employs Solana’s blockchain technology for transaction validation, which means it doesn’t rely on Proof of Work or Proof of Stake. Rather, Solana employs a novel Proof of Time technique, in which references to earlier blocks determine the chronological order of transactions in the blockchain’s decentralized database. Solana can perform 50,000 to 70,000 transactions per second thanks to its ingenious technique for rendering older ledger entries immutable.

Conclusion

 

For those interested in investing in decentralized finance and a crypto future free from the prohibitive costs and stifling influence of centralized banks, SRM presents a once-in-a-lifetime chance. What you’re describing is an intriguing future. When you factor in Sam Bankman-charitable Fried’s contributions, the Serum project offers an exceptional opportunity to put one’s money where one’s mouth is. SRM and the Serum exchange present a chance to do well by doing well, as the currency has been rising steadily.

Download App for Android

Download App for iOS

FAQs

 

Information on how to begin using this one-of-a-kind coin is provided below.

 

1.Can You Get High on Serum?
At least 10,000,000 SRM, including at least 1 MSRM, are needed to initiate a node. To incentivize nodes to do valuable on-chain tasks, staking payments are distributed to them. In addition, users can stake towards another node to get a share of that node’s staking earnings.

 

2.When and Where to Buy Serum?
You’ve made it to Kriptomat. With just one click, you can proceed to the next stage. Just go to Kriptomat’s Serum purchase instructions page.

 

3.How To Sell Serum?
The process of selling SRM tokens held in a Kriptomat wallet is simple. You can select a payment method directly from your wallet’s user interface.