Review on Serum by Olugbenga Ajayi
Serum will usher in a better decentralized exchange
Serum is a new cryptocurrency project that has promised to become the world's first completely decentralized derivative exchange. It is owned by the project Serum which is founded by the founder of FTX exchange. It is not new that there are lots of issues associated with centralized financial and that is what brought about decentralized financial system (DEFI).
Despite the introduction of DEFI, there are still problems associated with It which led to the birth of SERUM project. This project will give birth to Serum exchange which shall be a brand new 'pure' and undiluted form of decentralized finance (DEFI). It is going to be scalable, cheap and fast.
This project is built on Solana's blockchain and it is going to be interoperable with other blockchain to start with bitcoin and ethereum.
The ICO of the project was slated for August 7th 2020 and it was successful selling up to 3millions of its SRM token. Of the total token in circulation, 175 millions will be circulatory and will grow to 181million.
The token is already listed on Binance, unswap and FTX exchange. It can be staked or use for payment. All SRM holders will also enjoy 50% discount on trading cost.
If Serum project will succeed in providing a better form of decentralised exchange and fulfil all promises made, traders in their ecosystem will enjoy. But as it is all are just promises as the project is not even totally ready for patronage yet.
Pros
- It will bridge the gap between professional traders and DEFI
- Shareholders in Serum project has governance power
- It is a non custodial oriject
- It could outperform already existing decentralized exchange s
- Traders will be able to trade other cryptocurrency beside the one on their Network since it offers cross chain interoperability
Cons
- SRM may not yield quick profit
- It is not a ready project so all that have been said are promises
