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| ==Basics ==
| | Are you done raping your little sister? |
| * Based in: USA
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| *Founded in: 5-2020
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| * [[Mainnet]] release:
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| * [https://cryptobriefing.com/ftx-bets-solana-ethereum-decentralized-exchange/ From] [[Crypto Briefing]] (27-7-2020):
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| "''[[FTX]] is building a [[DEX]], Serum, on the [[Solana]] [[blockchain]] with the help of partners like [[Kyber Network]] and [[Multicoin Capital]]. Serum is [[cross-chain]] comptaible, giving it access to liquidity on [[DeFi]] [[dApps]] on [[Ethereum]]. The DEX will run on a [[Centralized|central]] limit orderbook, but will still operate in a [[trustless]] manner."''
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| * [[Anthony Sassano]] [https://thedailygwei.substack.com/p/angry-cex-the-daily-gwei-97?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjoxMjA0NjU2OSwiXyI6ImM5eFJuIiwiaWF0IjoxNjAzMTExOTYxLCJleHAiOjE2MDMxMTU1NjEsImlzcyI6InB1Yi01Mjg5MyIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.UrdwLAglZg-u4mwoJikf8R4s2qd0KVJay_qY1OZFsCc named] (16-10-2020) it a 'not-actually-[[decentralized]] exchange'
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| == History ==
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| * From their blog (18-11-2021):
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| ''"The first ever proposal for Project Serum was a [[Google]] Doc describing a protocol for archiving website screenshots on [[Ethereum (ETH)|Ethereum]]."''
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| == Audits & Exploits ==
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| *Serum does not offer a [[bug bounty]] program (22-3-2022).
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| *Their [[Github]] [https://github.com/project-serum/serum-dex says] the code is unaudited and subject to change (7-2021).
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| *Scored [https://www.defisafety.com/pqrs/380 53%] on [[DeFi Safety]] (22-3-2022):
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| ''"Serum DEX is unaudited. There are some tests evident within the Serum DEX monorepo, but they are definitely not complete. There is no evidence of a Serum [[Formal Verification]] in any of their documentation or [[GitHub]] repositories."''
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| === Bugs/Exploits ===
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| == Governance ==
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| ''<nowiki/>''
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| === Admin Keys ===
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| * [https://www.defisafety.com/pqrs/380 From] [[DeFi Safety]] (22-3-2022):
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| ''"Serum's [[governance]] info can easily be [https://docs.projectserum.com/guides/governance found]. Serum mentions that their [[Smart Contract (SC)|smart contracts]] are upgradeable throughout their documentation. Indeed, we can see that the Serum V3 Program is upgradeable via the BPFLoaderUpgradeable. Ownership implicitly lies within their [[MultiSig]]. No smart [[contract]] change capabilities are identified within the Serum documentation. There is no pause control or any similar functions documented in the Serum documentation. There is a [https://docs.projectserum.com/guides/governance#3-voting single mention] of a [[timelock]] within Serum's governance documentation. However, this does not detail any concrete software information or capabilities. The timelock is of an unspecified length."''
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| === DAO ===
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| * The website [https://projectserum.com/#/staking-and-voting mentions] [[on-chain]] method details will be released soon (31-8-2021). However some is already mentioned. All with the terms 'may' and 'can'. So it is not 100% clear yet.
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| ''"A node may propose a rules change:''
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| # ''Doing so costs 50,000 SRM, which is deducted from the Node’s overall asset pool.''
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| # ''If the rules change passes, the 50,000 SRM is returned; otherwise, it is [[Burn Mechanisms|burned]].''
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| # ''A vote requires more than 60% of the world’s total staked SRM voting in favor to pass. (This parameter may be further changed via a proposal within bounds).''
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| ''Voting on proposed changes to Serum:''
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| # ''Proposed changes can include fee changes:''
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| # ''In a voting-[[stake]] node, each staker votes independently, and the majority vote of the node determines its behavior.''
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| # ''In a delegated-stake node, each node’s leader chooses how they vote.''
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| # ''Whenever submissions are requested from a node (e.g. to help resolve a cross-chain swap dispute), any staker may propose a response to the node.''
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| # ''A delegated-stake node’s leader chooses which response to submit, and a voting-stake node has a vote among their [[stakers]] to decide what to submit."''
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| === Treasury ===
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| == Token ==
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| === Launch ===
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| * [https://messari.io/asset/serum/profile/token-usage From] [[Messari]] (31-8-2021):
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| ''"Project Serum hosted two simultaneous [[initial exchange offerings]] ([[Initial Exchange Offerings (IEO's)|IEOs]]) for the SRM [[token]] on Aug. 7, 2020. The two exchanges ([[FTX (FTT)|FTX]] and [[BitMax]]) exchange sold 3 million SRM at a price of roughly $0.11/token (or $660,000 in total). [[KYC]] was required for both IEOs, and a cap of 1,800 participants was set between both exchanges.''
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| ''Prior to the IEOs, pre-sales were held for 400 MegaSerum (equivalent to 400 million SRM, or ~4% of the total supply), raising a total of roughly ~$20m. all pre-sales are locked up over the next 1-7 years from the time of the sale."''
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| === Token allocation ===
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| * [https://research.thetie.io/solana-ecosystem/ From] [[TheTie]] (25-5-2021):
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| # ''"Ecosystem Incentive Fund: 27%''
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| # ''Partner and Collaborator Fund: 27%''
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| # ''Project Contributors: 22%''
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| # ''Team and Advisors: 20%''
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| # ''Locked [[Seed]] and Auction Purchasers: 4%''
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| ''Approximately 10% of SRM [[tokens]] were released at launch, most going towards ecosystem incentives. The other 90% of all SRM tokens are locked up long-term for 7 years, with none unlocking in the first year."''
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| === Utility ===
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| * [https://thedefiant.substack.com/p/the-defi-holy-grail-synthetix-dissolves?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjo3ODAxMjcsIl8iOiIwb3pkOCIsImlhdCI6MTU5NjExNjA3MSwiZXhwIjoxNTk2MTE5NjcxLCJpc3MiOiJwdWItMTEyNTkiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.ugBFTenONrb_mh8Gj00W-xNWzPXb7mco-guJodHNOQ8 From] [[The Defiant]] (27-9-2020):
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| "''[[Staked]] by [[validators]] and held by users for trading discounts. 100% of Serum’s trading [[fees]] are used to buy and [[burn]] SRM off the open market, while [[node]] operators stand to [[earn]] rewards by processing [[transactions]]."''
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| * [https://research.thetie.io/solana-ecosystem/ From] [[TheTie]] (25-5-2021):
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| ''"Holders of the token benefit from up to 50% off all fees on Serum, the ability to participate in buy and [[burns]] for 100% of net fees, and specialized [[on-chain governance]]. SRM can be staked on a node, with each node requiring a minimum of 10,000,000 SRM and at least one MSRM (1M SRM). This operation helps [[decentralize]] the network and offer support in [[transaction]] settlement validation."''
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| * [https://twitter.com/MessariCrypto/status/1404494243742289921 From] [[Messari]] (15-6-2021):
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| ''"[[Staking]] SRM allows you to gain access to lower fees and [[staking rewards]], as 20% of the [[transaction fees]] generated by Serum are [[distributed]] to SRM stakers every week. One can earn MSRM by stacking one million SRM."''
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| * From the [https://projectserum.com/#/ website] (31-8-2021):
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| # Up to 60% off fees
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| # 80% of DEX fees go to SRM buy & burns
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| # 20% of DEX fees go to SRM stakers
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| === Token Details ===
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| * Has SRM and MSRM tokens. More on MSRM can be read below under "Staking".
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| === Stablecoin ===
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| == Coin Distribution ==
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| * [https://www.coinbureau.com/review/serum-srm/ A cap of 1800 participants] was set for the inital 2 IEOs. The [https://explorer.solana.com/address/SRMuApVNdxXokk5GT7XD5cUUgXMBCoAz2LHeuAoKWRt/largest supply] as of now, has 90,021% are in 1 [[wallet]]. Then the next holder has 7.938%. Then one wallet 1.337% and below that each holder has less than 0.38%.
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| == Tech ==
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| *[[Whitepaper]] can be found [https://projectserum.com/static/media/serum_white_paper.88d98f84.pdf here] (7-2020).
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| * Code can be viewed [https://github.com/project-serum here]. [https://www.defisafety.com/pqrs/380 From] [[DeFi Safety]] (22-3-2022):
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| ''"With 174 commits and 13 branches, Serum's GitHub repository might be the cure that Solana developers need."''
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| === Implementations ===
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| * Built on: [[Solana]]
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| === How it works ===
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| * [https://research.thetie.io/solana-ecosystem/ From] [[TheTie]] (25-5-2021):
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| ''"DEX running an innovative [[On Chain|on-chain]] central limit [[order book]] (CLOB) on the Solana blockchain. Serum is different from other [[DEXs]] that use an [[Automated Market Makers (AMM)|Automated Market Maker (AMM)]] model, as Serum uses automated on-chain limit order books, allowing traders to submit orders with directions, prices, and sizes, giving them complete control over their trading. These order books aren’t centrally controlled, they are fully programmatic as they automatically match orders between third party users through the use of [[Smart Contract (SC)|smart contracts]]. Protocols with any trading-related features can benefit greatly by sending their bids and offers to the Serum DEX’s CLOB. The market structure of a CLOB based DEX allows for larger trades than an AMM, without increasing risk of slippage. Liquidity to be concentrated in the most efficient way and adjusted in real-time. These order books serve as the core pricing source for Serum."''
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| === Fees ===
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| * From the [https://projectserum.com/#/staking-and-voting website] (31-8-2021):
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| ''"Node staking has governance over the use of fees in Serum and [[nodes]] may alter rules around the usage at any time.''
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| ''For each payment, the leader will receive 15% of the node’s total reward, with the other 85% being split proportionally.''
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| ''Each node will receive a base of 2% [[APY]] per year on its holdings and will receive another 0% - 13% per year based on performance of its duties."''
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| === Upgrades ===
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| === Staking ===
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| * From the [https://projectserum.com/#/staking-and-voting website] (31-8-2021):
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| ''"Each node contains at least 1 MSRM. You can stake towards any node. Staking is instant. Unstaking takes a week. If a [[node]] does not have any MSRM, then it becomes inactive and does not generate any rewards.''
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| ''Some actions may require nodes to post collateral. Doing so will risk losing that collateral if the node misbehaves."''
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| * [https://messari.io/asset/serum/profile/token-usage From] [[Messari]] (31-8-2021):
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| ''"MSRM can be created when users lock up 1,000,000 SRM together. The supply of MSRM is capped at 1,000 MSRM (or 10% of total SRM)."''
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| ==== Validator Stats ====
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| * As of (31-8-2021), the Serum website [https://projectserum.com/#/node-list mentions] 24 nodes. The node requirements [https://projectserum.com/#/staking-and-voting are similar] to that of Solana (very high):
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| ''"Having enough to run a full Solana [[validator]] will be more than sufficient (in terms of [[compute]] and [[bandwidth]]) for a Serum node.''
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| ''Having enough to run a Solana validator with decent uptime (that does not need to be a [[block]] producer) will be helpful."''
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| === Interoperability ===
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| * [https://www.coinbureau.com/review/serum-srm/ From] CoinBureau (9-10-2020):
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| ''"The Serum DEX uses [[Smart Contract (SC)|smart contracts]] with built-in economic incentives to allow users to swap assets across different [[blockchains]]. This is done by requiring both parties involved in the swap to put down some amount of collateral to execute a swap.''
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| ''If the other party involved in the swap does not receive their funds in a timely manner, they are able to dispute the swap with the [[smart contract]] by submitting a [[snapshot]] of the [[Transaction (Tx)|transaction]] [[request]] which was stored on the [[Solana (SOL)|Solana]] blockchain. If the dispute is valid, they earn the stake from the sender. If it is invalid, the sender receives part of the stake from the receiver."''
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| === Other Details ===
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| == Oracle Method ==
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| * [https://www.defisafety.com/pqrs/380 From] [[DeFi Safety]] (22-3-2022):
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| ''"Serum documents an idea of an [[On Chain|on-chain]] [[oracle]] in the "[https://docs.projectserum.com/serum-ecosystem/build-on-serum/project-ideas-for-serum#serum-oracle Project Ideas]" section of their documentation. However, it is not clear as to whether the protocol itself uses an oracle. Serum does not document the [[Frontrunners|front-running]] mitigation strategies of their orderbook. Serum does not document its [[Flash Loan|flash loan attack]]/liquidity manipulation mitigation strategies. Since their staking module is deprecated, it is safe to say that Serum does not require such measures."''
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| == Privacy Method ==
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| == Compliance ==
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| * [https://research.thetie.io/solana-ecosystem/ From] [[TheTie]] (25-5-2021):
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| ''"Anyone in the world can open an account instantly on Serum DEX, with no [[KYC]] and no withdrawal limits."''
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| == Their Other Projects ==
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| === Swap ===
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| *[https://decrypt.co/46437/serum-swipes-ethereum-defi-solana-powered-swap Swap], a decentralized [[AMM]] (27-10-2020):
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| ''"Swap on Serum will [[airdrop]] Serum’s native SRM token to [[liquidity providers]] for a month to bootstrap participation."''
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| * Has been [https://research.thetie.io/solana-ecosystem/ deprecated], funnily enough, this boosted the SRM price substantially (25-5-2021).
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| ''<nowiki/>''
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| == Roadmap ==
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| * Can be found [Insert link here].
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| *[https://research.thetie.io/solana-ecosystem/ From] [[TheTie]] (25-5-2021):
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| ''"Phase Three (In Progress)''
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| # ''Borrow/Lending''
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| # ''Yield''
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| # ''More Cross-Chain [[Bridges]]''
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| # ''Projects Building on Serum''
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| # ''[[AMMs]]''
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| # ''[[Margin Trading]]/Contracts''
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| # ''Tokens and Exchanges Natively Supporting SPL''
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| # ''Volume and TVL Growth"''
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| == Usage ==
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| * From its [https://projectserum.medium.com/serum-newsletter-40-306894b4edb2 blog] (25-8-2021):
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| ''"Project Serum has surpassed $6.19B in trading volume since inception. This week, 50K SRM was [[burned]] and 12K SRM was dropped onto stakers — This is $449k worth at current prices!"''
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| === Projects that use or built on it ===
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| *[[Atrix Protocol]]; ''"Atrix is an Automated Market [[Maker]] ([[Automated Market Makers (AMM)|AMM]]) built on Solana that composes directly with Serum’s orderbook to allow for [[permissionless]] [[liquidity pools]] and [[farm]] creation."'' ([https://projectserum.medium.com/serum-newsletter-40-306894b4edb2 25-8-2021])
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| *[[Raydium (RAY)|Raydium]]; it [https://cryptobriefing.com/solana-powered-dex-raydium-integrate-sushiswap/ provides](24-2-2021) [[liquidity]] on Serum orderbooks.
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| == Competition ==
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| * [[Centralized Exchanges (CEX)|CEXs]] and [[Decentralized Exchange (DEX)|DEXs]]
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| == Pros and Cons ==
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| === Pros ===
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| === Cons ===
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| == Team, Funding, Partners ==
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| === Team ===
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| * Serum has many public contributors that are presented in the "[https://github.com/project-serum/serum-dex/graphs/contributors Contributors]" page of their GitHub.
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| *FTX and [[Alameda]] Research, led by [[Sam Bankman-Fried]], [https://research.thetie.io/solana-ecosystem/ created] the Serum [[Foundation]] and launched Serum.
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| * [https://cryptobriefing.com/ftx-bets-solana-ethereum-decentralized-exchange/ From] [[Crypto Briefing]] (27-7-2020):
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| "''[[FTX]] is building a [[DEX]], Serum, on the [[Solana]] blockchain with the help of partners like [[Kyber Network]] and [[Multicoin Capital]]."''
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| === Funding ===
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| * According to [https://twitter.com/cyber_hokie/status/1302766451892400128 this] [[twitter]] thread (7-9-2020):
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| ''"[[Binance]] backs [[Band Protocol (BAND)|Band]], [[FTX]] (aka SBF Alameda, the new [[SushiSwap (SUSHI)|sushi]] controller), and Serum (via 3commas Cap)."''
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| === Partners ===
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| * Its Foundation is [https://medium.com/aleph-im/aleph-im-ftx-backed-serum-dex-partnership-announcement-265fc349d2fa partners] with [[Aleph (ALEPH)|Aleph]] (7-2020).
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| ==(:==
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| Knowledge empowers all and will help us get closer to the [[decentralised]] world we all want to live in!
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| Making these free wiki pages is fun but takes a lot of effort and time.
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| If you have enjoyed reading, tips are appreciated :) This will help us to [[keep]] expanding this archive of information.
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| [[Solana (SOL)|SOL]] tip [[address]]: EKmmVCJxWamnuSht7wpg4cFVw9Co8qMMeETqvRQuQPm4
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| [[Category:Coins/Tokens]] | | [[Category:Coins/Tokens]] |
| [[Category:Exchange]] | | [[Category:Exchange]] |
