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How to buy Serum (SRM)
A beginner's guide to buying and selling SRM in the US.
How to buy Serum
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Serum.
- Open an account on an exchange that supports SRM.
Most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Serum.
- Buy Serum.
Complete your Serum purchase and then find the best wallet to store SRM.
What is Serum?
Serum is a protocol and decentralised exchange (DEX) that has been built atop the Solana blockchain. It offers interoperability across several blockchains, including Bitcoin and Ethereum. It utilises an order-book to facilitate and account for all of its internal trades, unlike most DEXs which use automated market makers (AMMs). The result is a user experience more similar to a centralised exchange. From an operational standpoint, the platform is able to handle a high transaction throughput, allowing for 50-65k transactions per second (TPS).
SRM is the native cryptocurrency of Serum. It functions as an SPL token on the Solana blockchain and an ERC-20 token on the Ethereum network. It is primarily used for staking within the Serum ecosystem as well as for fee-reduction purposes when facilitating trades across the platform.
Serum (SRM) is the 201st largest cryptocurrency in the world by market cap, valued at $291,320,707. The current price of Serum is $5.830, which is 5.142% higher than yesterday. Prices have ranged between $6.390 and $5.180 over the past 24 hours. All prices are listed in US dollars and accurate as of April 19, 2021 10:04 UTC.
Where to buy Serum
Unfortunately at this time no major exchanges offer Serum. However, you may be able to purchase SRM with another cryptocurrency, just be sure you're following all legal restrictions and requirements.
Instead of buying Serum, consider buying a different cryptocurrency after comparing popular exchanges.
Serum coin priceUse our graph to track the performance of SRM over time.
Serum at a glance
|Total SRM supply||161,000,001|
|All time high||US$8.120|
|All time high date||February 25, 2021|
Serum price performance over time
How to sell Serum
You can cash out your SRM with the same exchange you bought it through:
- Sign in to the exchange you have SRM on.
If you store your Serum in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of SRM you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Serum.
What to consider when buying Serum
- High degree of interoperability: The Serum DEX employs smart contracts to help users swap assets between different blockchains – such as ETH for BTC – in a totally trustless manner. That being said, in order to execute such cross-chain swaps, all of the parties involved need to submit a certain amount of collateral.
- Low transaction costs: Serum offers fee rates that are quite low when compared with most other DEXs operating in the market today, with users having to pay just $0.00001 per transaction.
- Elaborate staking system: To become a validator node on the Serum DEX, users are required to stake a total of 10 million SRM, of which 1 million tokens should be submitted in the form of MSRM (1 MSRM token = 1 million SRM). Anyone with enough holdings can become a node with the maximum stake currently capped at 100 million SRM.
Nodes perform two basic actions within the Serum network. First, they help in the seamless execution of cross-chain swaps, and second, they allow for the manual facilitation of transactions in case any functional issues are incurred. For their efforts, nodes are rewarded, with an annual percentage yield (APY), which is currently set at 2% per year, with additional benefits – of up to 13% – available on the basis of their performance.
- Community: Serum is backed by some of the biggest names in crypto, including Sam Bankfman-Fried, CEO of cryptocurrency exchange FTX and quantitative trading firm Alameda Research, Robert Leshner, founder of algorithmic money-market protocol Compound Finance, and Long Vuong, founder and CEO of scaling oriented proof-of-stake blockchain ecosystem TomoChain.
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