Serum Token Summary

Serum (SRM) and MegaSerum (MSRM) are designed with the following principles in mind:

Accrue value through utility, not hyperinflation.

SRM gives specialized governance power over Serum.

91.25% of all tokens have long-term unlocking periods, underscoring commitment to Serum.

MegaSerum (MSRM) is a scarce asset that gives increased utility to core believers in Serum.

SRM governance over all net revenues generated by the platform, which can be utilized as SRM stakers vote, including via yield, buy/burns, grants, or other usages.

All seed sales have long-term lockups; they are meant for long-term supporters of the Serum ecosystem, not quick profit.

Economics: Lockups

10% of all SRM tokens begin unlocked. The other 90% all have the same unlock schedule. They are fully locked for the first year, and then unlock linearly over the next 6 years, approximately 1/2190 per day. All seed sales were locked.

SRM Token Supply

A breakdown of SRM Supply

Fees

Node staking has governance over the use of fees in Serum and nodes may alter rules around the usage at any time.

Utilizing Generated Fees

The fees on trades are (taker/maker):

  • Hold < 100 SRM: 22bps / -3bps
  • 100 SRM: 20bps / -3bps
  • 1,000 SRM: 18bps / -3bps
  • 10,000 SRM: 16bps / -3bps
  • 100,000 SRM : 14bps / -3bps
  • 1m SRM: 12bps / -3bps
  • 1 MSRM: 10bps / -5bps

Unlocked Token Distribution

Initial circulating supply was 175m tokens, primarily for providing liquidity

Holders of unlocked tokens voluntarily moved tokens into reserves, reducing circulating supply, with plans to re-introduce tokens into circulating only to provide liquidity to extraordinary buy-side demand

Currently, circulating supply is approximately 125m

825m was set aside for ecosystem incentives for SRM holders and Serum users

Market Information

Price Statistics

Serum Last Price
$7.33

Total Supply
10,000,000,000 SRM

Unlocked Supply
1,092,844,982 SRM

Circulating Supply
133,231,781 SRM

SRM is Listed On:

And Many More

SRM Design

Tokens

Serum (SRM): The backbone of the Serum ecosystem. Natively on Solana (SPL token), cross-listed as ERC20.

MegaSerum (MSRM): 1,000,000 SRM stacked together. Natively on Solana (SPL token), cross-listed as ERC20.

Supply

SRM: 10,000,000,000 (10 billion).

MSRM: You can lock 1,000,000 SRM together to create 1 MSRM, and you can redeem 1 MSRM out for 1,000,000 SRM.

Note that there is a supply cap of 1,000 MSRM, so at most 10% of all SRM can be locked in MSRM at any point in time.

Utility

SRM: Reduced fees on Serum, staking rewards, participate in buy and burns for 100% of net fees, and specialized governance.

MSRM: Each MSRM receives slightly more rewards than 1m SRM would, and in many cases more than the maximum without MSRM.

Locked SRM and MSRM still get fee discounts and participate in governance.

Governance

SRM is anticipated to have specialized on-chain governance. It will be responsible for setting some important parameters (e.g. fees) but will not have the ability to take actions that would cripple Serum.

Staking

Each node requires at least 10,000,000 SRM (each MSRM counts as 1m), and each node must have at least 1 MegaSerum in it.

You receive staking rewards based on your node’s performance. Nodes perform important on-chain actions such as supplying blockchain histories for cross-chain settlement validation.

You may stake towards another node. Each node has a ‘leader’ who created it. A fraction of the node’s staking fees go to the leader.

Note that locked SRM and MSRM can be staked on a node, and can be used to create a node.

Buy and Burns

Date
Transaction ID
Amount
25/01/2021
30,620
18/01/2021
37,188.6
12/01/2021
67,045
04/01/2021
57,649
28/12/2020
24,672.9
21/12/2020
22,047.6
14/12/2020
24,713.5
1/12/2020
38,157.6
23/11/2020
27,912.7
17/11/2020
23,030.8
9/11/2020
60,770.5
26/10/2020
20,715.9
19/10/2020
13,312
12/10/2020
20,235
2/10/2020
16,922.5
25/9/2020
196,591.3

Presales

There were block presales to parties who wanted to be long-term participants in the Serum ecosystem, helping to build out the network, userbase, products, governance, and staking. These represented roughly 4% of the total supply. All presales are locked up over the next 1-7 years.

The final price of the seed round was roughly $80,000 per MSRM for roughly 4% of the total supply, raising a total of roughly $20m.