Nodes share the following features:

Each node contains at least 1 MSRM.
You can start your own node, or stake towards someone else's node.
Each node also has a 'leader', who founded the node. Anyone can found a node. The leader does not need to be the largest contributor or the one with an MSRM.

Node Tasks

Nodes will have the following tasks:

Turning the Crank
Surveying for when a “crank needs turning” and then "turning the crank".
Details of the on-chain methods will be released soon.

These are times when someone has to trigger a program (e.g. to clear out a buffer) in order for the state of the matching engine to progress. You cannot ‘mess up’: either you do it correctly or it is as if you did not do it at all. There is basically a race between nodes to turn these cranks. See here for the DEX crank source code.

Voting and Staking Duties

Nodes will have various staking duties:

  • Performing various well-defined functions to optimize Serum’s efficiency.
  • Submitting blockchain histories and challenges for cross-chain swaps.
  • Potentially managing the Serum insurance fund.

A node may propose a rules change:

  • Doing so costs 50,000 SRM, which is deducted from the Node’s overall asset pool.
  • If the rules change passes, the 50,000 SRM is returned; otherwise, it is burned.
  • 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).

Voting on proposed changes to Serum:

  • Proposed changes can include fee changes.
  • Proposed changes can include fee changes:
  • In a voting-stake node, each staker votes independently, and the majority vote of the node determines its behavior.
  • In a delegated-stake node, each node’s leader chooses how they vote.
  • 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.
  • 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.

Node Rewards

Nodes will potentially be eligible for the following rewards (subject to alteration):

For each payment, the leader will receive 15% of the node’s total reward, with the other 85% being split proportionally.

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.

Each node will also potentially receive rewards for their success in specific challenges and duties.

Some actions may require nodes to post collateral. Doing so will risk losing that collateral if the node misbehaves.

Nodes will potentially receive some fraction of Serum exchange fees:

Until voted in by Governance, all fees are directed towards buy/burn.

Node Requirements

Different amounts of computation may impact the level of node rewards you collect. While the scope will depend on the growth of Serum, you may consider the following recommendations:

Can I run a Solana validator as a Node?
Can I run a Solana validator as a Node?
Can I use Cloud Based Systems to run a Node?
  • Cloud based systems are likely to work but be less efficient than hardware ones; for maximum efficiency and minimum upkeep cost, you will be a bit better off with boxes you control.
What type of PC can I use to run a Node?
  • A current (2021) high end gaming desktop is likely to be sufficient.
What amount of internet speed is required to run a node?
  • A current (2021) high speed internet connection is likely to be sufficient.