At roughly 12:13 UTC on Sunday (August 30), markets on the Solana-powered Serum DEX, which its builders (Project Serum) describe as “the world’s first completely decentralized derivatives exchange with trustless cross-chain trading”, went dwell.
What is Solana?
Solana is “an open source project implementing a new, high-performance, permissionless blockchain” that’s maintained by the Geneva-based Solana Foundation.
Solana protocol was created by Solana Labs, which is backed by buyers akin to Multicoin Capital, Slow Ventures, Foundation Capital, 500 Startups, and Abstract Ventures. Anatoly Yakovenko is the creator of Solana and Greg Fitzgerald is its principal architect.
Solana’s documentation states that it’s potential for a centralized database “to process 710,000 transactions per second on a standard gigabit network if the transactions are, on average, no more than 176 bytes.” The Solana staff hope that at some point they are going to obtain that “theoretical limit of 710,000 transactions per second.” Currently, Solana can course of round 50,000 transactions per second.
What is Project Serum?
According to the Serum white paper, the goal of this mission was to ship “a fully functional decentralized exchange with trustless cross-chain trading, all at the speed and price that customers want.” Furthermore, though this DEX can be constructed on Solana as a way to be sure it’s quick, it might should be “interoperable with the Ethereum ecosystem and ERC20 tokens.”
The Serum token (SRM) is the utility token of the Serum ecosystem. This is an SPL token on Solana, and is cross-listed as ERC20.
Serum’s orderbook is “a decentralized automated full limit orderbook”, which is able to “give traders full control over their orders, unlike automated market making.”
Serum’s orderbook and matching is “fully automated on-chain and orders are from Serum end users.”
Cross-chain contracts in Serum are “physically settled”, which implies “easy margin positions in DeFi on synthetic assets.”
Serum protocol additionally options SerumBTC, “a model for creating an ERC20 or Solana tokenization of BTC”, and SerumUD, “a model for creating a decentralized stablecoin”.
Project Serum is constructed by the Serum Foundation (“a group of experts in cryptocurrencies, trading, and decentralized finance”).
At the technical degree, the Serum DEX is “a program on the Solana blockchain”, and because of the pace of Solana, it might probably presently deal with “hundreds of orders per second per market.”
Sam Bankman-Fried, CEO of each Alameda Research and crypto alternate FTX, wrote a pleasant introductory thread on Project Serum on July 27:
Serum DEX Goes Live
According to a Twitter thread by Project Serum’s official account (@ProjectSerum):
- “Anyone can list a market on Serum”
- “All listings on Serum for now are SPL tokens (currently “a whole group of teams are building out cross-chain bridges for native on-chain support”)
- You want to make use of “Sollet” (Solana SPL Token Wallet) for buying and selling on the Serum DEX.
- The Serum Academy has an excellent tutorial on tips on how to commerce on the Serum DEX.
Currently (as of 21:00 UTC on August 30), the next markets are dwell on the Serum DEX: MSRM/USDT; MSRM/USDC; BTC/USDT; BTC/USDC; ETH/USDT; ETH/USDC; SRM/USDT; and SRM/USDC.
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