The founders of FTX and Alameda Research launched the DeFi project Serum, based on the public chain Solana

Sam Bankman-Fried, founder of FTX and Alameda Research, announced the launch of the Decentralized Finance (DeFi) project Serum, a decentralized exchange (DEX) based on the public chain project Solana. According to the Serum Foundation, Serum’s features include native token SRM, support for cross-chain swaps, order book-based, interoperability with Ethereum, physical delivery of cross-chain contracts, and cross-chain BTC assets and USD stablecoins. Serum’s native token is SRM, with a total of 10 billion, and 1 billion in circulation when it goes online, with a circulation rate of 10%, a linear increase of about 15% every year, and it will be completely distributed in about 7 years. The functions of SRM tokens include: transaction fee income repurchase and destruction, holders can obtain transaction fee discounts, can use SRM to pay transaction fees, node pledge SRM to provide cross-chain services and obtain revenue, and also include limited governance functions.