DeFi project Serum announced the IEO details, and its token SRM will conduct IEO at FTX at 9pm on August 7th. In this IEO, each person will bid a maximum of 2,500 SRMs, and there will be 1,200 successful bidders (total 3 million SRMs). The bidding weight is based on the bidder’s FTT holdings and trading volume in FTX in the past month. All SRMs obtained from the auction will be fully unlocked after the official online trading on August 11. Serum is a decentralized derivatives exchange built on the Solana public chain. It has received a total of USD 20 million in seed rounds from multicoin, Sino Global Capital and many other well-known institutions.