The cryptocurrency trading platform BitMax announced that it will launch the DeFi exchange Serum Pass SRM at 22:00 Beijing time on August 11, and open SRM/USDT trading. The deposit is now open. BitMax stated that it will start the SRM auction from 22:00-23:00 on August 7th, Beijing time. The number of auctions this time is 600, each with 5,000 SRM. The activity adopts the auction format of USDT + BTMX bidding. The 600 users with the highest USDT bid won the auction item, and the USDT bid of the 600th user was used as the final settlement price of the auction item. In the case of the same USDT bid, the user with the higher BTMX bid wins the auction item. If multiple users’ USDT and BTMX bids are the same, the user who bid earlier in the last bid will win the auction.