Created by the same team as FTX exchange, Project Serum (SRM) is a decentralized exchange (DEX). DEXs are DeFi (decentralized finance) platforms that allow direct peer-to-peer (P2P) transactions without the need for an intermediary.
Built on Solana, Serum was created to solve the centralized vulnerabilities existing in the current DeFi space in the same permissionless and trustless manner that DEX traders are used to. Claimed to be a “pure” form of DeFi, Serum runs on a central limit order book that is fully trustless. This makes it highly scalable, cheap and fast. Serum supports cross-chain trading and requires no KYC. Serum’s automated on-chain limit order books allow users to submit orders with directions, prices and sizes, giving them control over their trading. Serum also implements orderbooks between tokens; and because of its cross-chain support, it also has ETH and BTC order books.