Serum — Cryptoverse AMA
Date : 25th September 2020
Guest : Ashish - Serum Contributor
Q: Please briefly introduce yourself and #Serum to our community?
A: Sure! I’m Ashish, based in Mumbai. Been in the crypto space since mid 2018! Working with FTX since the past few months and contributing to Project Serum as well!
Serum is the world’s first completely on-chain cryptocurrency ecosystem with trustless trading brought to you by Project Serum, in collaboration with a consortium of crypto trading and DeFi experts. Built on Solana, Serum is fast and efficient. While we built the Serum protocol, it is permissionless — we do not hold special power anymore. It is up to you, the crypto community, to use it as you will.
Q: 3 things are important for investors cost, compatibility and safety.
How can you guarantee that these 3 things are available on Serum ? And what are benefits can you offer for investors?
A: Well, none of this is investment advice. But I would recommend reading about the history of project serum and the team working behind it. Some of the best minds in the crypto/DeFi space are contributing to Project Serum. Having said that, would still recommend doing your own research by going through projectserum.com ! We have been doing a lot of development and new features are continually being added to the Serum DEX!
We have also given out several grants under the EcoSerum wing!
Q: How are FTX and Project Serum correlated? How do both projects make the ecosystem more profitable? What are the benefits of this partnership? Thank you!
A: The Project Serum Foundation was found by a part of the Alameda Research / FTX team but apart from that, everything is decentralised. You can find the list of advisors on the homepage. As mentioned earlier they are the best and foremost minds in the crypto space. FTX and Serum both serve different purposes and have different use cases. FTX is a CEX and Serum is a DEX. It is entirely upto the end user which exchange they’d like to trade on :)
Q: One of the problems of all Dex is the Liquidity and huge SPREADS between orderbook’s prices, so How Serum DEX affront these issues?
A: Good question. Liquidity is not a problem for Serum because Serum has partnered with Jump Trading. Jump Trading is a veteran market maker that is pretty big in the traditional finance space!
Q: In future are you guys going to enter into NFT if so how your are going to do it ?
A: There are no plans on exploring NFTs yet, but Serum is a DEX and anyone with some technical expertise is free to list new markets on the DEX or even host their own GUI on the DEX!
Q: What perks will the $SRM Hodlers will get in the Future?
A: For one, you get fee discounts on while trading on the Serum DEX. Plus, there could be votes in the future to add more value to SRM holders! You can find more details on the staking — voting page -
Also, Project Serum had its first Buy and Burn today! About $400k worth SRM were burned!
Q: You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision, …
So now I want to ask what do you want to receive from the community?
Most of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to long term?
A:The entire project depends on the community as it is a DEX. You are free to contribute to the development of Serum!
Q: What is the purpose of creating Project Serum?
A: should answer your questions.
Q: What are the minimum requirements to run a SERUM Node? And Why after ran it, must have at least 1 MSRM on It? And not more or less?
A: You can start your own node or also stake towards other nodes! https://projectserum.com/staking-voting
Q: Which unique advantages have Serum as Solana based project Instead of be a Ethereum based projects?
A: Solana is super fast and super cheap when compared to Ethereum. You might have seen the high gas fees on ETH recently. Solana tx fees cost lower than $0.0001, (even less) and is extremely fast.
Q: Serum works on the Solana network or and intercommunicates with the ETH network or is it the other way around? How does Serum take advantage of the speed of the Solana chain?
A: Everything in serum is decentralised. even the orderbooks are completely onchain! you dont get to see this in most DEXes.
Q: Can you explain what Serum and MegaSerum token are? Why 2 tokens? What is the difference between the two and what does it work for?
A: There can only be 1000 MSRM at any given point of time, which makes it super rare. You can collect 1,000,000 SRM and create 1 MSRM in exchange for the SRM.
Q: If Serum burns 100% of the revenue of the platform, then what is the benefit for the core team? What is the business model?
A: Its providing value back to Project Serum and incentivising SRM holders!
Q: Liquidity is one of the major challenges in DeFi, how Serum solve this issue?
A: Serum has partnered with Jump Trading — liquidity is coming to scale !
Q: Serum i think is an established and well-known project? So why does you still need to do an AMA? I’m really curious to know that what do Serum want or aim for when doing the AMA?
A: looking forward to get the community involved in Project Serum! Feel free to join us on our groups
Q: What is the major milestone you achieved so far? Can you briefly describe the major milestones that the Serum team intends to execute before the end of this year ?
A: for reference, we have a fully onchain DEX that was released from scratch in record time. We have several markets on Serum and are continually bringing out new features! You can find a roadmap here — https://projectserum.com/road-map
Q: Some Ethereum platforms lost its utility or got problem with “adoption” due to high ETH gas prices, so do you think that this is an a chance for SRM bridge and how will you take this opportunity?
A:It is possible, Serum/Solana has the potential as it is extremely fast and each transaction costs less than $0.0001.
Q: Many Users still prefer Cex Platform for User Interface & Good liquidity , Isn’t it, How can Serum provide solutions at its platform?
A: On Serum anyone can build their own UI! So, if you would like to build your own GUI, go for it! You also get a portion of the fees from the trades done from your GUI. Also, for liquidity Serum has partnered with Jump Trading which is a veteran market maker in the traditional finance space —
Q: What is the role of the SRM and MSRM token on the platform? What are the difference both token?
A: Both play their roles, this should be able to help -
Q: On moving forward through your roadmap, what are your most important next priorities? Does #SRM team have enough fundamental ( Funds, Community, etc ) to achieve those milestones?
A:We have lots of things in the works, you can find a roadmap here — https://projectserum.com/road-map
Q: Can you list 2–3 main features of SERUM that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most remarkable about?
A: i would say there are many features that makes serum great. But to name a few, its fast, its cheap and its completely decentralised!
Q: Many projects claim to be decentralized, but the way they work ends up being centralized, is Serum FULLY decentralized? On the other hand Serum claims to be an antidote to DeFi deficiencies! How Serum improves the ecosystem and specifically what are its contributions to DeFi? Thank you!
A: Yes, it is completely decentralised! Feel free to explore
Q: What really MOTIVATED you to bring such a great SERUM project into existence?
When was SERUM created?
A: the need for a better, faster, cheaper DEX! The Serum DEX went live sometime last month :)
Q: Whats meaning SERUM
A: It is the antidote to today’s DeFi problems.
Join Cryptoverse!
Join the community chat on Telegram.
Follow us on Twitter.
Subscribe us on Youtube.
