Serum is an ultra-scalable decentralized exchange, while Cryptolocally is a crypto trading framework that uses a peer to peer (P2P) connection for the trading of crypto assets and their derivatives. Both the companies have a history together as they have worked on projects in the past and they have once again come up with a partner for a new project. They have announced that they would be launching a mutual listing of GIV and SRM tokens on Serum’s decentralized exchange, as well as Cryptolocally’s DeFi peer to peer exchange.
What Are The Core Features Of These DEXs
If we talk about the customers of Cryptolocally, it is now easier than ever for them to sell and buy SRM on the decentralized exchange platform. In the past, the users had to buy either ETH or BTC, if they wanted to sell or buy SRM, but now they have a direct way to access over forty different local and global payment modes, which are secured by the decentralized exchange’s smart escrow service that is contract-enhanced.
Serum is the platform that is based on FTX. It is one of the most popular exchange platforms for the trading of crypto assets and their derivatives. Also, SRM is currently the SPL token of Serum’s decentralized exchange. The decentralized exchange system of Serum was developed with the vision of having a low transaction fee and speedy operations. Serum is created on the Solana blockchain which enables it to provide cost-effective, scalable, fast and secure trades.
Sub-second settlement/trading, a low transaction cost that usually costs 1/1000 of a cent, as well as on-chain order books, are examples of some of the excellent features provided by the Serum’s decentralized exchange to its users. The total supply of SRM is around 10 billion tokens and it is mainly used for reducing the transactional costs on Serum’s decentralized exchange and also on stake rewards.
Effect of This Partnership on Both Companies
The partnership between Cryptolocally and Serum was initiated first in Sep 2021. The next strategic step for them was to list SOL, which is Solana’s digital currency, on Cryptolocally’s decentralized exchange. This operation was finally performed in Feb 2021. The next step for them is to introduce the DeFi feature present in Serum on Cryptolocally.