How to buy Serum (SRM) in Australia
A beginner's guide to buying and selling SRM in Australia.
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How to buy Serum
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Serum.
- Open an account on an exchange that supports SRM.
Jump to our instructions to learn how to bridge — just remember that using a DEX can be complicated and may be more risky than using a CEX.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Serum.
- Buy Serum.
Complete your Serum purchase and then find the best wallet to store SRM.
What is Serum?
Serum is a protocol and decentralised exchange (DEX) that has been built atop the Solana blockchain. It offers interoperability across several blockchains, including Bitcoin and Ethereum. It utilises an order-book to facilitate and account for all of its internal trades, unlike most DEXs which use automated market makers (AMMs). The result is a user experience more similar to a centralised exchange. From an operational standpoint, the platform is able to handle a high transaction throughput, allowing for 50-65k transactions per second (TPS). SRM is the native cryptocurrency of Serum. It functions as an SPL token on the Solana blockchain and an ERC-20 token on the Ethereum network. It is primarily used for staking within the Serum ecosystem as well as for fee-reduction purposes when facilitating trades across the platform.
Serum (SRM) is the 112nd largest cryptocurrency in the world by market cap, valued at $983,135,285. The current price of Serum is $7.38, which is -2.329% lower than yesterday. Prices have ranged between $7.6 and $7.25 over the past 24 hours. All prices are listed in US dollars and accurate as of October 17, 2021 10:10 UTC.
Where to buy SerumIf SRM is not available on exchanges in your local market, then you may need to use a decentralised exchange (DEX). Decentralised exchanges run on blockchains like Ethereum and allow users to trade directly with one another without the need for a middleman.
Decentralised exchanges are unregulated and run on autonomous pieces of code known as dApps. To use a dApp you interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralised exchanges first if you’re unfamiliar.
- Find SRM on a decentralised exchange and make sure Serum can be traded for ETH which is the native asset of Ethereum. Popular DEXs include:
- Buy ETH to trade for SRM – you can find check a list of exchanges that sell ETH.
- Transfer the ETH into a personal wallet to trade for SRM using a web 3.0 wallet like MetaMask to connect to the DEX.
Serum at a glance
|Total SRM supply||1,092,844,982|
|All time high||US$13.78|
|Notable team members||Sam Bankman-Fried|
|Token uses||Platform discounts|
Serum price performance over time
How to sell Serum
You can cash out your SRM with the same exchange you bought it through:
- Sign in to the exchange you have SRM on.
If you store your Serum in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of SRM you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Serum.
What to consider when buying SerumBelow are the aspects you should consider before investing in SRM:
- High degree of interoperability: The Serum DEX employs smart contracts to help users swap assets between different blockchains – such as ETH for BTC – in a totally trustless manner. That being said, in order to execute such cross-chain swaps, all of the parties involved need to submit a certain amount of collateral.
- Low transaction costs: Serum offers fee rates that are quite low when compared with most other DEXs operating in the market today, with users having to pay just $0.00001 per transaction.
- Elaborate staking system: To become a validator node on the Serum DEX, users are required to stake a total of 10 million SRM, of which 1 million tokens should be submitted in the form of MSRM (1 MSRM token = 1 million SRM). Anyone with enough holdings can become a node with the maximum stake currently capped at 100 million SRM.
- Nodes perform two basic actions within the Serum network. First, they help in the seamless execution of cross-chain swaps, and second, they allow for the manual facilitation of transactions in case any functional issues are incurred. For their efforts, nodes are rewarded, with an annual percentage yield (APY), which is currently set at 2% per year, with additional benefits – of up to 13% – available on the basis of their performance.
- Community: Serum is backed by some of the biggest names in crypto, including Sam Bankfman-Fried, CEO of cryptocurrency exchange FTX and quantitative trading firm Alameda Research, Robert Leshner, founder of algorithmic money-market protocol Compound Finance, and Long Vuong, founder and CEO of scaling oriented proof-of-stake blockchain ecosystem TomoChain.
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