Serum (SRM) is the utility and governance token of the Serum DEX. By holding SRM in your wallet, you receive a discount on fees. SRM is native to the Solana blockchain (as an SPL token) and is also available on the Ethereum blockchain (as an ERC20 token).

You generally receive benefits for holding SRM and larger benefits for holding MegaSerum (MSRM), a scarce asset that gives increased utility to core believers in Serum.

You can create 1 MegaSerum (MSRM) by locking up 1 million SRM, and you can redeem the MSRM back out for 1 million SRM. However, there is a limit of 1,000 MSRM in the world, so in practice, they are scarce. You generally receive benefits for holding SRM and larger benefits for holding MSRM.

SRM has governance over all net revenues generated by the platform, which can be utilized as SRM stakers vote, including via yield, buy/burns, grants, or other usages. 100% of the exchange fees flow back into SRM, generally via a buy and burn, and also potentially into staking rewards or others.

90% of all tokens have long-term unlocking periods, underscoring commitment to Serum.