The Serum network is built on Solana, a web-scale blockchain that can reach 50,000 transactions per second and 400ms block times, and is completely permissionless. Serum is an open-source project created by several partners including FTX, Alameda Research and the Solana Foundation. The design behind the network, a high-performance decentralised exchange (DEX) built around a fully on-chain central limit order book and matching engine, promotes the proliferation of DeFi over centralised financial services by eliminating slow transactions. SRM is Serum’s utility and governance token and provides users with discounts on protocol fees and voting rights.