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5) And above all, it's slow and expensive. The core network has 7 transactions per second to share between every single project; it takes dollars and minutes to take even simple actions. So there are no orderbooks, or risk engines, or complex, computationally intensive products.

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6) Anyone who's used existing protocols has felt this: the frustration of waiting 5 minutes for a transaction before learning it failed because of something that happened after you sent it; seeing a estimated gas cost of $100 during peak times. It's really holding back the space.

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7) But it's also where everything is. Most of the major apps and projects and aggregators and informational websites live on Ethereum, as does most of the community who built the space up. If you lose all of those, you sort of have nothing left.

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8) We've spent the last months immersing ourselves in the DeFi ecosystem. I'm incredibly grateful to everyone of you who helped teach us, entertained our ideas, and connected us. And especially to those who empowered and believed in us.

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9) And after drafts and experiments and revisions and feedback and iteration, we're excited to tell you about what we've been working on. This is Project Serum. projectserum.com

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10) Project Serum is a decentralized ecosystem built from the ground up to meet the world's needs. Serum is fast, and it's cheap, and powerful, and fully cross-chain compatible. And it's truly, fully trustless.

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11) Serum is built on the

blockchain. Solana can process 10,000 times as much as Ethereum; and it's 1,000,000 times cheaper. And unlike many side chains, Solana is a fully fledged, decentralized blockchain with over 100 validators.

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12) This allows Serum to have full central order limit books, with the familiar market, limit, and IOC orders; processing multiple times per second; all while being fully on chain.

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13) This is then combined with a powerful cross-chain protocol allowing for trustless and efficient tokenization and swaps, meaning that while living natively on Solana, Serum is interoperable on Ethereum.

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14) Toss in some cool new stablecoin designs, tokenized products, a fast, secure risk engine, and a fully modern exchange and financial ecosystem can live entirely on the blockchain. Together these let Serum's users have the experience they're used to on a centralized exchange.

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15) And it's all trustless and on-chain.

8:08 AM · Jul 27, 2020Twitter Web App

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16) Finally, there's SRM: the Serum token, a SPL (Solana based) token that powers Serum. 100% of net fees go to a burn of SRM, holders get discounts on fees, and SRM can be staked on nodes to help optimize the network's performance.

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17) And, my favorite twist, MegaSerum (MSRM): 1,000,000 SRM tokens stacked together, with limited supply and bonus rewards. All of this will wield funds to build the ecosystem and a specialized governance model to support Serum.

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18) We hope you are as excited about Serum as we are. Or at the very least, we hope you give it a shot. Serum, and SRM, will start rolling out over the next few weeks.

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19) Join us on Telegram (web.telegram.org/#/im?p=@Projec), twitter (twitter.com/ProjectSerum), and online (projectserum.com). Or see us soon, on a blockchain near you. (And maybe an exchange.)

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20) (also the website just went live, so it could take 20m or so for the DNS records to propogate. Sorry about that!) Meanwhile you can play a fun game on Solana: break.solana.com/setup?cluster=

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