For CryptoLocally users, this means that buying and selling SRM on CryptoLocally’s exchange is now simplified. Instead of having to buy Bitcoin or Ethereum to be able to buy or sell SRM, users now have access to over 40 local and international payment options and are protected by CryptoLocally’s smart contract-enhanced escrow service.
Serum, which is backed by FTX, is the leading crypto derivatives exchange platform, and SRM is the native Solana Program Library (SPL) token of its DEX. Serum’s DEX was designed with speed and low transaction costs in mind and is built on the Solana blockchain to provide fast, scalable, as well as cost-effective trades.
Some of the features the Serum DEX provides to its users are sub-second trading/settlement, on-chain order books, as well as very low transaction fees, costing 1/1,000th of a cent. With a total supply of 10 billion tokens, SRM is mainly used to reduce fees on Serum’s DEX as well as stake rewards. However, the SRM token also empowers holders with specific on-chain governance powers.
With the listing of CryptoLocally’s GIV token on the Serum DEX, Solana is the third blockchain to support CryptoLocally’s native token that enables users to participate in the shared governance model of its platform. Like SRM, GIV is currently cross-listed as an ERC20 token, but thanks to the partnership, it will also be issued as an SPL token on the Solana blockchain.
GIV primarily serves as a governance token through the GIVernance program, a shared governance model created by CryptoLocally, but it is also an integral part of CryptoLocally’s decentralized finance (DeFi) program.
Next steps in the partnership
After Serum and CryptoLocally initially partnered up in September 2020, the next step was for Solana’s digital currency, called SOL, to be listed on CryptoLocally’s exchange. This happened in February 2021, which now makes SRM the second Solana-based cryptocurrency to be featured on the CryptoLocally P2P exchange.
To provide the best user experience and strengthen its position, the next step for CryptoLocally is the integration of Serum’s DeFi features. It is currently working on integrating Serum’s DeFi features into its finance wallet, so users will soon be able to leverage Serum DeFi.
The listing of SRM is part of CryptoLocally’s plan to support the Solana blockchain and will enhance the rapidly growing DeFi ecosystem of its platform. Further, by integrating Serum into CryptoLocally’s Finance wallet for DeFi features, listing Solana as well as supporting its SPL token conversion, and running its own Serum node, CryptoLocally will reinforce its position as the only truly decentralized P2P marketplace with DeFi integration.
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