Serum operates as a decentralized exchange (DEX) platform.
Serum is developing a decentralized exchange and ecosystem that focuses on scalability and low-cost features for the decentralized finance ecosystem. The company develops the protocol based on Solana and is claimed to be completely permissionless.
The platform offers several features, including but not limited to on-chain order books (with a custom UI that looks like centralized exchanges for better UX), fast trading and settlement execution, lower transaction costs than other DEXes with $0.00001 per transaction, and so on. The platform is powered by its own SRM token, which allows users to enjoy discounts and reductions in fees. Serum is one of the first DEX developed on the Solana blockchain network.