What is Serum?

Source. Crypto info.com

What is Serum?

Serum is a decentralized exchange (DEX) and an ecosystem that brings high speed and low transaction costs to decentralized finance (DeFi). It is permissionless and is built on the Solana blockchain. Serum was created to eliminate the vulnerabilities in the current DeFi space that exist due to incomplete decentralization.

It is claimed to be fully decentralized and runs on a non-custodial exchange with cross-chain trading support and no know your customer (KYC) requirements. Solana is a web-scale blockchain that can reach 50,000 transactions per second.

This is achieved through a verifiable delay function, known as SHA 265 hash chain, that enables optimistic concurrency control.