Serum is a decentralized exchange (DEX) that will be built on the Solana blockchain within the next few weeks. Crypto derivatives exchange FTX is spearheading the project, but it is a collaboration between FTX, Alameda Research, and various external partners that operate under the Serum Foundation. FTX and team selected Solana over Ethereum because it’s reportedly more scalable and cost-efficient than its counterpart. However, all of those involved intend to integrate a cross-chain gateway between Serum and the Ethereum network that will provide an entry point for current DeFi users to start trading on Serum. Serum also introduces two new tokens: a discount and staking token with limited governance capabilities called Serum (SRM) and a similar second token that allows for even steeper trading discounts dubbed MegaSerum (MSRM). One MSRM is equal to 1 million SRM stacked together.