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Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Serum (SRM) was created as the utility and governance token for Serum, a Solana-based on-chain order-book project launched in 2020. Its original documentation described trading-fee discounts and other token uses, but those are historical design claims—not proof of benefits today. After FTX and Alameda Research collapsed in November 2022, Serum’s original mainnet program was described as defunct and users were directed to OpenBook, a separate community fork. A September 2025 Kraken statement said Serum’s original liquidity was near zero and SRM’s long-term role was uncertain; that is a dated assessment, not a live 2026 market reading.
What was Serum, and what was SRM designed to do?
Serum launched on Solana on August 31, 2020. Its stated technical model was an on-chain central limit order book and matching engine, intended to support price-time-priority matching and shared liquidity for applications on Solana. Serum’s overview describes the project’s original purpose and architecture.
SRM was presented in Serum’s token guide as the ecosystem’s utility and governance token. The guide described trading-fee discounts for holders and fee flows that could support buy-and-burn activity, staking, or grants. It also described SRM as an SPL token on Solana and an ERC-20 token on Ethereum. These statements come from legacy documentation marked as last updated about four years ago; they explain the original design, not verified current utility or activity.
Original SRM and MSRM design
The legacy guide described MSRM as one million SRM locked together, with a stated maximum of 1,000 MSRM. It also described an original unlock schedule in which 10% was initially unlocked and the remaining 90% was subject to a one-year lock followed by a six-year linear unlock beginning August 11, 2021. These are historical tokenomics figures from that guide, not a current supply or unlock-status report.
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What happened to Serum after FTX collapsed?
Following the November 2022 collapse of FTX and Alameda Research, the original Serum mainnet program was described as defunct, and users were directed to OpenBook. Kraken’s UK Crypto Asset Statement, dated September 2, 2025, says Serum’s original liquidity had fallen to near zero and that SRM’s long-term role was uncertain. Those are statements in that dated assessment; they do not establish current liquidity or activity across all venues.
Serum’s own philosophy documentation framed the project as community infrastructure, saying: “It is up to you, the crypto community, to use it as you will.” That statement describes the project’s intended ethos, not the subsequent status of its original program.
Is OpenBook the same as Serum?
No. OpenBook is a distinct community project and a fork of Serum V3, not the same program or a continuation that proves SRM retained utility. OpenBook’s resources identify a separate mainnet program ID and say the code was forked because FTX controlled the old Serum authority; the project moved to governance through an ecosystem Realms multisig. OpenBook’s project resources also contain historical wording that it was “Still using SRM token for simplicity, more details soon.” The repository does not provide a reliable publication date for that sentence, so it should not be taken as evidence of current SRM integration.
OpenBook V2 has a related but distinct code lineage: its repository describes a central-limit order-book program based on Mango V4 and the previous OpenBook program, which itself was a Serum fork. That technical relationship does not establish SRM as OpenBook V2’s current token.
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Is SRM still used, and can you buy or trade it?
The available evidence does not establish SRM’s current utility, listings, liquidity, supply, staking terms, or wallet compatibility as of October 8, 2026. Kraken’s September 2025 assessment is a dated account, not a live market check. Treat any claim about present-day activity or token benefits as requiring current verification from the relevant project and venue.
One historical venue notice illustrates why dates and scope matter: Binance.US announced that SRM delisting would take effect December 20, 2022. That was a notice about one US platform at that time; it does not prove universal or current unavailability. Serum’s old wallet-support page likewise contains an exchange list that should not be treated as current. Before any transaction, check the venue’s present listing and deposit/withdrawal status, the token network and contract details, and whether the service supports the specific asset you intend to use.
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How to evaluate claims about SRM
- Identify the program or project. Serum’s original deployment, OpenBook’s separate fork, and OpenBook V2 are not interchangeable names for one system.
- Separate design from current use. Serum’s legacy guide explains intended token features; it does not verify that fee discounts, governance, buy-and-burn, staking, or grants operate now.
- Check the date and scope. A dated liquidity assessment or a single exchange’s delisting notice should not be generalized into a present-day market conclusion.
- Verify transaction details before acting. Confirm current venue support, the exact network and asset identifiers, and deposit or withdrawal availability directly with the service involved. Old support documentation can be obsolete.
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