Decentralised peer-to-peer exchange CryptoLocally and decentralized exchange Serum have recently entered the next phase of their partnership as they jointly announced the mutual listing of their governance token on each others’ platform. CryptoLocally will list Serum Token (SRM) as the first Solana-based SPL digital asset while Serum DEX will support GIV on their decentralized exchange.
According to CryptoLocally, they have been actively building strong partnerships with teams that could bring more value to their ecosystem. By collaborating with industry leaders like Serum, they will be able to expand their network, increase the options, and opportunities for their customers.
The partnership between CryptoLocally and Serum was announced last September with the main objective of jointly integrating features of each exchange. The listing of SRM into CryptoLocally’s P2P exchange is part of a comprehensive plan to integrate the Solana blockchain. CryptoLocally has already listed SOL, the protocol token of the Solana blockchain, making SRM the second Solana-based cryptocurrency on the exchange.
The CryptoLocally development team is currently working on integrating more Solana features. These include supporting SPL token conversion, integrating Serum into CryptoLocally’s Defi Finance wallet, and running its own Serum node. The integration of SRM token into its Finance wallet is CryptoLocally’s bid to bolster its position as the only truly decentralized P2P trading venue with Defi integration.
CryptoLocally prides itself as the only truly decentralized P2P exchange. This was made possible through its shared governance model, GIVernance powered by GIV tokens. Through this governance model, CryptoLocally hopes the community will take a more active role in shaping the future of the exchange. This makes CryptoLocally one of the most decentralized peer-to-peer exchanges in the industry.
Serum is a decentralized exchange (DEX) backed by FTX, the leading crypto derivatives exchange. FTX is also the mother company of Alameda Research that led a private funding round for CryptoLocally’s native token GIV. The Serum DEX was designed for speed and low transaction costs. It features on-chain order books, sub-second trading/settlement, and transaction fees that cost 1/1000th of a cent.
GIV is the native protocol token of CryptoLocally. It primarily serves as a governance token through its GIVernance program, a shared governance model created by CryptoLocally to empower token holders of GIV in shaping the future of the P2P exchange. Currently, it is issued in both Ethereum as an ERC20 token and Binance Chain network as a BEP2 token. Soon it will also be issued in the Solana blockchain as an SPL token. GIV is also an integral part of CryptoLocally’s Defi program, the Finance wallet.
SRM is the native token of the Serum decentralized exchange (DEX). It is currently issued in both Ethereum and Solana blockchain as an ERC20 and SPL token respectively. It has a total supply of 10 billion and primarily used to reduce trading fees on the Serum DEX, staking rewards, participation in buy and burns, and as a governance token. Like GIV on CryptoLocally, it empowers token holders with certain voting rights to influence the development direction of the decentralized exchange.
The listing of SRM token into CryptoLocally’s decentralized P2P exchange will allow the former to access the latter’s extensive fiat gateway. CryptoLocally has built the reputation of having a broad range of fiat payment methods in many jurisdictions. It will also benefit from the simple, fast, and user-friendly UI of CryptoLocally allowing new users without trading experience to buy and sell SRM tokens without having to learn the often convoluted process of using a decentralized exchange.
On the other hand, the listing of GIV on the Serum DEX will allow CryptoLocally to expand its presence on the Solana blockchain. It will be able to leverage Solana’s ultra-fast and low costs transaction and become part of Solana’s fast-growing SPL ecosystem. GIV will also be able to tap into Serum’s Defi programs with the possibility of partaking in one of the programs in the future.