FTX launches SRM staking on Serum, the Solana-based non-custodial exchange

The cryptocurrency derivatives exchange FTX announced the launch of staking for Serum (SRM) tokens issued by the Solana-based non-custodial exchange of the same name.

Reminder that SRM staking is live at https://t.co/GredJEJp64!

And also that there is a giveaway of 1 MegaSerum ($1.8m!) to a staker 🙂 pic.twitter.com/L02uz8vxje

— SBF (@SBF_Alameda) August 12, 2020

Among the participants, one MegaSerum will be raffled, equivalent to 1 million SRM, valued at $1.8 million, and offering additional advantages over ordinary Serum. The winner will be determined on Friday, August 14 at 04:00 UTC. Two hundred randomly selected other forkers will each receive 100 SRM.

Rewards are calculated at a 4% annual rate, accruing hourly. Half of the reward goes to unlocked SRM, the other half to locked tokens, which make up 90% of total issuance.

In the project’s blog, it is noted that the lockup period for locked SRM will range from one to seven years. In Serum’s creators’ view, long-term locking of funds promotes the organic development of the ecosystem.

In the future, token holders may revise the reward parameter via voting.

Back in late July, Serum’s launch was announced. It is expected that, by using the second-layer Optimistic Rollup solution, the platform will be compatible with the Ethereum blockchain. Solana was chosen for its speed and low transaction costs.

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