> For the complete documentation index, see [llms.txt](https://docs.dexlab.space/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.dexlab.space/products/getting-started/dexlab-dex.md).

# What is a DEX?

The world's first completely decentralized derivatives exchange with trustless cross-chain trading.

{% hint style="danger" %}
**This page describes Serum, which is retired.** Serum stopped being maintained and the DexLab order book that ran on it has been shut down. The community fork that succeeded it is OpenBook, and DexLab now creates OpenBook market IDs rather than Serum markets. See [Create an OpenBook Market ID for a Raydium Pool: Step-by-Step Setup](/products/minting-lab/create-openbook-market-id.md).

To trade on DexLab today, use <https://app.dexlab.space/swap>. The page below is kept as a record.
{% endhint %}

## What is Serum Dex?

Serum was a decentralised cryptocurrency exchange (DEX). They are run by the Serum Foundation, made up of people with vast experiences in DeFi, cryptocurrencies, and virtual currency trading. The project was born to address issues inherent to decentralised finance (DeFi) such as centralization, speed, usability, and multi-chain support.

**Based on this, DexLab operates the Dex Exchange.**

## Key advantages of Serum

#### **Cross-chain swaps**

In the decentralized currency landscape, trusted parties have to be employed to facilitate swaps. However, for Serum, the swaps are done trustlessly between decentralized projects.

#### **SRM Token**

SRM is the native token on the Serum network. SRM token holders benefit via discounted fees on the platform, among other advantages.

#### **SerumUSD/BTC**

SerumBTC is a model used on the platform to create tokens using Ethereum’s ERC-20 standards. The model is also ideal for tokenizing Bitcoin (BTC) on the parent blockchain, Solana. SerumUSD, on the other hand, is a model for creating blockchain-based stablecoins.

#### **Physically settled cross-chain contract**

To power the derivatives market, the contracts are used to power margin positions for DeFi lovers. With support from a leading derivatives platform, Serum is a platform with basic and advanced margin trading options to cater to new and experienced traders.

#### **A decentralized Order Book**

Away from automated market-making (AMM), the protocol has a decentralized order book. This will allow orders to be automatically matched on-chain. This gives traders full control over their trades.

A key hindrance of a distributed order book by other DeFi-focused protocols is because they are based on Ethereum, which has low speeds leading to congestion and increased fees.Are there any transaction fees?

Serum is said to have highly competitive trading fees, and with the Serum Token (SRM), you can get 60% discount on fees.

\* Holding SRM or MSRM makes you eligible for fee discounts


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