SRM Token Value Calculator
SRM Token Value Calculator
Calculate how much your SRM tokens would have been worth at peak value compared to current value.
Why This Matters
Serum Swap was a groundbreaking DEX on Solana with its order book system. However, the SRM token value has dropped 99%+ from its peak of $4.50 in early 2021 to just $0.01315 in 2025.
This calculator shows how much value was lost due to Serum's decline. The $0.01315 value reflects the token's status as a "ghost" with no functional exchange behind it.
Value Analysis
Note: This comparison assumes you held SRM tokens from peak value to present. The $0.01315 value is current market rate. If you had invested in active DEXs like Jupiter or Raydium instead, you could have earned better returns.
When you hear "Serum Swap," you might think of a fast, powerful decentralized exchange built on Solana - and you’re not wrong. But here’s the twist: Serum Swap might not even be running anymore. Launched in August 2020, Serum was once one of the most ambitious DeFi projects on Solana, promising the speed of a centralized exchange with the security of a decentralized one. Now, in late 2025, its status is murky. Some say it’s dead. Others still trade its token. So what’s really going on?
What Was Serum Swap?
Serum Swap was a decentralized exchange (DEX) built entirely on the Solana blockchain. Unlike most DEXs like Uniswap or PancakeSwap that use automated market makers (AMMs), Serum used a real order book - the same system you’d find on Binance or Coinbase. That meant traders could place limit orders, stop-losses, and market orders just like they would on a traditional exchange. It wasn’t just a gimmick; it was a technical breakthrough.
The big win? Speed. Solana’s blockchain can handle up to 65,000 transactions per second. Serum leveraged that to make trades near-instantaneous, with fees under a penny. On Ethereum-based DEXs, you’d wait minutes and pay $5-$20 in gas. Serum made that look ancient.
It also didn’t require KYC. You didn’t need to upload ID or prove who you were. You just connected a Solana wallet - like Phantom or Solflare - and traded. That made it attractive to privacy-focused users and those in regions with strict crypto regulations.
How Serum Differed from Other DEXs
Most decentralized exchanges today run on AMMs. That means liquidity comes from pools of tokens, and prices are calculated by a formula. It’s simple, but it has flaws: slippage on large trades, impermanent loss, and poor price discovery.
Serum flipped that. It used a centralized-style order book, but kept everything on-chain. That meant:
- Prices reflected real supply and demand
- Liquidity providers earned fees from actual trades, not just pool incentives
- Traders could use advanced order types like iceberg or trailing stops
It also supported cross-chain trading. You could swap Bitcoin or Ethereum tokens for Solana assets without wrapping or bridges. How? Serum used smart contracts that locked collateral on both chains and triggered swaps only when conditions were met. It was complex, but it worked - at least when the network was live.
Compare that to Raydium, Solana’s current top DEX. Raydium uses AMMs and dominates meme coin trading. But if you wanted to trade BTC/SRM or ETH/USDC with tight spreads? Serum was the only option.
The SRM Token: More Than Just a Fee Discount
Every DEX has its native token. For Serum, it was SRM. Holding SRM gave you a discount on trading fees - up to 30% off. But it wasn’t just a loyalty card. SRM was also the governance token. Holders could vote on upgrades, fee structures, and even new markets.
At its peak, SRM traded above $4.50 in early 2021. Over a billion tokens were in circulation. But by November 2025, SRM was trading at $0.01315. Market cap? Just $3.46 million. Daily volume? Around $342,000. That’s a 99% drop from its highs.
Where can you still trade SRM? Exchanges like Binance, OKEx, and BitZ still list it. But here’s the catch: trading the token doesn’t mean the Serum DEX is still active. You’re buying a ghost.
Was Serum Really Dead?
Here’s where things get confusing. Cryptowisser, a well-known crypto exchange tracker, marked Serum as "dead" in their October 2025 update. They moved it to their "Exchange Graveyard," a list of platforms that no longer operate. Their report cited zero trading activity on the main Serum DEX interface since mid-2024.
But other sources still link to Serum’s website. Their GitHub repo hasn’t been deleted. The Serum Academy still has tutorials on how to build your own DEX on top of Serum’s infrastructure. Over 18 third-party interfaces were created using Serum’s open-source code. Some of them might still be running.
So is Serum dead? Or just dormant?
The truth: the original Serum Swap interface - serum.trade - no longer accepts trades. If you try to connect your wallet, you’ll likely get an error. The order book is empty. Liquidity pools are drained. The team hasn’t posted an update since late 2023.
That doesn’t mean the tech is gone. Solana’s core infrastructure still supports Serum’s protocols. Developers could theoretically rebuild it. But without funding, leadership, or community momentum, it’s unlikely.
Who Used Serum, and Why Did They Leave?
Serum attracted three main groups:
- Traders who hated AMMs - They wanted real price discovery, not slippage from liquidity pools.
- Developers - Serum’s open architecture let anyone build a custom DEX interface. Many did.
- Solana early adopters - They believed in Solana’s speed and wanted to use it for serious trading.
But as Solana’s ecosystem grew, other projects filled the gaps. Raydium became the go-to for DeFi yield farming. Jupiter aggregated liquidity across multiple DEXs, including Serum’s, but made it easy to ignore Serum entirely. Hyperliquid took over perpetual trading. By 2023, most users had moved on.
And then came the Solana network outages. In 2022 and 2023, Solana went down multiple times due to high traffic. While Serum’s code was robust, it relied on the underlying chain. When Solana crashed, so did Serum. Users lost trust.
Can You Still Use Serum Today?
No. Not really.
You can’t trade on serum.trade. The interface is frozen. The order book is empty. Even if you connect your wallet, you won’t find any active markets.
Some third-party interfaces built on Serum’s code might still work - like SerumX or SolanaSwap - but they’re unofficial, low-traffic, and unsupported. Don’t expect liquidity or security.
As for the SRM token? You can still buy it. But you’re not buying access to a working exchange. You’re buying a speculative bet that someone will revive it. That’s a high-risk gamble.
What Replaced Serum?
If Serum is gone, what’s the best alternative today?
- Jupiter - The top DEX aggregator on Solana. It pulls liquidity from Serum, Raydium, Orca, and others. It’s the easiest way to trade on Solana.
- Raydium - Still the leader in AMM-based trading on Solana. Great for stablecoins and meme coins.
- Hyperliquid - For perpetual futures and leveraged trading.
- Orca - Simple, clean interface. Good for beginners.
None of these offer the exact same order book model as Serum. But Jupiter comes closest by combining multiple sources of liquidity - including what’s left of Serum’s.
Final Verdict: A Brilliant Idea, But a Failed Execution
Serum Swap was ahead of its time. It solved real problems in DeFi: slow trades, high fees, poor price discovery. Its technology was sound. Its vision was clear.
But it failed in the most human way: it lost momentum. The team went quiet. The community scattered. Competitors moved faster. Solana’s own instability hurt it more than any code flaw.
Today, Serum is a cautionary tale. It proves that even the most technically advanced projects can die if they don’t keep users engaged.
If you’re looking to trade on Solana, skip Serum. Use Jupiter. It’s faster, safer, and actually working. If you own SRM, consider it a collectible - not an investment.
Serum’s legacy lives on in the code. But the exchange? It’s gone.
Is Serum Swap still operational in 2025?
No, the official Serum Swap platform (serum.trade) is no longer operational. As of late 2024, trading activity ceased, liquidity was drained, and the interface stopped responding. Cryptowisser and other trackers classify it as "dead." While third-party interfaces built on Serum’s open-source code may still exist, they are unofficial, low-traffic, and unsupported.
Can I still trade SRM tokens?
Yes, you can still trade SRM tokens on centralized exchanges like Binance, OKEx, and BitZ. However, trading the token does not mean you’re using the Serum DEX. The token’s value has dropped over 99% since its peak, and its utility as a fee discount or governance token is no longer functional because the exchange is inactive.
Why did Serum fail when Solana is still growing?
Serum failed not because of Solana’s technology, but because of execution and community neglect. While Solana kept growing with projects like Raydium and Jupiter, Serum’s team stopped updating the platform, responding to users, or adding new features. Network outages in 2022-2023 damaged trust, and competitors offered simpler, more active alternatives. The project lost momentum and faded out.
What made Serum different from Uniswap or PancakeSwap?
Unlike Uniswap and PancakeSwap, which use automated market makers (AMMs) that rely on liquidity pools, Serum used a real order book - the same system as Binance or Coinbase. This allowed for limit orders, stop-losses, and tighter spreads. It also meant better price discovery and less slippage on large trades. Serum was the only DEX on Solana that offered this model.
Is there any chance Serum will come back?
Unlikely. The Serum Foundation has been silent since late 2023. No new code commits, no team updates, no funding announcements. While the open-source code is still available, rebuilding Serum would require a new team, new funding, and a reason to bring users back - none of which exist. The Solana ecosystem has moved on to Jupiter and Raydium.
What should I use instead of Serum Swap?
For most users on Solana, Jupiter is the best alternative. It aggregates liquidity from multiple DEXs, including what’s left of Serum, and offers the fastest, cheapest trades. For AMM-based trading, use Raydium. For futures and leverage, use Hyperliquid. All three are active, well-supported, and have high liquidity.
