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.
19 Comments
Nathan Ross
November 16, 2025 AT 22:32 PMSerum was a marvel of engineering. The order book on-chain was ahead of its time. The fact that it ran on Solana meant near-zero fees and instant settlement. It wasn't just a DEX it was a statement. The collapse wasn't technical. It was human. No leadership. No communication. Just silence. And now we're left with SRM as a ghost token on Binance. The tech lives on in forks but the soul is gone.
garrett goggin
November 17, 2025 AT 06:36 AMlol so Serum died because the team got bored? what a surprise. next they'll tell us the moon landing was faked because NASA ran out of coffee. the real story? Serum got outmaneuvered by Jupiter because the devs were too busy sipping matcha lattes in Austin to update their front end. meanwhile the real builders coded in their basements while Serum's team posted memes about 'decentralization'. classic.
Bill Henry
November 18, 2025 AT 12:04 PMi still have some srm in my wallet and i dont even trade anymore. its like a trophy from the early solana days. remember when you could buy it for 0.10 and now its 0.013? still feels like a win. the dex is dead but the idea? the idea was beautiful. i hope someone rebuilds it one day. not as a project. as a movement.
Jess Zafarris
November 19, 2025 AT 14:28 PMinteresting how everyone says serum was ahead of its time. but no one asks why no one else copied it. if the order book model was so superior why did every other dex on solana go with amms? because it was harder. because it required more infrastructure. because the team behind serum didn't have the bandwidth to support it. the tech was brilliant. the execution? a house of cards built on solana's early hype.
jesani amit
November 20, 2025 AT 05:14 AMbro seriously serum was the real deal. i used it back in 2021 when everyone was still scared of solana. i traded btc for sol with zero slippage and paid like 0.0003 in fees. now look at jupiter - it’s good but it’s just a wrapper. it doesn’t even show you the real order book. serum was like driving a ferrari while everyone else was on bicycles. sad to see it die. but hey at least we learned something. community matters more than code.
Peter Rossiter
November 22, 2025 AT 02:02 AMserum was a waste of time. the order book was cool but no one cared. the real winners were the amm guys who just dumped liquidity and ran. srms price drop is just the market saying 'we don't need your overengineered solution'. jupiter exists because users want simplicity not complexity. the fact that serum needed a whitepaper to explain how it worked? that was its death sentence.
Mike Gransky
November 23, 2025 AT 01:33 AMi remember setting up a custom interface on serum's api back in 2022. it was clean. fast. no lag. i built it for my friends. we traded daily. then solana went down for 12 hours. we lost two trades. that was the moment people started leaving. it wasn't serum's fault. it was solana's. but serum got blamed. and now? the code is still there. just no one wants to touch it anymore.
Ella Davies
November 23, 2025 AT 20:44 PMi don't trade anymore. i just read. serum's architecture was elegant. the way it used serums own validator set to match orders on chain? genius. but the community didn't grow with it. developers built interfaces but never rallied around the core. the tokenomics were sound but no one pushed for adoption. it's a quiet tragedy. not loud. not dramatic. just... faded.
Henry Lu
November 25, 2025 AT 00:03 AMserum was a joke. a glorified playground for solana bros who thought they were traders. real traders use binance. real traders use hyperliquid. serum was a toy. and srms price? a meme. if you still hold it you're not a degens you're a hoarder. the fact that people still write essays about it? pathetic. move on. jupiter exists for a reason.
nikhil .m445
November 26, 2025 AT 23:51 PMserum was not dead. it was just waiting. the code is open. the infrastructure is still on solana. the problem is the west. they want quick profits. they don't want to learn. in india we still use serum forks for small trades. the interface is ugly but it works. the team disappeared? so what? the community can rebuild. why do you think we still have bitcoin? because people believe. not because someone told them to.
Rick Mendoza
November 28, 2025 AT 16:54 PMserum was the last great hope for order book dexes. now we have jupiter which is just a middleman. the irony? jupiter pulls liquidity from serum's old pools. so serum is still alive. just not as a brand. as a ghost in the machine. and that's the most poetic thing about crypto. nothing dies. it just becomes part of something else.
Lori Holton
November 28, 2025 AT 22:47 PMthey said serum was dead. but did anyone check if the treasury was drained? or if the core devs were bought out? or if the serum domain was sold to a centralized exchange? the silence is suspicious. the timing? right after solana's outages. right after jupiter raised funding. this wasn't failure. this was an acquisition. serum's code is still running. just not where you think.
Bruce Murray
November 30, 2025 AT 00:01 AMi still visit serum.trade sometimes. just to see if it's back. it's not. but i like the feeling. like visiting an old friend's house after they moved away. the door's still there. the porch light's off. but you know they were real. that's what serum was. real. not flashy. not loud. just solid. and that's why it hurts to see it go.
Barbara Kiss
December 1, 2025 AT 15:20 PMserum wasn't a product. it was a philosophy. the belief that markets should be transparent. that liquidity shouldn't be hidden in pools. that traders deserve to see the real depth. amms are convenience. serum was integrity. we traded not just for profit but for principle. now we trade on jupiter because it's easy. and that's the real tragedy. we chose comfort over conviction.
Aryan Juned
December 3, 2025 AT 11:39 AMbro serum was the OG. i still have my first trade screenshot from 2021. 0.0002 sol fee. 30% discount with srm. i felt like a hacker. now jupiter? it's like using apple pay. clean. safe. boring. i miss the chaos. the real order book. the wild spreads. the thrill. serum was art. everything after? just a spreadsheet with a wallet connector 😔
Nataly Soares da Mota
December 3, 2025 AT 19:35 PMthe collapse of serum is a perfect case study in the ontological fragility of decentralized systems. when the governance token loses utility, the social contract fractures. the code persists but the ethos evaporates. serum's order book was a symphony. now we have jupiter - a mechanical orchestra playing the same notes but without soul. the tragedy isn't the death of a dapp. it's the death of a vision.
Teresa Duffy
December 4, 2025 AT 01:44 AMdon't give up on serum yet. the code is still there. the devs might be quiet but the community isn't. i've seen new teams working on serum-based interfaces in discord. it's slow. quiet. but it's happening. the next great dapp might be built on serum's bones. don't bury it. keep the flame alive.
Sean Pollock
December 4, 2025 AT 02:21 AMserum was never meant to last. it was a proof of concept. a demo. a flex. the team knew they couldn't scale it. so they let it die quietly. and now we're all pretending it was a tragedy. it wasn't. it was a strategic exit. the real winners? the ones who dumped srm before the outages. the rest of us? just nostalgic fools holding digital ghosts.
Nathan Ross
December 5, 2025 AT 00:11 AMYou're right about the strategic exit. The timing of the silence matches the rise of Jupiter's funding round. No coincidence. The team vanished right after the Solana network went down hard in late 2023. That wasn't burnout. That was a pivot. They didn't abandon serum. They absorbed it into something bigger. The code still runs in Jupiter's backend. We just don't see it anymore.