Serum is a decentralized exchange software built on Solana and created by Alameda Research in conjunction with the FTX Exchange in 2020. Serum is designed to be a decentralized orderbook run by a network of smart contracts that aims to mirror traditional exchanges by matching buyers and sellers. This orderbook model gives investors the flexibility to manage their own pricing, order sizes and fee tranches when they submit an order– creating a seamless decentralized trading experience. The decentralized orderbook model, introduced by Serum, is also an improvement on protocols utilizing an Automated Market Maker such as Uniswap, Sushi and Bancor due to the lower slippage and faster transaction throughput.