This guide provides a summary on the SRM and MSRM tokens.
Serum (SRM) is the utility and governance token of Serum. If you hold SRM in your wallet, you receive a discount on fees. SRM is native to the Solana blockchain (as an SPL token) and is also available on the Ethereum blockchain (as an ERC20 token).
MegaSerum (MSRM) is 1,000,000 SRM stacked together. Both SRM and MSRM are available on Serum.
You can create 1 MSRM by locking up 1 million SRM, and you can redeem the MSRM back out for 1 million SRM. However, there is a limit of 1,000 MSRM in the world, so in practice, they are scarce. You generally receive benefits for holding SRM and larger benefits for holding MSRM.
10% of all SRM tokens begin unlocked. The other 90% all have the same unlock schedule. They are fully locked for the first year, and then unlock linearly over the next 6 years, beginning on the 11th of August 2021, at approximately 1/2190 per day. All seed sales were locked.
100% of the exchange fees flow back into SRM, generally via a buy and burn, and also potentially into staking rewards or other ecosystem grants.
Serum charges fees on trades that use its order book. Other applications (including e.g. Raydium and Bonfida) may charge their own fees in addition to the fees Serum charges. All fees go to the benefit of SRM.
More information on fees for DEXes built on Serum can be found at the bottom of: https://projectserum.com/#/staking-and-voting