❓Get Help / FAQ

This page collects and answers the most popular and common questions. Information here can also be found in the appropriate pages of our Serum documentation.

❓ General FAQ

What do I need to trade on the DEX?

You need an SPL wallet (Phantom or Solflare being good options) and enough SOL for transactions fees. Try to keep your balance above 0.1 SOL at all times.

Why can't I see my tokens in my wallet after a trade?

  1. Go to the market pair you were trading on. e.g. SRM/USDC

  2. Check your balances for open orders -> Cancel the order

  3. Check unsettled balances -> Click 'Settle'

If the issue is still unresolved:

What is settlement? Why do I have to do it?

All trades done on the DEX/swap uses an intermediary account for each pair. Filled or canceled, funds needs to be settled back to your wallet. This process is automated by some wallets if you chose the option to auto-approve transactions.

I keep getting fail to fetch errors, error loading markets, or balance flickering whenever I try to trade on the DEX or see my balances.

This is due to RPC nodes being overloaded. You can try again later, use another GUI or settle/cancel via step.finance.

Why did the trade take a ~0.02 SOL fee?

There is a rent of 0.02~ SOL per market pair when trading on it for the first time to create the intermediary β€œopen order account” that interacts with the dex. This can later be recovered later if you're not planning to use that pair again.

You can read more about this here: https://docs.solana.com/storage_rent_economics

Where can I stake SRM?

On FTX exchange or AscendEX exchange.

Read more about on-chain staking here: https://docs.projectserum.com/guides/about-staking/staking-srm

What is the SRM staking APR?


I sent a cross chain transfer from Solana to Ethereum, but I didn't get it.

You probably lost your connection with metamask. Refresh your browser. Connect metamask to sollet.io. Open the token account details in your sollet wallet. Click the Send dialog, and metamask should popup, prompting you to complete the transfer.

Remember you must have the Estimated ETH fee on your metamask.

Read more about it here: https://docs.projectserum.com/guides/getting-started/wallet-support/sol-wallet-serum-academy/converting-erc20-to-spl-tokens

Common Error Messages:

  • System program error 1; Custom program error 0x1 System program error 1 indicates a lack of SOL in the wallet to complete the transaction. You may need as much as 0.03-0.1 to conduct a trade. Always try to keep your SOL balance over 0.1 to prevent most issues. If you're sending the MAX amount of SOL from your wallet you might need behind around 0.000005~ SOL.

  • Custom program error: 0x22" Insufficient Funds, doesn't have enough tokens to do the trade.

  • Initialize Account You don't have enough sol to create the open order account, read FAQ: Why did the trade took 0.02~ SOL fee?

  • Fail to fetch errors RPC issues, change to a GUI that uses different nodes or wait for a bit while it gets better.

  • Signature verification failed: The imported private key is likely wrong.

  • Price must be an increment of X Tick price decided when the market was created. You can only move the price by multiple of this.

πŸ‘› Wallet

Is there a sollet.io wallet extension?

A sollet.io extension on Google Chrome was recently released. It is currently in beta mode:

How do I restore my sollet.io wallet?

To restore (recover) your wallet, you will need your seed phrase from when you first created your wallet.

Without your seed phrase, your funds will be lost forever.

1 - Press "Restore existing wallet" at the bottom of the sollet.io menu box.

If you are trying to restore your wallet but the proceed button is not highlighted (you cannot click), please ensure that there is a single space between all your seed phrase words.

If you physically wrote down your seed phrase, be careful with spelling (e.g. sub-consciously mixing US and UK spelling like 'grey' and 'gray' or mix-ups like 'identity' and 'identify')!

If this does not work, try opening a different browser or a private browser window. If this is still unsuccessful, please contact an admin.

Once you have inputted the correct seed phrase, a dropdown list of paths (addresses) will appear.

A specific seed can generate multiple paths. These paths are different addresses you own. You must retrieve the same path you used before.

2 - Select the correct address and press restore.

How do I restore my sollet.io if the Derivable Accounts drop-down menu shows 0.0000 SOL for each balance?

If you have SPL tokens on your wallet, they will not show up until after you have selected.

1 - Select your derivation path and hit "RESTORE". Next, to derive your SOL accounts, go to ACCOUNT > "Add Account".

1A - There is no need to check the "Import private key" toggle unless you want to import a complete different address. "Add Account" will iterate through the list presented on the Restore screen.

If these steps did not work, you may want to try the following:

1 - Make absolutely sure you are using the right seed phrase.

If you physically wrote down your seed phrase, be careful with spelling (e.g. sub-consciously mixing US and UK spelling like 'grey' and 'gray')!

2 - Make sure you are on the right derivation path.

When you enter a seed and you see only 0 SOL accounts, those accounts are actually part of the same derivation path.

Select the dropdown in the upper-right of the sollet.io window to switch between paths.

The default derivation path is m/44'/501'/0'/0'

It is likely that after cycling through the dropdown paths, you will have found at least one path with a non-zero SOL account.

2A - If you are certain about your seed phrase and derivation path, try pressing "Add Account" multiple times until your SOL balance appears.

3 - If the last two steps did not work, you may have to try restoring on all derivation paths to see what balances show up when loading the wallet.

To restore each path, you can log out normally and try restoring again. You can also clear your browser cache each time to prompt the restore option.

Can I find my private key in a device's local storage?

There have been success reports by other users on the following recovery steps:

  • Used an old laptop (that had been dormant for >1 year)

  • Downloaded the backup folder from before the cookies were erased: /Users//Library/Application Support/Google/Chrome/*

  • Using the CLI (vs Finder) I copied over the folder to the location on the old laptop

  • When loading up Chrome, it had restored the cookies and state of the browser

How can I cancel an order on Serum?

Whenever you connect your wallet, sollet.io will open a pop-up window or tab. Please approve of your transactions, including cancellations, in this new window or tab.

You must manually approve all transactions through the pop-up from when you open or connect your sollet.io wallet!

The pop-up may appear behind your browser window.

If you are trying to change or cancel an order, for example, be sure to approve the transaction in your sollet.io pop-up window. It may be behind your main browser window.

Do I need to export the private key under each SOL account, or is having the seed phrase enough?

Having the seed phrase is enough.

Can I stake SRM inside sollet?

You can stake SRM in the staking program. You cannot stake inside sollet.io. You must stake within the staking program, such that SRM will leave your wallet.

Can I move my staked tokens from sollet to my Ledger wallet without unstaking and restaking?

Currently, you cannot move my your tokens this way.

πŸ’± Trading


The fees on trades are (taker / maker):

  • Hold <100 SRM: 22bps / -3bps

  • 100 SRM: 20bps / -3bps

  • 1,000 SRM: 18bps / -3bps

  • 10,000 SRM: 16 bps / -3bps

  • 100,000 SRM: 14 bps / -3bps

  • 1m SRM: 12 bps / -3bps

  • 1 MSRM: 10bps / -5bps

Fees in the ecosystem currently work as follows:

  • 20% of net fees go to the project or GUI hosting the activity

  • 2% of net fees go to ecoSerum

  • 10% of net fees go to nodes as staking rewards

  • 68% of fees go to buy and burn of SRM

πŸ“š Orderbook

What is crank turning?

The job of matching orders is often referred to as β€œcrank turning”. The primary groups responsible for ensuring that cranks are turned promptly are nodes.

A node is a collection of SRM staking together, including at least one MSRM. Nodes manage much of the Serum ecosystem. Since nodes handle cranking, users interested in adding their own markets only have to bring their own liquidity.

Those who pay blockchain transaction fees to turn this crank will be compensated such that doing so is worthwhile.

A more technical introduction to the Serum DEX explains the rationale behind cranking in more detail.

My funds are stuck on an old market. How do I get them out?

You need to run a crank against the market. Anyone can do it. If you're familiar with the command line, run this command in serum-dex/dex/crank:

cargo run -- mainnet consume-events --coin-wallet <DUMMY> --pc-wallet <DUMMY> -d <DEX-PID> -e 5 --log-directory ./my-crank.log -m <MARKET-ADDRESS> --num-accounts 5 --num-workers 1 --payer <PATH-TO-SOLANA-WALLET>

The dummy addresses can be anything. --events-per-works , --num-accounts and --num-workers can be configured as needed.

πŸ“ž Contact

If you are ever unsure, please private message an admin on Serum's social media channels. The admins will be happy to assist you.

Beware of scams. Admins will never message you first!

Customer Support

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