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).
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.