Sera vs Mento: Two approaches to on-chain FX
Mento and Sera both bring FX onchain, from opposite ends. Mento is an issuer and an exchange: it issues its own stablecoins, including USDm, EURm, GBPm, BRLm and XOFm, and in Mento V3 its pools quote a Chainlink oracle rate minus a fee, with trading limits, circuit breakers, and FX-priced pools that pause while FX markets are closed. Sera issues no stablecoins. It is a neutral venue where makers quote stablecoins from many issuers, such as USDC, EURC and XSGD, on one order book that stays open 24/7. Choose Mento to hold or swap Mento's own stablecoins; choose Sera to convert between other issuers' stablecoins at a maker-set price.
Sera vs Mento, side by side
| Sera | Mento (oracle-priced FX DEX) | |
|---|---|---|
| Role | Neutral venue; issues no stablecoins | Issuer of the Mento stablecoins and operator of their exchange |
| Assets | Stablecoins from many issuers (e.g. USDC, EURC, XSGD): 20+ currencies, 40+ stablecoins | Mento stablecoins (USDm, EURm, GBPm, BRLm, XOFm and others), paired with assets such as USDC |
| Pricing | Makers quote bid and ask around the real FX rate | Fixed to a Chainlink oracle rate, minus a fee (FPMM pools) |
| Trading hours | Order book open 24/7, including while FX markets are closed | FX-priced pools pause from Friday 21:00 to Sunday 23:00 UTC, and on some holidays |
| Flow limits | Bounded by makers' quoted size and deposited balance | Per-token caps over 5-minute and 1-day windows, plus circuit breakers |
| Backing | Each issuer's own reserves; Sera holds none | Mento's Reserve for USDm and EURm; collateralised debt positions for synthetic stables such as GBPm |
| Fees | No protocol fee; 10–30 bps all-in spread, paid to the maker | LP and protocol fees, set per pool |
| Chains | Ethereum | Celo and Monad |
| Best for | Converting between other issuers' stablecoins at a maker-set price | Holding and swapping Mento's own multi-currency stablecoins |
When to choose Sera
- You hold stablecoins from issuers such as Circle or StraitsX and need to convert between currencies without switching into another issuer's token.
- Your flows run on weekends, when oracle-priced FX pools pause.
- You want makers to set the price, rather than a single oracle feed.
- You want an issuer-neutral venue that doesn't issue stablecoins of its own.
When to choose Mento
- You want to hold or pay in Mento's stablecoins, such as USDm, EURm or BRLm.
- You're building on Celo or Monad and want native multi-currency stablecoins there.
- You want swaps priced exactly at an oracle rate minus a pool fee, with circuit breakers built in.
- You want to borrow a synthetic stablecoin against collateral through a CDP.
Pricing, side by side
Illustrative: $10,000 from a USD stablecoin to a EUR stablecoin.
| Sera | Mento | |
|---|---|---|
| Price | A maker's quote around the real EUR/USD rate | The Chainlink EUR/USD rate, minus the pool fee |
| Fee | No protocol fee | LP and protocol fee, set per pool |
| On a weekend | Order book open | FX-priced pools paused, Friday 21:00 to Sunday 23:00 UTC |
| Effective total cost | $10–$30 (10–30 bps all-in, paid to the maker) | The pool fee(s) at the oracle rate; varies by pool |
Integrating Sera
Sera is a settlement venue for stablecoin FX. You request a quote, the user signs one EIP-712 intent, and the route settles atomically on-chain, with gas paid in the swapped stablecoin. Liquidity providers deposit once in Sera's Vault and quote every pair from that balance.
Integrating Mento
Mento is integrated through its SDK and contracts. Swaps go through FPMM pools priced by Chainlink oracles, and Mento stablecoins can also be borrowed against collateral in CDPs. Assets reach Mento's chains through bridges such as Wormhole's Portal and Squid.
Frequently asked questions
- Isn't Mento also an on-chain FX exchange?
- Yes. Mento V3 describes itself as a decentralized exchange for on-chain FX. The difference is what it trades and how it prices: Mento swaps its own stablecoins at a Chainlink oracle rate minus a fee, while Sera lets makers quote stablecoins from many issuers on an order book.
- What happens on weekends?
- Mento's FX-priced pools follow FX market hours, so quotes, swaps and rebalances on them are unavailable from Friday 21:00 to Sunday 23:00 UTC and on some holidays; pools such as USDC/USDm are not gated this way. Sera's order book stays open 24/7, and makers decide whether to keep quoting while FX markets are closed.
- Why does it matter that Sera isn't an issuer?
- An issuer-run exchange naturally centres its own tokens. A neutral venue can list stablecoins from any issuer and price them against each other, which is what lets a Singapore-dollar stablecoin from one issuer trade directly against a ringgit stablecoin from another.
Use Sera as your FX settlement layer
Keep custody and KYC where they are. Plug Sera in for the on-chain currency conversion and capture the FX spread on your own flow.