Why are Serum DEX fees almost 3 times that of Binance?

I am looking for venues to run a new trading bot/algo. Profitability is highly dependent on exchange fees so I was searching for venues with lowest fees. I didn’t think Binance was great at 7.5 bps. I happened to be an investor in SRM and had read many reports of super low ‘transaction’ fees. However, it turns out that Serum dex fees are actually 22bps - almost three time that of Binance (FAQ - Serum versus Fee Rate).

I understand they are different types of venues but how can Serum attract liquidity if it’s fees are so much higher than Binance ? Is there any reason Serum fees can’t be significantly reduced ?

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I created a proposal for further discussion about this - Serum Fee Reduction Proposal