Etymology
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chum (n.1)

"friend, intimate companion," 1680s, originally university slang for "roommate," an alternative spelling of cham, short for chamber(mate); the formation is typical of the late-17c. fondness for clipped words. Among derived forms used 19c. were chumship; chummery "shared bachelor quarters," chummage "system of quartering more than one to a room."

chum (n.2)

"fish bait," consisting usually of pieces of some other fish, 1857, perhaps from Scottish chum "food."

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Definitions of chum

chum (n.)
a close friend who accompanies his buddies in their activities;
Synonyms: buddy / brother / crony / pal / sidekick
chum (n.)
bait consisting of chopped fish and fish oils that are dumped overboard to attract fish;
chum (n.)
a large Pacific salmon with small spots on its back; an important food fish;
Synonyms: chum salmon / Oncorhynchus keta
From wordnet.princeton.edu