The native token of the decentralized derivatives exchange Serum rose by four digits after its introduction and market launch.
The project Serum is a new DEX with no depot that was launched on August 11th and its native SRM token has risen 1500% since then. The serum project is a collaboration between the central derivatives trading platform FTX and Solana, a blockchain of inexpensive, fast and interoperable smart contracts.
That started less than 12 hours ago at press time The token has skyrocketed from a starting price of $ 0.11 to over $ 1.80According to tradingview.com.
Listing on Binance also increased the prices for the token, as four pairs were available at the time the token was launched. The SRM trading volume has already exceeded $ 350 million in the first twelve hoursaccording to information from Coingecko. The fully diluted market cap for the most recently searched DeFi is currently $ 300 million.
In addition to Binance, SRM has been listed on other DeFi exchanges and protocols. These include Uniswap, BitMax, HBTC, Balancer, TomoDEX, 1Inch and their partners FTX.
The CEO of Nuggets News, Alex Saunders congratulated the team on a successful startadding, “I said it would only be pumped because of the hype, but this makes it top 10 on day one.”
Well done @SBF_Alameda and the FTX team. @ProjectSerum $ SRM just started at $ 1 in @FTX_Official $ 5 in @Binance from an ICO price of 11c. I said he would just be pumped for the hype but that makes him a top 10 on day 1 Wowee! SRM: https://t.co/g6x5fX7D1V pic.twitter.com/bpf8zaFxb4
– Alex Saunders @ (@AlexSaundersAU) August 11, 2020
The newly launched serum DEX is powered by SRM’s governance token, which is burned every week to enable discounts on the platform. According to the official website, a maximum bid of 10 billion SRM has been allocated. According to Etherscan, the current circulation is around 160 million.
The DEX will also have the stable coins SerumBTC and SerumUSD, which can be used to offer contracts between physically settled chains. Staking out is also possiblewith the amount required to operate a stakeout node currently set to one million SRM, which has been referred to as 1 MSRM.
SRM’s epic price hike immediately after launch proves this Traders, investors, and speculators are still hungry for anything DeFi-related.
DeFi markets continued to hit new highs in terms of total stored value;; According to Defipulse.com, it hit its most recent high of $ 4.75 billion on August 11th.