Decentralized finance (DeFi) changed the face of the cryptocurrency market over the past year. Attracting the attention of both institutional investors and retailers as the traditional financial sector continues to heat engines with blockchain technology.
While most of the larger DeFi protocols, which have significant volume and value set on the platform, run on the Ethereum Network (ETH), high fees and slower transaction times have projects such as: Serum (SRM), a decentralized exchange (DEX) that works on the blockchain Solana (SOL), increase your popularity and gain market share.
Data from Cointelegraph Markets Y. TradingView show that SRM price is up 127% in the past two days, rising from a low of $ 5 on April 24th to a new all-time high of $ 11.47 on April 26th. thanks to a record commercial volume of USD 1,621 million in 24 hours.
The Solana network is gaining relevance
An important factor in serum growth is that growing importance of the Solana blockchain, The price rose to a new record on April 26th as new users and projects continue to explore what the network has to offer.
The recent price hike at SRM is partly due to the increasing number of front-end user interfaces, such as: Bonfida (IFAD) Y. Raydium (RAY) providing access to Serum’s operating books. This has helped fuel the overall activity of the DEX and add value to its token in the eyes of investors.
Bonfida and Raydium were so successful that actually have led to it depreciation from the original sharing UI developed by the Serum team that is quickly becoming the interface of choice for the Solana community, Bonfida has seen an increase in unique visitors and API requests over the past 24 hours.
YUGEEE! 65k unique visitors too @ Bonfida Most used Serum DEX front end in the past 24 hours. https://t.co/aOf78QD8Gx
to???? Serum (@ProjectSerum) April 26, 2021
65,000 unique visitors to Bonfida, the most used serum DEX interface in the past 24 hours.
Serum also offers token holders the option to stack their tokens on the platform for a return on trading fees Buying and burning mechanism This helps to further reduce the circulating supply to increase the value of the token.
VORTECS ™ data from Cointelegraph Markets Pro showed an optimistic outlook for SRM on April 24 ahead of the recent price hike.
The VORTECS Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and activity on Twitter.
As seen in the graphic above, The VORTECS ™ score for serum rose rapidly from a low of 49 on April 23rd to a high of 69 on April 24th, just two hours before the price began to climb 130% over the years. In the next two days.
Since decentralized financing is still in its infancy and major investors are only active in the crypto sector, Networks like Solana and DEX like Serum appear to be the next generation protocols helping to bring blockchain technology to the masses and ushering in a new wave of growth for the cryptocurrency ecosystem.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement involves risk. You must do your own research when making a decision.