By Tobi Loba
A new digital asset is presently attracting the attention of traders and investors in the crypto space after experiencing a 1,800% price increase on its launch day.
As reported by Daily Hodl, Serum (SRM) is a new digital currency that will act as both utility and governance token of the decentralized derivatives exchange Serum that has its launch underway.
According to CoinGecko, SRM underwent a big price upsurge from $0.10 to relatively $1.98 after it was officially launched. At the time of publication, SRM is trading at $1.72, with a 1464.4% price upsurge in the last 24 hours.
One of the factors that boosted the price of SRM token was the listing on the major cryptocurrency exchange Binance.
The blockchain project promises to strengthen several weaknesses of decentralized finance (DeFi) protocols, such as inadequate liquidity, slow processing speed, and the inability to facilitate cross-chain transactions.
Facts behind the Speedy Growth of Serum Project
The growth of Serum project has been rapid beyond imagination. The reason for this substantial growth can be attributed to the effort of its leader, Sam Bankman-Fried, the CEO of the crypto derivatives exchange FTX and Alameda Research.
Going by his account, “Serum is fast, and it’s cheap, and powerful, and fully cross-chain compatible. And it’s truly, fully trustless. Serum is built on the Solana blockchain.
Solana can process 10,000 times as much as Ethereum; and it’s 1,000,000 times cheaper. And unlike many side chains, Solana is a fully-fledged, decentralized blockchain with over 100 validators.
This allows Serum to have full central order limit books, with the familiar market, limit, and IOC orders; processing multiple times per second; all while being fully on-chain.
This is then combined with a powerful cross-chain protocol allowing for trustless and efficient tokenization and swaps, meaning that while living natively on Solana, Serum is interoperable on Ethereum.”
Additionally, Serum (SRM) holders will receive discounts on trading fees. According to Bankman-Fried, the exchange is expected to go live in some weeks’ time.
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