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Newly Launched DeFi Token Serum Surged 1500% within 12 Hours

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by Tolu Ajiboye · 3 min read
Newly Launched DeFi Token Serum Surged 1500% within 12 Hours
Photo: Depositphotos

Since the launch, SRM’s trading volume has exceeded $350 million in the first twelve hours. The Serum token is native to the Serum DEX.

The DeFi sector continues to soar as a new token Serum rose 1500% only 12 hours after listing. The token is native to the Serum decentralized exchange, and launched on the 11th of August. Presently, the price of the SRM token is nearly $1.8, a surge from its launch price of $0.11.

Binance announced the listing of Serum in a press release, which catalyzed the token price. In the announcement, four pairs were up for trading at the point of launch.

“Binance will list Serum (SRM) and open trading for SRM/BNB, SRM/BTC, SRM/BUSD, and SRM/USDT trading pairs at 2020/08/11 1:30 pm (UTC). SRM deposits are now open for users to deposit prior to trading.”

Since the launch, SRM’s trading volume has exceeded $350 million in the first twelve hours. At the moment, data from Coingecko shows SRM is at a trading volume of $448,942,584. Serum also has a market capitalization of $54,843,939.

Apart from Binance, some other exchanges and DeFi protocols have also listed SRM on their platforms. These trading platforms include Partner FTX, Uniswap, HBTC, BitMax, 1Inch, TomoDEX, Balancer, and Mesa.Eth.

The CEO of Nugget News, Alex Sanders, has congratulated the Serum team on its successful launch in a tweet. He added:

“SRM just launched at $1 on FTX & $5 on Binance from an 11c ICO price. I said it would pump from the hype alone but that makes it top 10 on day 1!”

Furthermore, SRM will power the newly launched Serum DEX and the token will be burnt weekly to give discounts to holders. According to the ProjectSerum official website, a maximum supply of 10 billion SRM has been assigned with the circulating supply at $161 million.

The official website also revealed the availability of staking:

“Each node requires at least 10,000,000 SRM (each MSRM counts as 1m), and each node must have at least 1 MegaSerum in it. You receive staking rewards based on your node’s performance.”

DeFi Market Thirsts for More Tokens Like Serum

With the massive surge in the price of SRM after its launch, it is evident that the general DeFi market yearns for all that the DeFi sector has to offer.

On the 5th of August, Bitcoin Events hosted the DeFi Conference 2020 to discuss the massive growth and development in the DeFi sector. According to DeFiPrime, a DeFi tracking website, there are currently over a hundred projects proffering solutions to DeFi-related problems. Data by DeFi Pulse shows that the total value locked in DeFi is $4.61 billion.

In 2020, the global blockchain industry has grown significantly. In the last seven months, China added more than 10,000 blockchain industries. Data Journalism Platform, LongHash, revealed in a tweet that COVID-19 is not affecting China’s blockchain boom.

Altcoin News, Blockchain News, Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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