New DeFi token surges by 1500% after exchange listings

New DeFi token surges by 1500% after exchange listings
Written by:
Ali Raza
12th August, 10:04
  • A new DeFi project, Serum DEX, recently went live alongside its token, SRM.
  • The coin's price skyrocketed by 1500% in the first 12 hours since launch, exceeding the volume of $350m.
  • The token was launched on numerous exchanges, including Binance, and it shows an on-going interest in DeFi.

The DeFi sector is exploding right now, and every other day, a new project captivates the investors’ attention. The most recent example of this is Serum (SRM), a token created for the decentralized derivatives exchange going by the same name.

Serum token was launched only yesterday, August 11th. However, it already attracted massive amounts of attention that allowed it to surge up by 1500% in the first 12 hours.

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As mentioned, the token is launched by the Serum Project, which is, in turn, a result of a collaboration between several other entities. Those include a derivatives trading platform, FTX, as well as a low-fee smart contract blockchain, Solana.

The project’s token skyrocketed immediately after the launch, going from $0.11 to $1.80 in only a few hours. At the time of writing, it sits at $1.86, indicating that the growth is still not stopping.

Serum has Binance’s support

One of the reasons why the project attracted so much attention so quickly is the fact that it was listed on Binance. As one of the world’s leading exchanges, Binance was in an ideal position to provide immediate exposure and allow the project to become well-known and available.

The exchange listed four pairs against SRM, and the coin already saw a trading volume of $350 million during the first 12 hours of its existence. However, Binance was not the only one to list SRM. The token also emerged on BitMax, 1Inch, Balancer, Uniswap, HBTC, and, of course, FTX itself.

SRM’s success also hints at the growing interest in Serum DEX, a project which SRM is going to power. The project already has a lot to offer, including physically settled cross-chain contracts possible thanks to SerumBTC and SerumUSD, as well as staking.

Meanwhile, the interest in Serum DEX indicates that the DeFi sector itself is still attracting interest, as well as investors. The sector’s TVL has recently exceeded $4.75 billion, and it continues to rise at the estimated speed of $500 million per week.

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