A New “Winner” in DeFi Town? SRM Token Shoots up 1,700% on Launch Day
- DeFi tokens are all the rage in 2020.
The latest decentralized finance (DeFi) token to enjoy a moon shot is SRM. SRM is the native token of non-custodial derivatives decentralized exchange (DEX) The Serum Project, which is a collaborative effort between FTX and Solana blockchain.
The token was launched on Tuesday, and right off the bat, it started pumping. From the launch price of $0.11, the price went as high as $2.015, a jump of more than 1,700%.
“Consider though not much got filled down at the start, and pre-sale holders have a seven-year lock-up. That said, I'd bet on this token being a winner in all time frames,” said Trader and economist Alex Kruger.
A listing on the leading spot exchange Binance also helped push the DeFi token’s price higher. The exchange announced four listing pairs USDT, BUSD, BNB, and BTC for the token.
The token is also available on FTX against USDT and USD and BitMAX against USDT. It is also available on several DEX exchanges that include Uniswap, Balancer Labs, Mesa, and Tomo DEX.
The launch of SRM had the price of SOL also surging and hitting new highs, not much different than FTX’s FTT, which recently hit an ATH.
“The beautiful thing about all-time highs is there's no ceiling,” said market analyst Benjamin Blunts who believes this native token of Solano blockchain is also in a “parabola stage.”
The newly launched derivatives DEX Serum is also powered by the SRM governance token, which will be burned every week as such enabling discounts on the platform. Serum staking has also been launched on FTX.
✅ Serum is a decentralized derivatives exchange
✅ Built on top of @solana blockchain
✅ Cross-Chain 🤔
✅ $SRM is a trading fee discount token, with a buyback/ burn model
✅ $SRM can be staked(presumably for rewards) 🤔
— defiprime (@defiprime) August 11, 2020
The token is starting with a maximum supply of 10 billion, out of which about 180 million will be in circulation initially.
“It won't just be a random product: it will be a fast, fully on-chain DEX,” said FTX CEO Sam Bankman-Fried about the platform which is expected to print its first trade this week.