FTX’s New Decentralized Exchange (DEX) On Solana, Serum, Goes Live with 9 Tokens
Six months in, the Project Serum was made officially live on the weekend.
The decentralized exchange by FTX is based on permissionless blockchain Solana, which boasts of over 50k transactions per second.
Its native token SRM is trading at $2.70, down from its $2.96 all-time high hit yesterday.
The same has been the case for Solana’s SOL token, which reacted to the news by climbing to $4.4. For now, it has retraced some gains.
And, of course, FTX’s token FTT also hit a new peak at $4.21 today thanks to all the development FTX is seeing — listing DeFi perpetual contracts, launching Uniswap index markets, announcing no maker fees for the rest of 2020, and acquiring Blockfolio.
— FTX – Built By Traders, For Traders (@FTX_Official) August 30, 2020
FTX CEO Sam Bankman-Fried is the “Elon of Crypto, Don't bet against him,” said Joe McCann, who works on Cloud and AI in Microsoft. According to him, FTT is a “Low beta exchange token that continues to accrue value,” which he called the best trade of 2020 in December 2019.
Now, Serum is launched that needs no login or two-factor authentication. As one trader shared, “Speed as promised…Liquidity again as promised,” with small spread and gas very low – “almost negligible.”
In the current world of extremely high fees on the Ethereum network, which is around its highest level since Ether was launched in 2015, it makes this project all the more interesting.
Currently, the exchange has BTC, ETH, XRP, FTT, SRM, LINK, and MSRM with wrapped SOL and surprise listing YFI trading against USDT and USDC.
1) How to trade on the Serum DEX:
— Serum (@ProjectSerum) August 30, 2020