Serum (SRM) crypto rises as four-day Crypto Bahamas kicks off

Highlights 

• The Serum protocol is an open source, decentralized exchange (DEX). 
• Serum, launched in August 2020, is a permissionless project built on Solana. 
• It aims to resolve problems in DeFi, such as high gas cost, slow transaction speed, etc. 

The Serum (SRM) token price rose 2.35% to US$2.20 at 4:48 am ET on Thursday as the four-day Crypto Bahamas event kicked off in Nassau, the capital of the island nation.

The Serum protocol is an open-source, decentralized exchange (DEX) launched in August 2020. It claims to be a permissionless project built on Solana.

The Crypto Bahamas event is organized by crypto exchange FTX and networking forum SALT from April 26 to April 29. The participants include investors, blockchain builders, and cryptocurrency and web3 space experts. It is an invitation-only event for networking and collaborating among the stakeholders in the finance and crypto industries. 

The Bahamas has opened its doors to the crypto industry as part of efforts to make the country a central global hub for digital assets. The Nassau event is dedicated to discussing DeFi, NFTs, web3, bitcoin, gaming, regulations, and other topics. 

The Serum team is also participating in the event, and it could be one of the reasons for the token’s traction on Thursday. Serum offered complimentary NFTs to the participants and moderated a DeFi session on April 27.

What is Serum?

The Serum Protocol is a decentralized exchange (DEX). It claims to offer high-speed transactions at low costs and the ease of a centralized exchange in DeFi with complete transparency.

Launched in August 2020, Serum describes itself as an open-source, permissionless project built on the Solana blockchain. The Serum Foundation funds its development. The foundation is backed by a consortium of partners, including FTX, Solana Foundation, and Alameda Research. 

Also Read: Why The Graph (GRT) crypto rising?

Serum aims to resolve the problems of DeFi, such as high gas cost, slow transaction speed, and centralization issues like low capital efficiency, liquidity segmentation, etc. 

Serum offers an on-chain central limit order book and a matching engine. Its partners can share liquidity and initiate trading with institutional and retail users using the on-chain order book.

The matching engine allows users to choose the trading price and volume. 

Also Read: GMT and FITFI cryptos: Is move-to-earn the next big thing?

Data Source: coinmarketcap.com

Also Read: What is socialize-to-earn Gamium (GMM) crypto? Things to know

Token price and performance: 

SRM is the utility and governance token used for voting, receiving discounts on protocol fees, staking rewards, ecosystem grants, etc.

The token has a market capitalization of US$579.5 million. Its circulating supply is US$263.24 million, and the total supply is US$1.09 billion.

Also Read: Ondo Finance’s DAO, native token coming soon with US$20 mn capital boost

Bottom line:

Serum has a total of 9,984 token holders. The token can be traded on crypto exchanges like Binance, FTX, OKX, Bybit, and Bitget.  

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.