Why is Serum (SRM) crypto gaining attention?

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Why is Serum (SRM) crypto gaining attention?

Why is Serum (SRM) crypto gaining attention?
Image source: © Alexandersikov | Megapixl.com

Highlights:

  • The Serum is a decentralized exchange (DEX) that claims to offer high transaction speed and low fees.
  • SRM is the native governance token of the Serum ecosystem. It is used to receive discounts on protocol fees and voting rights.
  • The token is available on exchanges like Binance, OKX, etc.

The Serum (SRM) crypto surged over 4%, while its trading volume jumped more than 25% in the last 24 hours to Thursday morning.

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What is Serum (SRM) crypto?

The Serum is a decentralized exchange (DEX) that claims to provide high speed at a fraction of the cost. It is designed around a fully on-chain central limit order book and a matching engine.

It minted SerumSurfers, a collection of 5,000 generative NFTs launched on Solana on April 19. The public minting started on April 21.

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The project claims that despite the growing popularity of DeFi and the growth of DEXes on Ethereum, developers are limited by high gas costs and slow transaction speed.

Serum intends to resolve these decentralized finance issues, including problems of centralization, low capital efficacy, and liquidity segmentation.

SRM is the native utility and governance token of the Serum ecosystem. It offers users discounts on protocol fees and voting rights. It claims that the exchange fees are sent back to SRM through buy-and-burn, staking rewards, and ecosystem grants.

The token is available on exchanges like Binance, OKX, FTX, etc.

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Why is it gaining attention?

The SRM token has been gaining attention after providing monthly updates for April.

Besides launching an NFT ecosystem in April, it sponsored various events. It joined forces with Burnt Finance in the month to launch an NFT collection to celebrate the launch of Burnt Finance Ignition Launchpad. The Ignition Launchpad is a platform that allows users to mint and sell NFTs by uploading layers, traits, and rarities without any transaction fees.

It minted SerumSurfers, a collection of 5,000 generative NFTs, which were launched on Solana on April 19. The public minting started on April 21.

On May 3, the project also said that it focuses on full transparency, and it would be acquiring more SerumSurfers in the coming weeks to reward its community.

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Serum (SRM) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The SRM coin was priced at US$2.00 at 8:45 am ET on May 5, up 4.52%, while its volume for the trailing 24 hours jumped 25.01% to US$91.02 million. It has a market cap of US$525.64 million, and its fully diluted market cap is US$20.28 billion.

The coin's maximum supply is 10.16 billion, the total supply is 1.09 billion, and its current circulating supply is more than 263.24 million. The token saw the highest price of US$2.93 and the lowest price of US$1.78 in the last 30 days.

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