#SRM coin is a currency representing the Serum project, which is a DEX decentralized trading platform with which it is possible to trade across different #blockchain networks.
The currency has recently been able to stand out thanks to its impressive positive performance, while #bitcoin is still fluctuating between $ 11,200 - $ 11,500, many alternative digital currencies have managed to rise to wonderful levels and achieve high profits for their holders.
Reasons for SRM to Increase by 1,000%:
The price of SRM rose from $ 0.11 to more than $ 1 in several seconds after Binance listed an increase of 1029%, which was indicated by the famous crypto trader "Scott Melker".
The Serum currency was listed yesterday on several cryptocurrency trading platforms, including #Uniswap and #Binance, the latter being the largest trading platform by market cap.
The Serum project resulted from a collaboration between #FTX, the cryptocurrency derivative trading platform, and Solana, a blockchain platform featuring low transaction fees, super-fast processing speed, and interoperability with other platforms including Ethereum.
Serum as we were told is a decentralized trading platform (DEX) that will enable trading across various blockchain networks with a platform that already works but has yet to be launched.
This gives Serum a distinct advantage over other DEXs decentralized trading platforms such as #Balancer and Uniswap.
About 10 billion SRMs were minted and allocated as a maximum for the total coin supply.
But, the initial traded offer is a fraction of that, and it now totals 161 million SRM.
Serum and its role in DeFi:
The Serum Project contains three distinct coins which are as follows:
SerumBTC is an “encapsulated” interest token that has a rate linked to its underlying asset.
In addition to Binance and Uniswap, SRM is now listed on a number of different trading platforms, including BitMax, HBTC, Mesa.Eth, Balancer, #TomoDEX, 1Inch and of course on top of them the FTX platform.
SerumUSD is a stablecoin that is a traceable ERC20 coin to enable smart contracts via physically settled blockchain networks, currency governance, and also provide trading discounts on Serum, which are burned by revenue earned from transactions on the network.
SRM is the base currency of the Serum platform.
SRM tokenization was also launched on the Serum platform yesterday, allowing owners to earn a return on their coins for the first time.
