Serum spikes 1,600% hours after launch

Within hours of launching Wednesday, Serum jumped 1,609%, climbing from $0.10 to $1.98. The surge made it the day's top performer despite broad market declines. Although the project remained incomple

By Aubrey Swanson·12 August 2020·1 min read

Key Points

Within hours of launching Wednesday, Serum jumped 1,609%, climbing from $0.10 to $1.98.
The surge made it the day's top performer despite broad market declines.
Although the project remained incomple

Within hours of launching Wednesday, Serum jumped 1,609%, climbing from $0.10 to $1.98. The surge made it the day's top performer despite broad market declines.

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Although the project remained incomplete, the token drew significant attention from traders. CoinMarketCap recorded a peak of $1.98, with the token falling to around $1.86 by publication, still up 1,587% over 24 hours.

Serum aims to solve central problems that have constrained DeFi growth: liquidity limitations, scalability barriers, and fragmentation across isolated protocols. The exchange runs on Solana, a blockchain capable of 50,000 transactions per second without sharding. That speed exceeds Ethereum's by a factor of 10,000, with transaction costs a millionth of Ethereum's.

The project describes itself as "the world's first completely decentralized derivatives exchange." Holders of SRM tokens gain access to trading fee rebates. Token holders can also stake their holdings to earn rewards. The token structure incorporates buyback and burn mechanisms. Serum pairs against USDT and USD on FTX. On Binance, the token trades against USDT, BUSD, BNB, and BTC. Both Uniswap and Balancer Labs list SRM/ETH trading pairs.

As of publication, CoinGecko ranked Serum 141st among cryptocurrencies. The project held a $57.63 million market cap and registered $485 million in 24-hour trading volume.

MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.

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