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Project Serum “mooned” in minutes

Updated: Jul 25, 2024
Published: Aug 11, 2020
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Project Serum is a novel decentralised finance that has hit the open market today and did $2 million in trading volume in the first 180 seconds.

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DeFi

Decentralised Finance (DeFi) has been at the forefront of this recent crypto market movement. With DeFi associated crypto-assets rising tremendously in price in a very short period of time. Some examples are SNX (Synthetix) which went from under the $1 mark this year to over $4, COMP (Compound) that started under $70 and parabolically rose to over $340 in less than a week anode course YFI which started trading under $1,000 and is now near the $6,000 mark.

Project Serum: FTX’s new DEX

Many of the DeFi projects and products available today are great in the sense that they are offering traders and investors the ability to earn interest on their assets as well as trade them without a centralised exchange. The experience of doing so however is not yet perfect and there are a few issues to be addressed.

Project Serum is a new decentralised exchange based on the Solana blockchain looking to solve some of them. The main ones being: on-chain stablecoin with no risk of being shut down via a bank account, DEX trades that don’t cost a dollar or more to clear as well as take several minutes to finalise.

SRM Token

The token was first made available via an IEO (initial exchange offering) organised by FTX where 3,000,000SRMs were up for grabs. The lowest price set for the asset was $0.11.

Once these were done, a public listing was underway. Today at 2:30PM (London time), SRMs became available to purchase on FTX’s exchange amongst others and made millions in trading volume in a very short period of time and jumped from $0.11 pre-listing to over $1.30 now.

90% of the total supply are locked up for the next 7 years and that includes the tokens sold during the IEO.

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