Kraken Adds Solana and Serum to Their Platform

The UK based crypto currency exchange showed off their belief in the Solana blockchain by adding the tokens to their markets.

John Tunney
June 16, 2021
Breaking News

The Solana Network Hits Kraken

 On June 15th, Kraker released the news to their user base that Solana and Serum will be listed for trading on June 17th. Users can also stake Solana via Kraken and earn up to 6.5% in yearly rewards. As of the time of writing, deposits and withdrawals for both assets (SOL and SRM) are now available on Kraken.


Crack the Seal and Start Staking

What users and investors can do right now on Kraken is withdraw or deposit their SOL or SRM as well as stake their SOL for up to 6.5% in yearly rewards. Kraken is waiting until June 17th for users to trade, exchange, sell, or buy SOL and SRM. On June 17th at around 15:30 UTC, trading for both assets will go live. SOL and SRM will be available for trading in USD, EUR, GBP and BTC. 

What is Solana?

Solana is a blockchain network that looks to increase dApp scalability through faster transaction settlement times. The Solana software has a flexible infrastructure which allows for developers to create and launch smart contracts using multiple programming languages at once. The SOL cryptocurrency now plays a vital role in maintaining and functioning the Solana ecosystem. The protocol is also used to carry smart contracts, send transactions, and incentivize actors and developers that support the network.

What is Serum?

Serum (or SRM which is the native token of Serum) is a program that runs on Solana where a worldwide network of users and investors maintain an exchange where cryptocurrencies can be exchanged, bought, and sold by traders and users. The fundamental model of Serum is a decentralized order book which looks to operate like traditional exchanges by matching buyers and sellers. SRM holders are able to use their tokens so they may pay for fees on the exchange while at the same time receive up to a 50 percent discount on said fees.

Concluding Thoughts

Kraken is a highly popular exchange, especially in the UK. The addition of SOL and SRM to the platform indicates that Solana assets are starting to see increased global value. Users of the network should be thrilled by the news, as it means the network is one step closer to fully competing with the likes of Ethereum as a DeFi stronghold.

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John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.