Project Serum's Busy Last Few Weeks Signify Growth

Tremendous growth and project updates were announced via a newsletter, proving that the project can withstand market volatility.

By
John Tunney
on
June 11, 2021
Category:
Breaking News

Growth and More Growth

 On June 8th, Serum announced to their community massive updates for their protocol. Serum is a decentralized exchange (DEX) and ecosystem that aims to bring tremendously high speed as well as super low transaction fees. The first big news that Serum announced was that they have now surpassed $4.78 billion in trading volume since their launch. Just this last week, Serum burned 36.3K of $SRM and 9K of $SRM was sent to stakers. This development is equal to roughly 178K worth at current prices. During the previous week, 48K of $SRM was burned and 12K of $SRM was sent to stakers.  

FTXPay was also introduced, providing a way for merchants to allow crypto payments from users. Merchants can now accept payments from two different wallets including an FTX wallet or an external wallet including Sollet.io. Serum also announced a massive list of projects being built on their network. The list includes at least 15 big projects plus Serum also noted many more projects are also being built on the network not included on the list. 

Source

What’s notable about the Serum protocol is Sam Bankman Fried, the CEO of FTX, is playing a large role in the development of Serum and the ecosystem. Partnering his already-popular exchange with the Solana DEX will only increase the value of Serum. The team has also partnered with Alameda and Jump, some of the largest market makers in DeFi. Alameda was also founded by Bankman-fried, indicating that the Serum team is dedicated to creating a massive ecosystem for its users.


Concluding Thoughts

As Serum continues to grow, so does the Serum ecosystem. With high transaction speeds and some of the lowest transaction costs on the market per transaction, Serum looks poised to develop into a flourishing ecosystem for projects to inhabit. As time continues, and more updates are announced, it seems that Serum has tapped into what makes DeFi projects attractive and successful. The community at the moment agrees, with the price of $SRM rising to $4.40, up 5.6% over a 24 hour period. This figure was recorded at the time of writing and provided by CoinMarketCap.


Serum 

Serum is a decentralized exchange built on the Solana network. Serum is one of the first earliest major projects to build on Solana and is able to exchange with other cryptocurrencies including Bitcoin and Ethereum. Unlike other decentralized exchanges, Serum offers orderbook-based trading similar to centralized cryptocurrency exchanges. It can handle between 50-65 000 Transactions Per Second (TPS), which is the current TPS of the underlying Solana Blockchain. Serum also provides incredibly low transaction fees, averaging around $.00001 per transaction. 

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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.