Serum (SRM) Surges 100% in One Week: Analyzing Reasons Behind Serum (SRM) Pump

The releases of some cutting-edge products could trigger the rally of more than one asset.

article image
Cover image via

Every decentralized financial instrument developed on top of the 'non-Ethereum' blockchain is still treated as rara avis within crypto segment. This is the first reason why the Solana-based decentralized crypto derivatives exchange Serum DEX attracts particular interest, but not the only reason.

Serum DEX Launches Amidst Triple-Digit Pump of SRM

Serum DEX, a side-project of the top-tier crypto derivatives exchange FTX, looks unique in several aspects. To start with, it is the first-ever completely decentralized platform for crypto contracts trading. It was launched on the Solana (SOL) blockchain, previously unexplored by DeFis.

The final release of Serum DEX was shipped today, on August 30, 2020. Prior to the release, the Serum DEX team unveiled a command line interface and native non-custodial storage tool. Since day one, Serum DEX supports Bitcoin (BTC), Ethereum (ETH), Serum (SRM), Chainlink (LINK), Solana (SOL), FTT, XRP and MSRM coins. All assets are listed against the U.S. Dollar Tether (USDT) and the USD Coin (USDC).

Due to the fact that the Serum DEX launch was accompanied by a notable marketing company, the price of Serum (SRM) token pumped almost 100% in the last 7 days.

Serum DEX launches amidst SRM pump
Image by Coingecko

Some of the top-level trading platforms have listed SRM to their spot assets' suite. For instance, its trading went live on Binance on August 11, 2020, which resulted in 50x 'listing pump' of its inaugural price of $0.11.

One Launch, Two Pumps

It's obvious that a full-stack cross-chain contracts ecosystem built on Solana (SOL) will be an excellent use-case to prove high performance and a technological advance of the blockchain. At some scale, it made SOL token, a native asset of Solana blockchain to skyrocket in the last 24 hours.

SOl gained 20% against USDT in 24 hours
Image by Binance

The Solana (SOL) blockchain was invented by a former Qualcomm and Dropbox employee Anatoly Yakovenko. It demonstrates an impressive block speed of 400 ms and a very high bandwidth of 50,000 transactions per second.

As previously covered by CryptoComes, FTX Co-Founder Sam Bankman-Fried highlighted that Serum DEX engineers have a lot of work in progress.

👉 MUST READ First Crypto Contracts DEX Serum to Go Live This Week: FTX CEO Sam Bankman-Friedrelated article image

He teased about the following releases of API instruments and documentation. However, Serum DEX GUI is live and started with on-board traders.

Subscribe to on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

article writer image
Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)