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