The SRM coin is a currency that represents the Serum project, which is a decentralized trading platform (DEX) that can be traded across different blockchain networks. Alternative digital currencies can rise to record levels and achieve high profits for their holders.

Reasons why SRM coin is up 1000%:

Yesterday, Serum coin was listed on several cryptocurrency exchanges, including Uniswap and Binance the latter which is the largest exchange by market capitalization.

The price of SRM rose from $0.11 to more than $1 in several seconds after the listing of Binance, with an increase of 1029%, as noted by popular crypto trader Scott Melker.

SRM dollars It is up 1029% on Binance today.

Read:Fidelity Launches Bitcoin ETF in Canada

This is ridiculous.

– Wolf of All Streets (scottmelker) August 11, 2020

Serum as we have told is a Decentralized Exchange (DEX) platform that will enable trading across different blockchain networks with a platform that is already running but not yet launched.

The Serum project was produced by a collaboration between FTXa crypto derivatives trading platform, and Solana, a blockchain platform that features low transaction fees, ultra-fast processing speed, and interoperability with other platforms including Ethereum.

This gives Serum a distinct advantage over other DEXs such as Balancer and Uniswap.

A maximum of about 10 billion SRM has been minted and allocated to the total coin supply.

However, the initial rolling stock is a fraction of that, and now totals SRM 161 million.

Serum and its role in DeFi:

Project Serum has three distinct coins which are as follows:

• SerumBTC is an “envelope” interest token that has a price attached to its underlying asset.
• SerumUSD is a stablecoin that is built on the traceable ERC20 standard, to enable smart contracts across physical-settled blockchains, to govern the currency, provides trading discounts on Serum, and is burned through revenue earned from transactions on the network.
• SRM is the main currency of the Serum platform.

In addition to Binance and Uniswap, SRM is now listed on a number of different trading platforms, including BitMax, HBTC, Mesa.Eth, Balancer, TomoDEX, 1Inch, and of course, FTX.

Read:The Reserve Bank of India (RBI) continues to push for a complete ban on cryptocurrency

The SRM token stake on Serum was also launched yesterday, allowing owners to earn a return on their coins for the first time.

Thank you so much to everyone who helped today

SRM storage is now available! – Earn a return on your serum.Tweet embed pic.twitter.com/DlCpTlFrKm

– SBF (SBF_Alameda) August 11, 2020

To participate in running an SRM Provisioning Node, the process requires that one million SRMs – called “MSRMs” – be available.

Mr. Sam Bankman-Fried, co-founder and CEO of FTX, leads the Serum project team, which became known in the field of decentralized finance after the launch of the FTX trading platform and Alameda Research.

Read:Japanese government seeks to simplify taxes on digital currencies

He told Matthew Graham, CEO of Sino Global Capital, which has invested in Serum:

The FTX team led by “Sam” is one of the most talented groups of entrepreneurs we have ever had the pleasure of knowing.

It’s DeFi time, and we’re confident Serum will be front and center.

Serum is aiming for an official launch in the coming weeks.

Anyone with 500 or more FTT tokens affiliated with the FTX platform, will be eligible for an “airdrop” process starting next Tuesday, with no cap on the amount of SRM that can be received.

Read also:

YFI coin rises to a new record after announcing its listing on Binance

For Entrepreneurs… Do Startups Really Need Blockchain Technology?