This new DeFi token just rocketed 1,609%: here’s why

Serum has skyrocketed 1,609% just hours after it was launched

Project Serum has skyrocketed from $0.10 at launch to hit $1.98 just hours later, the biggest gainer of the day in a market that saw major declines for the top cryptocurrencies.

According to data from market aggregator CoinMarketCap, the token’s price reached a high of $1.98.

Although Serum is yet to be fully launched, the project is attracting serious attention from crypto traders. Serum promises to help DeFi protocols surmount problems related to lack of liquidity, scalability and interoperability.

Trustless and fully decentralized

Serum is built on Solana, a blockchain platform that can process up to 50,000 transactions per second, all without a sharding implementation. Its TPS is nearly 10,000 times more than that of Ethereum, with transactions allegedly one million times cheaper.

Serum bills itself as “the world’s first completely decentralized derivatives exchange,” that will not just be  just fast and cheap but also “fully trustless”.

According to defiprime, holders of the Serum token will access discounts on trading fees, as well as stake their holdings to earn rewards. The token’s governance also features a buyback or burn model.

Serum has trading pairs against USDT and USD on FTX and USDT, BUSD, BNB and BTC on Binance. Other trading pairs are SRM/ETH on both the Uniswap Protocol and Balancer Labs.

At the time of writing, SRM/USD is trading at around $1.86 and is still 1,587% higher on its price over the past 24 hours. CoinGecko ranks the Serum as the 141st largest cryptocurrency with a market cap of $57,629,384 and a 24-hour trading volume of $485,084,976.