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SRM, the native token of the decentralized derivatives exchange Serum, saw its price increase by over 10 times right after launching. The project is a collaboration between FTX, a decentralized trading platform, and Solana, an interoperable blockchain platform. The Serum exchange will be powered by SRM, a governance token that will be burnt each week and will enable traders to earn discounts on the exchange.

A brand new DEX has just launched today, offering traders the ability to trade cryptocurrency derivatives on a completely decentralized platform. And while DEXs rise and fall by the dozens each week, this one has made the news thanks to the explosive growth its native token saw right after launch.

The Serum Project, a collaboration between the FTX exchange and Solana, an interoperable blockchain platform, will offer users physically settled cross-chain contracts. The decentralized exchange will be governed by the SRM token, which was officially released today on Binance, FTX, BitMax, HBTC, Uniswap, Balancer,  and 1inch.exchange.

SRM exploded upon listing, seeing its value increase over 1000 percent in less than 30 minutes. The coin’s issuing price was set at $0.11, but it managed to reach as high as $1.40 within an hour after the launch. While the SRM’s price managed to consolidate a bit, it’s still traded for $1.29 at press time.

Aside from providing users with the ability to trade on a decentralized platform, Serum has branded itself as an “antidote” to DeFi’s struggles.

https://twitter.com/SBF_Alameda/status/1293064953931264001

The platform relies on Solana’s decentralized oracle and offers cross-chain support that enables smart contract settlement. The platform also won’t suffer from the automated market-making (AMM) woes of decentralized exchanges—Serum will offer decentralized, automated, and entirely limit-order based order books to prevent mass liquidations during periods of volatility.

The SRM token, aside from acting as a governance token for the platform, will provide its holders with up to a 60 percent discount off trading fees. All of the fees accrued on Serum will do into an SRM buy and burn each week, keeping the supply stable.

Users that want to participate in the Serum ecosystem can stake their locked or unlocked SRM tokens—the platform offers a 4 percent return per year, with rewards distributed once every hour.

In addition to that, FTX has announced that will give out one free locked MegaSerum (MSRM), or 1 million SRMs, to the owner of a random SRM token staked on its platform, with the choice announced on Friday, Aug. 14.

Disclosure: The author of this article participated in SRM IEO and was allocated some tokens. 

The post This DeFi token by FTX went up 1000% right after launching  appeared first on CryptoSlate.

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