An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
Bitcoin (BTC) traded around $700 over the weekend, with a Friday night low at $11,330, and a Sunday night high at $12,030. The overall situation in terms of futures premium, funding rate, open interest, and volume has not changed a great deal.
A new decentralised exchange (DEX) named Serum will be launched by the FTX exchange in a couple of weeks. The starting point was an IEO (Initial Exchange Offering) last Friday with a Serum Token ($SRM).
The project will run on the Solana blockchain (not Ethereum) and will potenrially be able to do 71,000 transactions per second. The new blockchain seems to be very lucrative in terms of scalability and also costs. Additionally, Serum has also partnered with another crypto heavyweight: Chainlink.
Serum is to be fully trustless, highly scalable, cheap, fast, and completely interoperable with bitcoin and ethereum. Given the fact of its high interoperability means that it will be a huge advantage for traders expanding their trading activities (besides only ERC-20 tokens currently being offered on other DeFi exchanges such as Uniswap and Balancer).
The token ($SRM) is actually Serum’s Government Token based on the Solana blockchain, with a total of 10bn minted tokens. Around 31 mio tokens should be circulating after the IEO, with a 15% annual growth rate.
The token can be staked and also used to pay fees, giving the holders the opportunity to reduce trading costs massively. Roughly 90% of the tokens are designed for a long-term hold or lockup in order to ensure that the Serum team is here to stay for the long term. The IEO counted 3mio tokens, with a listing start on FTX and BitMax next Tuesday, August 11th.
We wish the Serum project lots of luck, and the traders/investors loads of success in trading $SRM tokens.