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Serum (SRM) Announces its Participation in Project Galaxy’s New Solana Campaign

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Serum, a decentralized exchange (DEX) and ecosystem that promises to bring unprecedented speed and low transaction costs to DeFi, recently announced on Twitter its participation in Project Galaxy’s new SOLCool campaign.

The campaign revolves around Project Galaxy featuring 27 different Solana protocols in a new campaign created to celebrate the project’s arrival to Solana — one of the fastest smart contract-featuring blockchains that serve as Ethereum alternatives.

Project Galaxy aims to make this arrival to Solana as noticeable as possible, which is why it is organizing the biggest multi-chain “feast” in Web3, as its own announcement reads. And Serum intends to join this party.

What do you need to know about Serum?

As mentioned, Serum is a decentralized exchange that aims to increase the speed and reduce the cost of transactions in DeFi. It is currently the only high-performant DEX designed around a fully on-chain central limit order book and matching engine, which makes it stand out quite a bit from its peers.

The Serum ecosystem partners can compose with the DEX’s on-chain orderbook in order to share liquidity, as well as power their trading features for retail and institutional users alike.

Serum grew quickly and strongly thanks to the popularity of the DeFi sector, which blew up in 2020. DEXes surged on Ethereum, and then on its rivaling blockchains, as well. The problem with Ethereum, however, is that both users and developers are limited by high transaction costs and slow transactions.

The growth of DeFi on the Ethereum blockchain, as well as NFTs and now metaverse that came later, only increased this problem, which is why Serum emerged to try to resolve it. In addition, Serum also aims to solve the issues of centralization, low capital efficiency, as well as liquidity segmentation.

It has a native cryptocurrency called the SRM token, which acts as a utility and governance token alike.

SRM price performance

SRM token saw a massive increase in 2021, initially reaching an all-time high in mid-May last year when it reached $11.73. At the time, this was the token’s all-time high, which was then followed by a crash as the market turned bearish. However, in the second half of July, the token’s price started to grow again just after reaching the bottom at $2.46.

This second growth brought the coin to $8 about a month after hitting bottom, and while this resistance initially stopped it from progressing, and even rejected it to $6.4, the token soon resumed growth. It then skyrocketed again and this time, it even outperformed its former ATH, surging to the new one at $12.5, which it reached on September 12th.

This ATH is still the largest point that SRM has reached to date, and it was followed by a crash to the support level at $7. After being stuck between this support and a resistance at $9 for about two months, the coin broke the support after another crash in November.

Ever since then, it has been breaking one support after another and sinking further and further down until it found a new bottom at $2 on January 24th, 2022. As February kicked off, however, the token started growing until it reached $2.73 on February 7th. This was followed by another price drop that brought the token to $2.29, which is where it sits at the time of writing.

To learn more about this token visit our Investing in Serum guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.