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Saturday, May 15, 2021

Serum Reaches New All-Time High, Solana Adoption Has Gains Traction

The price of Serum has recently successfully managed to hit another record high. On the other hand, the lightning-quick speed of transactions and low fees are continuously attracting new users to the ecosystem of Solana.

The cryptocurrency market has been reshaped by decentralized finance since the last year. They have brought attention from both retail investors as well as institutional investors. As a result, the traditional financial market has been continuously warming up to blockchain technology.

New Upward Journey For Serum

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Even though most of the leading DeFi protocols which possess the highest amount of trading volume along with the locked value in the platform function on the Ethereum network proved beneficial for Serum. SRM mainly functions on decentralized exchange with the help of the Solana blockchain.

In addition, they offer significantly less transaction time and fees. This led to the rise of popularity and profit in market share.

According to the reports of TradingView and Cointelegraph Markets, SRM price has skyrocketed almost 127% more as compared to the last 2 days. SRM was at a $5 low on 24th April and managed to hit their $11.47 all-time high on 26th April. This also helped to surge their trading volume in 24 hours to a staggering $1.621 billion.

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Solana blockchain has faced considerable traction in the rise of SRM. The latest spike in SRM price is partly owing to the reason that there is an increasing number of user interfaces of the front-end. These include Raydium and Bonfida that provide access to the trading books of Serum.

This led to the 130% rally of SRM in the last 2 days. In addition, SRM also provides token holders the power to stake their own tokens in order to earn yield from the trading fees.

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