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- Serum has seen its market value jump to $494 million from $51 million this year.
- Serum Token is apparently associated with Sam Bankman-Fried, who is the head of trading firm Alameda Research and the FTX derivatives exchange.
- Serum token is a revolutionary token that will reconstruct the DeFi network.
Prices for the Serum Token (SRM) token scaled to an all-time high of $11.13, according to data firm Messari. Market capitalization now sits around $500 million, well below the $22 billion for the leading decentralized exchange Uniswap’s UNI token.
Serum Token is apparently associated with Sam Bankman-Fried, who is the head of trading firm Alameda Research and the FTX derivatives exchange. Bankman-Fried’s ability to stand out during a time when virtually all things crypto are having a moment is in itself head-turning said, Bloomberg.
Serum has seen its market value jump to $494 million from $51 million this year.
What is behind the price jump?
Some analysts have attributed the recent success of the Serum project and Solana blockchain to their association with Bankman-Fried. He has grabbed eyeballs for his $315 million deal to name the basketball team Miami Heat’s home arena after the FTX exchange.
Mira Christanto, a research analyst at Messari, says traders perhaps saw Alameda Research-related names as “safe havens” during last week’s crypto-market sell-off. Bankman-Fried told Coindesk he “isn’t sure” why serum has surged. But he said it was probably following Solana’s SOL tokens, which have climbed 24-fold this year.
Alameda Research, early last month, led investors in a $2 million fundraising round for Step Finance, a trading dashboard.
What is Serum?
Serum provides a user experience similar to what traders see on big centralized cryptocurrency exchanges. Analysts believe this could make the project more attractive to traders who seek faster and cheaper transactions.
Serum token is a revolutionary token that will reconstruct the DeFi network and the decentralized derivatives market.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
