New DEX From The FTX Team
If you are not using FTX and you are a derivatives trader then you are really missing out! I have often mentioned FTX and how they are outpacing the competition . Look at Bitmex for example: withdrawal fees are 0.001 BTC, while FTX is completely free! On top of that, they are listing DeFi projects at an alarming rate and just added SRM a few days ago.
SRM is the native token of the yet to be launched decentralized derivatives exchange, Serum. This is a new project by the CEO of FTX, Sam Bankman-Fried and promises to be a beast if FTX is anything to go by. These guys have really been ripping it up when it comes to being on the cutting edge of Crypto and especially DeFi. They were quick on the trigger to list Balancer and Compound back in the day.
They have an absolutely massive arsenal of leveraged tokens that are just simply brilliant and always seem to be listing something new and ground breaking.
The screenshot above is the daily chart of SRM the day it launched on FTX and shows just how fast this token appreciated in price. With daily gains in excess of 1000% and a recent listing on Binance, we should see SRM hit a couple of dollars in no time.
Serum will be a fully decentralized derivatives exchange that will be governed by the SRM token, of which there is a limited supply of 10 billion. Currently there is a circulating supply of 160 million tokens. The DEX will also offer a SRM BTC and SRM USD, which will enable cross-chain contracts to be settled.
SRM holders can also stake SRM via the FTX exchange at an annual return rate of 4% if they choose to earn some passive income. Serum has been built on Solana for the main reason of enabling speed and should also help the Solana price in the short to medium term.
I am super excited to test Serum out as soon as it launches, it promises to not disappoint!
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