Serum crypto (SRM) is a decentralized exchange (DEX) built on the Solana blockchain. Let's talk more about it here.
Who Created Serum Coin?
Serum (SRM) was created by Sam Bankman-Fried, who is the CEO and founder of FTX, a cryptocurrency exchange. Serum is a decentralized exchange (DEX) built on the Solana blockchain, and it was developed in collaboration with the Solana team. The project aims to address the limitations of traditional centralized exchanges and offer a faster, more efficient, and decentralized trading experience. Sam Bankman-Fried is a prominent figure in the cryptocurrency industry and has been involved in various projects and initiatives within the space.
It was created to address the limitations of traditional centralized exchanges by offering faster transaction speeds, lower fees, and enhanced scalability. Serum aims to provide a seamless and efficient trading experience while maintaining a high level of security and decentral ization.
What Happened To Serum Crypto?
Around September 11, 2021, when it was revealed that 131,000 SRM had been burned within a week, the token achieved its all-time high of $13.72. However, it experienced a decline from that point, ending the year at $3.42. In 2022, SRM faced a downward trend similar to the broader crypto market. The token witnessed fluctuations in the first few months of the year, but after the depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency, it dropped to $0.9794 on May 12, 2022. Subsequently, the Celsius Network (CEL) crypto lending platform's withdrawal cancellation led to another dip, with SRM falling to $0.7517 on June 19, 2022.
Despite a brief recovery, with the token surpassing the dollar level, it fell again in mid-August, reaching a daily low of $0.75 on September 29, 2022. In early November, SRM showed signs of improvement, reaching a peak of $0.869 on November er 5. However, the collapse of FTX caused it to plummet to $0.1707 on November 14. Afterward, it experienced some recovery followed by further declines, closing the year at $0.1428.
Since then, SRM has seen renewed interest, and as of January 6, 2023, it was valued at approximately $0.1555. At that time, there were slightly over 263 million SRM tokens in circulation out of a total supply of just under 1.1 billion, result in a market cap of approximately $41 million, making it the 361st-largest cryptocurrency by market cap.
Summary
Serum crypto was among the numerous decentralized exchanges (DEXs) established in the past decade. Built on the Solana (SOL) blockchain, the platform operated in a permissionless manner, allowing two users to conduct transactions without requiring approval from a central authority fig. ure on the network.
