Image Source
To the moon - After YFI, it is the turn of the SRM token of the Serum platform to see its price explode following the addition on Binance. In just 30 minutes, the token has seen a surge of over 1,000%.
The BINANCE effect
The addition to Binance is the Holy Grail for many crypto projects, and for good reason. This has often led to massive price increases. This was the case recently with the YFI token of the yEarn project, which saw a 70% increase in the space of a few hours .
However, the performance of the SRM token relegates that of YFI to the rank of amateurism. So, yesterday Binance announced the addition of the SRM token issued by the Serum project.
There followed a spectacular rise of 1000% taking the token from 0.11 to 1.25 dollars in less than half an hour . This rise has since continued until it reached an all-time high of $ 1.98 , eventually dropping back to $ 1.75 at the time of writing.
The Serum platform
The SRM token was introduced by the decentralized exchange platform Serum . This is the result of a collaboration between the FTX derivative product platform and the Solana interoperability project.
Serum has the particularity of offering a decentralized cross-chain exchange platform , unlike many DeFi projects restricted to Ethereum.
The SRM token, like a lot of DeFi tokens lately, is part of the governance token family . Of the 10 billion SRMs planned, 181 million pre-sold through an IEO (Initial Exchange Offering) last week.
Thus, it allows its holders to take part in decisions relating to the protocol.
Yet there is a catch. Indeed, although functional, the Serum platform has not yet been launched .
Once again, DeFi madness has struck. The launch of the platform is planned for the coming weeks, but in the meantime, the token remains of no real use. The future will tell us if this spectacular increase was only speculative or well-founded.
Please feel free to subscribe to CryptoPlanet360 on Youtube to get the latest videos about Crypto projects and Blockchain
Subscribe here: https://bit.ly/2NSkrOU
