The decentralized finance (DeFi) realm has dramatically changed the cryptocurrency industry over the past year, and as the traditional finance industry has warmed to blockchain technology, it has attracted great interest from both institutional and individual investors.
Although the vast majority of DeFi protocols with large volumes and locked-in value operate on the Ethereum (ETH) network, high transaction fees and slow transaction times have enabled projects such as the decentralized exchange (DEX) Serum (SRM) operating on the Solana (SOL) blockchain network to gain popularity. .
According to Cointelegraph Markets and TradingView data, the SRM price gained 127 percent in the past two days and traded at $ 5 on April 24, and jumped to an all-time high of $ 11.47 as of April 26. The 24-hour trading volume was measured at $ 1,621.
One of the reasons behind the increase in SRM price is the increase in the number of front-end user interfaces such as Bonfida (FIDA) and Raydium (RAY), which offer access to Serum’s trading books. This increase led to increased activity in the decentralized exchange and increased the value of the token to investors.
Serum also offers token holders the ability to stake their tokens to earn returns on transaction fees on the platform. The token also has a burning mechanism that reduces the circulating supply to increase its value.