The unquenchable thirst for DeFi continues
The recent DeFi boom doesn’t look like moving over any time soon and this week another decentralized derivatives exchange token has surged 1500% hours after it was launched.
The latest DeFi token to show a huge increase is for the decentralized derivatives exchange Serum. The Serum Project is a new, non-custodial DEX that launched on August 11th and is a collaboration between centralized derivatives trading platform FTX, and Solana.
Launched less than 12 hours ago at the time of writing, the token has skyrocketed from the launch price of $0.10 to more than $1.87 according to coingecko.com.
Adding more fuel to the fire Binance then listed 4 trading pairs that were made available soon after the launch with trading volume surpassing $350 million in just over 12 hours. In addition to Binance, SRM has now been listed on a number of other popular exchanges and DeFi dapps, such as Uniswap, BitMax, HBTC, Balancer, TomoDEX, and 1Inch.
Derivatives
The newly launched Serum decentralized exchange (DEX) will be underpinned by the SRM governance token of which a maximum supply of 10 billion SRM has been allocated according to the official website, with the current circulation at about 160 million.
The Serum DEX will also feature a SerumBTC and a SerumUSD stablecoin that will make it possible to physically settle cross-chain contracts.
The increase in SRM price immediately following its launch is proof enough that traders, investors, and speculators are still very hungry for anything DeFi related. There is also the added wave of users getting involved with DeFi for the first time due to the huge amount of publicity the sector has been receiving lately.
Fundamental metrics
The DeFi ecosystem, particularly those dapps running on Ethereum, has continued to smash records in July and August 2020 in terms of total value locked, with the latest peak of $4.5 billion being reached on August 11 according to the new DappRadar DeFi tracking page.
It is important to note that whilst we see TVL moving ever upwards it does not represent a truly accurate picture of the sector. This can now be seen more clearly in the data below as for the first time DappRadar has infused unique daily active wallet data with TVL.
The trend shows that whilst the value locked is increasing the number of users is falling in August. This points to significant whale activity in the protocols.
These data additions to DappRadar are just the beginning of a series of product updates that will see us lead the way in regards to DeFi metrics.
As always we will continue to monitor developments. Make sure you bookmark the new DappRadar DeFi page and sign up to our newsletter below to get updates direct to your inbox.
