Hello everyone, hope you are all doing great. I welcome you all to my sixth homework task provided by @besticofinder. Thanks to @steemitblog for this awesome initiative. It's always a tough job to pick up one altcoin from the list of altcoins because there exist thousands of coins with a bright future. Today I will outline the potential coin Serum(SRM) in this post.
The serum is a DeFi project built on the solena blockchain. The solena blockchain may be quite unfamiliar to us. To introduce Solana blockchain, Solana is offering something interesting to crypto lovers. The reason why the solena blockchain is unique lies in its transaction cost and transaction speed. Solana Blockchain can execute 50,000 transactions per second (tps) at present where ethererum can perform 15 transactions per second (tps) now. Also, the cost of a transaction is $0.00001 which is almost negligible. Serum’s governance token is known as Serum ($SRM). Though It is based on the Selena blockchain, It has an alternative Ethereum(ERC-20) version too. Serum support cross-chain trading and to perform this, no KYC is needed. Another feature of Serum is Its completely inter-operable with Bitcoin and Ethereum. This provides the opportunity to the traders to trade other cryptocurrencies besides ERC-20 tokens on DeFi platforms. Overall, cross-chain support, scalability, and other unique features have made this project a promising DeFi protocol.
"Market Cap & Rank"
According to coinmarketcap, the position of the SRM coin is 152nd and the total market cap of this coin is 263.01 Million USD. The reported 24h trading volume is 115.80 Million USD. That means the coin has a huge demand on the market.
SRM is listed in major crypto exchanges like Binance, OKEx, Bithumb, BitMax, Probit, Upbit, WazirX, etc.
- Sam Bankman-Fried(Co-Founder): He is also the CEO of FTX crypto exchange and a co-founder of Alameda Research. He has graduated from the Massachusetts Institute of Technology(MIT). After 3 years of experience in trading, he established this project with some of his teammates of the FTX exchange team.
The project serum and the co-founder of this project are very much active in the global crypto community like Twitter. Below are some links associated with this project:
- Project Website
- Project Official Twitter
- Co-founder Official Twitter
- Blockchain Official Twitter
I think this project has great potential. Maybe, It can't compete with bitcoin and ethereum, It has some uniqueness that made it a strong altcoin in the market. Usually, the price of the coin does not fall so much in the bearish run, again on the bullish run, it increases accordingly. That's made a huge demand among the investors.