DeFi’s technological success has driven up the price of Solana and Serum tokens
Serum’ decentralized platform is built on the Solana blockchain.
On April 26, for example, there was a strong rise in the prices of Solana (SOL) and Serum (SRM) tokens, up 14.7% and 64.6%. SOL and SRM are renewing their absolute highs, being above $47 and $9.8, respectively.
The decline of bitcoin’s dominance in the digital asset market below 50% for the first time in the last 33 months has highlighted investors’ growing interest both in altcoins themselves and in the innovation behind one project or another.
The Serum project with SRM’s native token is a decentralized trading platform launched by the cryptocurrency derivatives platform, FTX. Serum builds on the Solana blockchain, which can process 50,000 transactions per second.
A technologically faster distributed registry, as well as low transaction fees have ensured interest in Serum’s platform from traders. The success of Serum also supports the growth of FTX native tokens traded under the ticker FTT: FTT went to an all-time high ($56.61) on April 15. After a downward correction for a few days, FTT is rising again, trading above the $50.4 level on April 26.
SOL has now risen to thirteenth place in terms of capitalization, leaving USDC behind, as well as the digital tokens of the VeChain project. Since the beginning of the year, SOL has appreciated more than 28 times. Interest in SOL is supported by the emergence of new projects based on the Solana blockchain, including both the DeFi direction and the NFT class token segment.
In March, it became known that a fund associated with the OKEx cryptocurrency exchange, Block Dream Fund, launched an investment structure focused on raising capital to support the Solana project. In the cryptosphere, some experts believe that Solana has the potential to become one of Ethereum’s main competitors in the DeFi and NFT space.
