$1.5 Billion in Ethereum Pool on Uniswap Awaits This DeFi Token Launch

By Nivesh Rustgi
Published August 11, 2020 Updated August 11, 2020
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$1.5 Billion in Ethereum Pool on Uniswap Awaits This DeFi Token Launch

By Nivesh Rustgi
Published August 11, 2020 Updated August 11, 2020

The launch of the Serum Decentralized Exchange (DEX) on Solona is due today, and along with it the issue of $SRM tokens will also take place. SBF, the founder of CEO of FTX exchange and lead on the Serum DEX project tweeted,

…tonight is the night for $SRM; it’s listing globally in just under 8 hours. And I can confidently say that this is the most electric listing I’ve been a part of. (the tweet was sent earlier today) 

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Indeed in less than an hour, we can expect more trading of the SRM token than the DeFi is tracking itself. The size of the ETH pool on Uniswap is proof.

defi market capitalization
Market Capitalization of Top DeFi Projects (Source)

SRM is the governance token for the platform. It will be burned equivalent to the fees earned from the Serum exchange and holders will get a discount on trading fees. The total supply of SRM is 10 billion out of which 1 billion is unlocked.

Uniswap is the leading DeFi exchange build on Ethereum, it eliminates the problem of buyer and seller side liquidity by employing ETH pools. The above Serum pool is looking to create a heavy demand for trading $SRM tokens.

Willy Woo, leading on-chain crypto analyst sees the pumps on Uniswap as initial experimentation with the utility of crypto with a great potential to flourish. He tweets,

Uniswap is incredible, demonstrates what’s possible for users. No counterparty risk, private key secured, all made possible on smart contracts. Sure the brrrr right now that it enables is a game of zero sum poker game for traders, but that in itself enables the underlying tech.

The list of other centralized and decentralized exchanges who will be adding SRM trading are,

What would be your trading strategy for SRM tokens? Please share your views with us. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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