$1.5 Billion in Ethereum Pool on Uniswap Awaits This DeFi Token Launch
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)
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.
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,
$SRM listing pairs:@BitMax_Official : USDT@FTX_Official : USDT, USD@binance : USDT, BUSD, BNB, BTC@UniswapProtocol : ETH@BalancerLabs : ETH@mesa_eth : ETH
— SBF (@SBF_Alameda) August 11, 2020
What would be your trading strategy for SRM tokens? Please share your views with us.
To get the daily price analysis, Follow us on TradingView
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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 Published at Tue, 11 Aug 2020 12:34:23 +0000
