The decentralized exchange Serum’s SRM altcoin project on the Solana Blockchain has risen due to a development in the network. Cryptocurrency, which has also attracted the attention of investors in Turkey, has risen by more than 20 percent in the last 24 hours. Here are the details…
Expectation of hard fork in serum (SRM) network raises altcoin price
cryptocoin.com As we have also reported, one of the cryptocurrencies most affected by Sam Bankman-Fried and the FTX crisis was Serum. Last week’s FTX-Alameda collapse pushed the Solana community to the brink. Solana Foundation said in a statement; He said that as of November 6, he held 134.54 million SRM tokens and 3.43 million FTT tokens on FTX.
The cryptocurrency slumped below $0.20 from $0.47 on a weekly basis. Alongside the bankruptcy of FTX, the hacking was seen as an urgent hard fork call for Serum. After this development, SRM began to experience an uptrend. The coin managed to climb from $0.26 to $0.32. At the time of writing, it’s changing hands at $0.310.
The community was alarmed by warnings that security may have been compromised by the November 11 hack. Then he forked the project to copy the underlying software code and start from scratch. The alarms caused the SRM price to plummet, ranking the token among the biggest losers in the crypto markets. The backlash has made the token one of the biggest winners overnight.
What do the experts say?
Jupiter Aggregator, a major liquidity aggregator for Solana DeFi, made the statement. He tweeted on Tuesday that he is testing the integration of the new version and will “announce it as soon as it’s ready”. Analyst Riyad Carey of crypto analysis firm Kaiko Research commented on the price increase. He stated that this was probably due to the community “gathering behind the fork.” But he said it’s unclear how SRM will perform if the fork gains momentum.
Kaiko noted in a research report on Monday that SRM tokens experienced a sharp drop in market depth on crypto exchanges last week triggered by the collapse of Bankman-Fried’s crypto empire, including the FTX exchange and trading firm Alameda Research. That dynamic appeared to be changing on Tuesday.
According to Kaiko research director Clara Medalie, based on the total number of SRM tokens in the Serum order book, SRM’s liquidity on Binance is now higher than before the crash. Medalie said market makers have “built support for SRM on Binance since the crash.”
Solana founder made a statement
Anatoly Yakovenko, co-founder of Solana, tweeted on November 12. He said the developers affiliated with Serum forked the program “because the upgrade key to the existing one was compromised.” “A ton of protocols depend on the Serum markets for liquidity and clearance,” he said. According to Brian Long, a validator, the effort to replace Serum with a community-led version has renewed market interest.
The total value locked (TVL) of Solana-based apps has also fallen 70 percent since November 2, which pointed to Alameda’s troubled balance sheet. Medalie stated that a sudden price increase for SRM may not be a strong indicator for its future movements. Because he said there was “a big void that Alameda has left.”
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