Decentralized finance (DeFi) has reshaped the face of the cryptocurrency market over the past year, attracting the attention of both institutional investors and retail traders alike as the traditional financial sector continues to warm up to blockchain technology.
While the majority of largest DeFi protocols that have a significant amount of volume and value locked in the platform operate on the Ethereum (ETH) network, high fees and slower transaction times have allowed projects like Serum (SRM), a decentralized exchange (DEX) that operates on the Solana (SOL) blockchain, to rise in popularity and gain market share.
Data from Cointelegraph Markets and TradingView shows that the price of SRM has rocketed 127% higher over the past two days from a low of $5 on April 24 to a new all-time high at $11.47 on April 26 thanks to a record $1.621 billion in 24-hour trading volume.
Solana network gains traction
A major factor in the growth of Serum is the rising prominence of the Solana blockchain, which has also seen its price surge to a new record high on April 26 as new users and projects continue to explore what the network has to offer.
The recent surge in the price of SRM is in part due to the growing number of front-end user interfaces like Bonfida (FIDA) and Raydium (RAY) that offer access to Serum’s trading books. This helped to boost the overall activity on the DEX and has lifted its token value in the eyes of investors.
Bonfida and Raydium have been so successful that they actually led to the depreciation of the original swap UI developed by the Serum team and are quickly becoming the interfaces of choice for the Solana community, with Bonfida experiencing a surge in unique visitors and API requests over the past 24-hours.
— Serum (@ProjectSerum)