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Serum Burns $1M Tokens, Sends SRM to New High of $12

Serum_“Burns”_$1_Million_of_Tokens,_SRM_at_New_2021_Highs_above
  • Serum recently burned and dropped a combined $1.3 million of SRM.
  • Serum is one of the world’s top used DEX on the Solana blockchain.
  • The SRM price is trading at a new 2021 high, changing hands at $12.

Serum announced in a Twitter post on May 3, that it has currently burned and dropped to stakers a combined $1.3 million of SRM.

Serum is an actively used global decentralized exchange (DEX) that is on the Solana blockchain. Notably, users prefer the DEX due to its low transaction costs and speed. Also, the DEX destroyed 84,538 SRM or $1.03 million. At the same time, Serum dropped 21,134 SRM worth $254,000 to stakers.

The first Serum burn was in September 2020 where the exchange burnt $400K of SRM. The burn constitutes 100% of Serum’s revenue. Also, Serum burnt and dropped another $600K late in April 2021. Notably, a total of 50 million out of 10 billion SRM tokens are currently in circulation.

Still, the team is keen on limiting circulation to increase the scarcity of the SRM token through continuous coin burns.

According to the DEX project, they use 80 percent of trading fees as part of a buy-back program and burning. At the same time, the remaining 20 percent provides DEX hosting expenses.

Over time, the number of tokens burnt will rise in line with prevailing adoption rates. Moreover, the project’s creators predict they will attract a billion users and generate $1 trillion of assets in the near future.

According to CoinGecko, SRM is trading at a new 2021 price high of $12. Other than that, Solana is working on driving adoption via use of cheaper and higher output smart contract platforms.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.