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

Published 05/04/2021, 05:17 AM
Updated 05/04/2021, 05:30 AM
Serum Burns $1M Tokens, Sends SRM to New High of $12

  • 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...

This article was first published on coinquora.com

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