Decentralized finance (DeFi) has reshaped the cryptocurrency market over the past year, drawing the attention of institutional investors and retailers as the traditional financial sector continues to support blockchain technology.

While most major DeFi protocols with significant volume and value locked to the platform run on the Ethereum (ETH) network, high fees and slow transaction times have allowed for projects like Serum (SRM), and decentralized exchange (DEX) running on the Solana blockchain (SOL). To increase popularity and market share.

4 hour SRM / USDT chart. Source: TradingView
Data from Cointelegraph Markets and TradingView shows that the price of SRM has risen 127% over the past two days, from its low of $ 5 on April 24th to a new all-time high of $ 11.47 on April 26, thanks to a record high of $ 1.621 billion in 24 volume trades.

Solana Network is gaining momentum
An important factor in Serum’s growth is the growing popularity of the Solana blockchain, which also spiked in price to a new record on April 26 as new users and projects continue to explore what the network has to offer.

SRM / USDT versus 4 hour SOL / USDT chart. Source: TradingView
The recent rise in SRM prices is partly due to an increase in the number of front-end user interfaces like Bonfida (FIDA) and Raydium (RAY) that provide access to Serum’s commercial books. This helped boost overall activity at the DEX and increase the value of its symbol in the eyes of investors.

Bonfida and Raydium were so successful that they effectively underestimated the original exchange interface developed by the Serum team and quickly became the interface of choice for the Solana community, as Bonfida has seen an increase in unique visitors and API requests in recent times. 24 hours.

Yuji! 65,000 unique visitors to Bonfida, Serum DEX’s most popular site, in the past 24 hours.

– Serum (ProjectSerum) April 26, 2021
Serum also provides token holders the ability to bid on tokens to take advantage of trading fees on the platform, and the token also has a buy-and-burn mechanism that helps reduce trading to increase the token’s value.

VORTECS ™ data from Cointelegraph Markets Pro began to define an optimistic outlook for SRM on April 24th, ahead of the latest rally.

Cointelegraph’s exclusive VORTECS Crude Score is a mathematical comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.

VORTECS ™ (green) indicates the price for SRM. Source: Cointelegraph Markets Pro
As shown in the chart above, the VORTECS serum evaluation index rose rapidly from a low of 49 on April 23 to a high of 69 on April 24, just two hours before the price began to rise by 130% over the next two days.

As decentralized finance is still in its infancy and the big-money players are diving into the cryptocurrency sector, networks like Solana and DEX like Serum seem to be next-generation protocols that help bring blockchain technology to the masses and foreshadow a new wave. The growth of the cryptocurrency ecosystem.