Daily Top Mover — Serum (SRM)
Major U.S. equity indices started the first 2023 trading session on a sour note. Tesla’s stocks plunged by 12.24% in the wake of poor December delivery numbers, dragging down the Nasdaq Composite index to round off the day with a -0.76% return. Meanwhile, the broader cryptocurrency market behaved unimpressively, with Bitcoin and Ether both down 0,05%, in the past 24 hours. The top mover for today, SRM, which registered a 24-hour return of 30.9% as of the time of writing, has outperformed the market, likely due to FTX’s unfolding saga and the praise from Vitalk on Solana.
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SRM is the native token of the decentralized exchange Serum built on Solana. Before FTX’s collapse, Serum was once the largest decentralized exchange on Solana, whereas other DeFi protocols lean on its liquidity to build innovative products. Serum was backed by Sam Bankman-Fried, and therefore leading to the plunge of SRM following FTX’s fallout. The outperformance of SRM overnight was likely due to revived hope that the FTX situation was less serious than claimed by current CEO John Ray III, where $3.5 billion worth of FTX assets may be safely kept by Bahamian authorities. However, as an investment project, Serum is not a creditor to FTX’s bankruptcy, and positive news from FTX’s unfolding saga is unlikely to improve Serum’s fundamentals.
What’s more, SRM surged, together with other tokens in Solana’s ecosystem, in the wake of praise from Vitalik on the Solana developer community in the past weekend. However, this is unlikely to continue in the long term as the Solana community is working on a Serum fork, OpenBook, to replace the original Serum project.
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Talk of the Town
( Source: https://www.hd.square-enix.com/eng/news/2023/html/a_new_years_letter_from_the_president_3.html )
Amidst the current bearish conditions in the crypto scene, popular Japanese firm Square Enix remains focused on the development of multiple blockchain games. In November 2022, the company behind popular Web2 franchises such as Final Fantasy and Dragon Quest announced its first Web3 game in the form of a digital collectible art project, Symbiogenesis, where players will decide whether to share or keep unique data and attempt to uncover a story. The game is set to be launched in Spring 2023. Meanwhile, President of Square Enix, Yosuke Matsuda, revealed in this annual 2023 letter that the company is preparing to release more Web3 project titles this year. Matsuda also emphasized his confidence in Web3, stating his hopes “that blockchain games will transition to a new stage of growth in 2023”.
Read next:Exxon And Chevron Abandon The Global Market And Focus On The Americas| FXMAG.COM
Check out what else is buzzing in the crypto scene today:
Gemini accuses DCG’s Barry Silbert over frozen funds on Germini Earn. (Link)
Italy approves 26% tax on cryptocurrency gains. (Link)
The Bahamas Securities Commission claims the current FTX CEO has made “material misstatements” when alleging collusion between FTX and the Bahamian government. (Link)
SBF pleads ‘Not Guilty’ to all Charges as Judge grants redaction of bail signers’ identities. (Link)
December was 2022’s lowest month in terms of hacking proceeds. (Link)
Source: Bybit Blog | FTX’s Unfolding Saga Buoys SRM Token; Square Enix Continues Focus on Web3
