Monero (XMR), the popular privacy crypto, has not yet found its way into some of the major crypto exchange platforms like Coinbase and people were worried about where to buy Monero instantly. Moreover, the several regulations and bans such privacy cryptocurrencies have faced have worsened the situation. Therefore, XMR investors and supporters grew worried. However, there is a new update for Monero enthusiasts as a new cryptocurrency exchange platform that is specially focused on Monero, Bitcoin (BTC), and Ethereum (ETH), which is set to launch soon. Wondering what it is all about? Read further to know
Serai DEX: A Forthcoming Platform To Buy Monero Instantly
Serai is an upcoming decentralized crypto exchange platform, the developers of which are still unknown. A post by its developer under the Monero Reddit Category posted on July 8, 2022, made exciting and important revelations about the forthcoming crypto trading platform.
The 3 cryptos that they emphasized were BTC, ETH, and XMR, out of which the surprising one was obviously the Monero coin. This is because the other two are behemoths in the crypto industry and it is pretty certain that any digital currency exchange platform cannot omit them. Therefore, tailoring the network according to the odd one’s needs is all that makes it special not to forget the fact that we will have a new addition to the list of platforms to buy Monero online.
Following the aforementioned post, they also made a tweet concerning the same. Wherein, they requested XMR supporters to be a part of the final stages of Serai, which seems to be highly promising. They also mentioned a Discord link for the same. The work-in-progress exchange even has an official website where the upcoming updates and development of the same might be posted. The highlights mentioned on the unfinished site are mentioned below.
- Trade: The website mentions that one can buy Monero instantly along with other known cryptos through liquidity pools.
- Earn Yield: The platform will aim to enable discounts on transaction fees if the users provide sufficient liquidity to the platform.
- Risk Mitigated: Serai promises to reduce risks by storing users’ funds in decentralized multi-sig wallets.
- Build In Rust: It also mentions that this crypto exchange and its various components have been built from the ground up in ‘Rust’.
The aforementioned concept of multi-sig wallets is what makes this platform different from the ones that use atomic swaps, such as Haveno and Bisq. Serai has targeted easing user experience by introducing multi-sig wallets since the swap operates on the maker-taker concept, wherein the makers and takers have to run a node for every transaction and wait until the swap is executed. However, the above-mentioned form of wallet enables the users to generate liquidity without running any node. This kind of wallet also appeals to the UX community as seen by the amount of volume it has attracted compared to the classical designs.
Until now, the creators of Serai have revealed that they have finished building the latest Monero transaction library in Rust which only relies on the codebase of this privacy coin for two of its functions. This has led to a new-age design that prioritizes simplicity and will aid one to buy Monero instantly.
The announcement also mentioned that a new format specification for the Monero address has been worked on and published. Serai is expected to have a chain processor that will update data from other chains on the platform. Integration of FROST in Rust will provide high performance of the multi-sig wallets and is also included in the Monero library for enabling threshold signature transactions.
The creators also mentioned that they have been focusing beyond the advancement of the Monero library. It was highlighted that they are currently working on the blockchain network which will be responsible for carrying out transactions and trades on the platform. The network is supposed to be based on Substrate, an app development framework that aids developers in building future-proof blockchain networks in a faster and easier manner.
Monero Price Today
The XMR crypto has been seen recovering from the recent crash sessions. According to data by CoinMarketCap, a leading crypto price-tracker website, the Monero coin was up by 3.76% and traded at $128.35 at the time of writing today. The market capitalization of the coin stood at $2.3 billion, up by 3.78%. In addition, the 24-hour trading volume gained by a whopping 102.65% and was $134.79 million. This definitely indicates the increasing demand for this privacy token. However, it cannot be determined whether the aforementioned Monero news is a driving force for it or not.
The price actions might be affected as the update about the forthcoming platform to buy Monero instantly spreads to further people. The privacy token’s supporters are highly awaiting the launch as it seems promising to them. In addition, this development might even induce the Monero price prediction statistics by analysts.