Serum exchange became "defunct" after the collapse of Alameda and FTX
The project shared that "a community-wide effort to fork Serum continues", however.
New
Project Serum, the Solana-based decentralized exchange (DEX), has informed its community that the collapse of its backers - Alameda and FTX - has rendered it "disappeared".
The team behind the project shared that "there is hope" despite its ongoing challenges due to the option available to "fork" the serum.
What's next for @ProjectSerum
With the collapse of Alameda and FTX, the Serum program on the mainnet became obsolete.
Because upgrade authority is held by FTX, security is at risk, leading to protocols such as @JupiterExchange and @RaydiumProtocol diverging from Serum.
— Serum (@ProjectSerum) November 29, 2022According to the announcement, "A community-wide effort to fork Serum continues." OpenBook, the community fork of the Serum v3 program, is already live on Solana with a daily volume of over $1 million, supported by ongoing efforts to scale it and increase its liquidity.
"With the existence of Openbook, Serum's volume and liquidity has fallen to near zero," Project Serum tweeted. Users and protocols are safer using OpenBook given the unspecified security risks associated with "old Serum code" that was compromised in the FTX hack.
As for its SRM token, the DEX shared that "the future of SRM is uncertain" with community members apparently divided on the matter. Some think it should be used "for discounts", while others say it shouldn't be used at all given its exposure to FTX and Alameda.
Related:
The project shared that "a community-wide effort to fork Serum continues", however.
New
Project Serum, the Solana-based decentralized exchange (DEX), has informed its community that the collapse of its backers - Alameda and FTX - has rendered it "disappeared".
The team behind the project shared that "there is hope" despite its ongoing challenges due to the option available to "fork" the serum.
What's next for @ProjectSerum
With the collapse of Alameda and FTX, the Serum program on the mainnet became obsolete.
Because upgrade authority is held by FTX, security is at risk, leading to protocols such as @JupiterExchange and @RaydiumProtocol diverging from Serum.
— Serum (@ProjectSerum) November 29, 2022According to the announcement, "A community-wide effort to fork Serum continues." OpenBook, the community fork of the Serum v3 program, is already live on Solana with a daily volume of over $1 million, supported by ongoing efforts to scale it and increase its liquidity.
"With the existence of Openbook, Serum's volume and liquidity has fallen to near zero," Project Serum tweeted. Users and protocols are safer using OpenBook given the unspecified security risks associated with "old Serum code" that was compromised in the FTX hack.
As for its SRM token, the DEX shared that "the future of SRM is uncertain" with community members apparently divided on the matter. Some think it should be used "for discounts", while others say it shouldn't be used at all given its exposure to FTX and Alameda.
Related:
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