Serum exchange became "defunct" after the collapse of Alameda and FTX

The project shared that "a community-wide effort to fork Serum continues", however.

The Solana-based decentralized exchange (DEX) has informed its community that the collapse of its backers - Alameda and FTX - has rendered its program "dead".

The team behind the project shared that "there is hope", despite its ongoing challenges, due to the community option available to "fork" 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.

According to the announcement, "a community-wide effort to fork Serum is gaining strength." OpenBook, the community fork of the Serum V3 program, is already live on the Solana mainnet with a daily volume of over $1 million, supported by continued efforts to expand it and increase its liquidity.

The existence of OpenBook poses a threat to Serum, however, as "with the existence of Openbook, Serum's volume and liquidity has fallen to near zero" as users and protocols prefer Openbook as it is a safer option following the security risks associated with the 'old serum code' that was compromised in the FTX hack.

Regarding its SRM token, the DEX shared that "the future of SRM is uncertain", as commonly...