The Solana-based decentralized exchange (DEX) has notified its community that the collapse of its backers — Alameda and FTX — has rendered its program “defunct”.
The team behind the project shared that “there is hope”, in spite of its ongoing challenges, because of the community option available to “fork” Serum.
What’s next for @ProjectSerum
With the collapse of Alameda and FTX, the Serum program on mainnet became defunct.
As upgrade authority is held by FTX, security is in jeopardy, leading to protocols like @JupiterExchange and @RaydiumProtocol moving away from Serum.
— Serum (@ProjectSerum) November 29, 2022
According to the announcement, “a community-wide effort to fork Serum is going strong”. OpenBook, the community-led fork of the Serum V3 program, is already live on the Solana Mainnet with over $1M daily volume, supported by continuous efforts to expand it and grow its liquidity.
The existence of OpenBook however poses a threat to Serum, because “with Openbook’s existence, Serum’s volume and liquidity has dropped to near-zero” as users and protocols prefer Openbook because it’s a safer option following the security risks associated with the “old Serum code” which was compromised in the FTX hack.
When it comes to its SRM token, the DEX shared that the “future of SRM is uncertain”, as community members…
