Solana-based DEX Serum Becomes 'Defunct', Plans Fork
Main page News, DEX, Cryptocurrency Exchanges, FTX, Solana

Decentralized cryptocurrency exchange Serum based on the Solana network has become defunct due to the collapse of Alameda and FTX. The project's team wrote in a tweet on Tuesday that the exchange's security is in danger, given that its authority is held by FTX.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

The team noted that the crypto community is already working on a new fork dubbed OpenBook. Led by @m_schneider, the forked version of Serum is currently seeking more liquidity as the exchange already has over $1 million of daily volume.

MakerDAO to Remove Alameda-linked renBTC from DAI Reserves

The team also said that with the closure of Serum, the future of its native token SRM is "uncertain." As per the team, there are proposals from the community "suggesting it to still be used for discounts and other proposals to not use it at all because of the exposure that FTX/Alameda have." It is also unclear if SRM investors are doomed to lost their money given that no fork for the token has been announced so far.

Founded in 2020, Serum was backed by FTX, Alameda Research and the Solana Foundation.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error