Nevertheless, the project noted that “a community-wide effort to fork Serum is going strong.”
The Solana-based decentralized exchange (DEX) Project Serum has informed the community that it is now “dead” due to the failure of its supporters, FTX and Alameda.
What is the possibility of “forking” Serum?
Despite the project’s ongoing difficulties, the team behind it stated that “there is hope” due to the possibility of “forking” Serum.
A community-wide movement to fork Serum, it says in the statement, “is going strong.” With over $1 million in daily volume and ongoing efforts to grow its liquidity, OpenBook, the community-led fork of the Serum v3 program, is already operational on the Solana network.
Project Serum tweeted, “With Openbook’s existence, Serum’s volume and liquidity has dropped to virtually zero.” Given the unknown security risks connected to the “old Serum code” that was exposed in the FTX hack, users and protocols are safer using OpenBook.
Is the future of SRM uncertain?
The DEX stated that the “future of SRM is uncertain,” with community members reportedly having differing opinions on the matter. Some say it should be used “for discounts,” while others argue that given its exposure to FTX and Alameda, it shouldn’t be used.
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According to a report from Cointelegraph published on November 12, $659 million was stolen from wallets linked to FTX and FTX US.
Read more: After a few weeks, FTX starts paying its employees and contractors again.
Are protocols depend on serum markets?
The Solana developers forked the widely used Serum token liquidity hub after the FTX hack because several unauthorized transactions had compromised it. Anatoly Yakovenko, a co-founder of Solana, tweeted on November 12 that Serum’s developers were forking their code after learning that the upgrade key had been stolen. He also stated that many “protocols depend on serum markets for liquidity and liquidations.”