Decentralized Exchange Serum 'No Longer Exists' Due to Collapse of Alameda and FTX

Solana-based decentralized exchange (DEX) Project Serum has told its community that it "no longer exists" due to the collapse of its backers, namely Alameda and FTX.

The team behind the project said that despite the ongoing challenges, there is still "hope" as Serum could still be "forked" .

The announcement states, "A collaborative effort to fork Serum is well underway." OpenBook, the community-driven fork of the Serum v3 program, is already active on Solana with over $1 million in daily volume. The community is constantly trying to expand it and increase its liquidity.

"With the existence of Openbook, Serum's volume and liquidity has been reduced to almost zero," Project Serum said on Twitter . Users and protocols are more secure using OpenBook because unspecified security vulnerabilities exist on the "old serum code" compromised by the FTX hack .

With regard to the SRM token, the DEX announced that the future of SRM is "uncertain" and the community is also divided on the matter. Some believe it should be used "for discounts" while others say it shouldn't be used at all given its connection to FTX and Alameda.

On Nov. 12, Cointelegraph reported that FTX was hacked. In the process, $659 million was stolen from wallets linked to FTX and FTX US.

Following the FTX hack, Solana developers forked the widely used token liquidity hub Serum after it was compromised by a series of unauthorized transactions. On November 12, Solana co-founder Anatoly Yakovenko tweeted that developers dependent on Serum had forked its code after the upgrade key was compromised. He added that many "liquidity and liquidation protocols depend on serum markets."

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