Skip to main content

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."

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FireFaucet - An earning site that pays better for some than Cointiply

Comments

Post a Comment

Popular posts from this blog

BlackRock launches crypto ETF, certifies massive growth potential for crypto market

  Influential asset manager BlackRock has launched a blockchain index fund (ETF) that offers investors a way to invest in the crypto industry without having to invest directly in related cryptocurrencies. Accordingly, the world's largest asset manager, which currently has assets worth almost 10 trillion. US dollars managed, the so-called Blockchain and Tech ETF (IBLC) was launched this week. The $4.7 million ETF does not invest directly in cryptocurrencies or crypto investment products, but instead tracks various companies within the crypto industry. The ETF is made up of 41 different securities, of which the American crypto exchange Coinbase accounts for the largest share at 11.45%. They are followed by the Bitcoin ( BTC ) mining companies Marathon Digital Holdings (11.19%) and Riot Blockchain (10.41%). To still leave room for future investments in the crypto market, the ETF has a 9.15% cash component in US dollars. In addition to the launch of the new ETF, BlackRock has also publ...
Post a Comment
Read more

Not a bear market: According to the analyst, the current BTC decline is the same as in previous Bitcoin cycles

  According to one analyst, Bitcoin is behaving the same overall this year as it has in previous cycles. Bitcoin ( BTC ) will have “at least one more boost higher” before hitting all-time highs this halving cycle, analysts are currently saying. The well-known analyst TechDev has spoken on Twitter about the current state of BTC and said that contrary to many opinions, nothing unusual has happened in BTC/USD in 2022. Bitcoin in 2021: Nothing to see here Sentiment has also taken a hit, falling 40 percent from November's all-time high of $69,000. There is still “extreme fear” in the bitcoin and altcoin market. TechDev, known for his bullish views on Bitcoin, sees no reason to worry. He analyzed the new wallet addresses in relation to course behavior and shows here that the scenario from last year was by no means an isolated case. Back then, the number of new addresses made lower highs while the price made higher highs. "In 4 of the 6 corrections, there was divergence with price ma...
Post a Comment
Read more

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more