The Solana (SOL)-based decentralized exchange (DEX) Serum (SRM) is updating its community as it faces fallout from the FTX collapse.
According to the Project Serum Twitter account, Serum’s mainnet is defunct after the disintegration of FTX left its security permanently compromised.
“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 Jupiter Exchange and Raydium Protocol moving away from Serum.”
Jupiter Exchange and Raydium Protocol are both leading Solana-based swap aggregators, working in conjunction with the Serum DEX.
The Serum community is now leading an effort to fork its network into a new project called OpenBook. Serum says the future of SRM, which is currently down 98% down from its all-time highs, is uncertain, and that there are two main proposals.
“What about SRM token?
The future of SRM is uncertain. There are propos
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