With the collapse of Alameda and FTX, the Serum program on mainnet became defunct
A representative of the DEX Serum (SRM) exchange on Solana stated that the project could no longer continue to operate after the collapse of FTX and recommended users switch to another solution.
Serum (SRM) admits “no longer active,” urges users to switch to a fork
Serum (SRM), a once famous DEX on Solana and has a close relationship with Sam Bankman-Fried and FTX exchange, on November 29 suddenly announced on Twitter with more than 215,000 followers that are “no longer active.”
However, there is hope.
Led by Mango’s Max, a community-wide effort to fork Serum is going strong.@openbookdex is currently live on Solana mainnet with over >$1M daily volume. Further efforts to expand this project and its liquidity is underway.https://t.co/OhbUXqBRdt
— Serum (@ProjectSerum) November 29, 2022
On November 12, the FTX exchange is said to have been hacked, losing up to 400 million USD. Since FTX’s inside information is no longer kept secret, many are concerned that Serum is also under threat.
Serum also refers to SRM, the token that FTX/Alameda claims to be holding a lot despite the extremely low liquidity in the market.
However, Serum called on the community to turn to OpenBook, an emerging DEX on Solana. OpenBook’s daily trading volume is around 1 million USD, while Serum’s volume has dropped to zero.
Serum also refers to an effort to fork the project to remove the influence of FTX/Alameda being carried out by Mango Max, the developer of Mango Markets.
Perhaps because of the difficult situation that Serum is facing, on November 28, Binance decided to delist many trading pairs of SRM, leaving only the SRM/BUSD pair. However, the daily trading volume of SRM on Binance is currently very meager.
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