Serum Eyes Community Fork For Survival Post FTX Crisis

The rapid collapse of FTX has caused many companies and the market to encounter a decline, and the entire market has felt the impact of the collapse.
  • Serum, with its fork named OpenBook, offers a ray of hope. 
  • The decision was made to fork the chain ultimately by Mango Max.

Serum (SRM), a decentralized cryptocurrency exchange financed by FTX, informed its 215,000 Twitter followers that the project is “defunct” after the spectacular collapse of FTX and directed them to a community-led fork of the project.

Serum, with its fork named OpenBook, offers a ray of hope. There is already a daily throughput of over $1 million being processed on the Solana blockchain thanks to the community-led fork. Although Serum’s once-vigorous volume and liquidity have dwindled to almost nothing. Serum’s coding security may have been breached when the FTX exchange was hacked for almost $500 million earlier this month.

Survival Key in Tough Times

One reason for this is because only trusted employees of the FTX exchange have “update authorization” to the system’s core code. Until recently, the FTX exchange has been using its decentralized equivalent, Serum, for trading and liquidity.

While the vulnerability was quickly discovered, it was impossible to safely patch the Serum in time. A number of developers, including Solana’s co-founder Anatoly Yakovenko, responded by suggesting a “fork” of the code.

The decision was made to fork the chain ultimately by Mango Max. He is the creator of the lending project Mango Markets. Furthermore, the business discussed the fate of its native Serum (SRM) token. Stating that its future is “uncertain” and that developers have advised abandoning it due to its exposure to FTX and its sister trading company, Alameda Research. A minority of suggestions have suggested using it for community-driven taxes and discounts. FTX filed bankruptcy recently following a $8B hole in its book.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.