Solana-based decentralized exchange Serum announced it was shutting down due to the collapse of FTX.
“Since the authority to update is in the hands of FTX, security is in jeopardy. This entails the loss of protocols such as Jupiter Aggregator and Raydium moving away from Serum. There is hope, however. Led by Mango’s Max, community efforts to create a Serum fork are gaining momentum. Openbook is currently running on Solana’s core network with over $1 million in daily volume. Further efforts are underway to expand this project and its liquidity. Unfortunately, with the advent of Openbook, Serum’s volume and liquidity have fallen to near zero. It is safer for users and protocols to use an alternative fork like Openbook, after security threats were discovered in the old Serum code,” the developers stated.
The project team also said that the future of the SRM token is very unclear. Some community members suggested using it for discounts, while others advised against using the token at all because of the impact factor from FTX and Alameda.