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After the FTX collapse, Solana developers are working to remove FTX control over Solana based Serum DEX. As Serum, an open source project was created by a consortium of partners including FTX, Alameda research and the Solana Foundation.
The Discussion of Solana Devs
In a recent tweet a Solana Developer stated that they are now forking Serum code and will soon remove FTX involvement. Anatoly Yakovenko, Co-founder of Solana Labs, made a response on a tweet of Ceteris, a crypto research platform.
Ceteris tweeted on November 13, 2022, that $2.1 Billion of listed assets on FTX’s balance sheet is getting forked. In response to this, Mr. Yakovenko replied that the devs that depend on Serum are forking the program just because the upgrade key to the current one is compromised.
On the other hand, Mango Max, also made an update in a long-tailed twitter thread related to FTX.
The developer leading the fork penned in the tweet that FTX security was breached on November 12, 2022 and it was not so clear which part had been compromised.
It must be noted that the Serum program update key was not controlled by the SRM DAO, but it is controlled by a private key that is connected to FTX. So, for this no one can affirm who has the control of this key and thus the power to make any update on the Serum program, possibly deploying malicious code.
In continuation of the twitter thread, it has been seen that most of the professional liquidity providers have immediately stopped trading. When the developer reached out to a couple of people who were previously involved with Serum then he got the answers as they wish they had more information so that they can help him out, but unfortunately they know nothing, and also added that everything that is related to FTX is compromised.
However, the Serum is a special project that inspired many developers, thus a couple of talented developers decided to take matters into their own hands and relaunch the project.
Additionally, a few community projects also have announced that they will work to integrate with this fork. And the core vision behind DeFi is to bring more transparency and open access to finance.
Serum All-time Price Performance
The SRM noted more than 70% drop after the announcement of FTX Chapter 11 filing. And it is currently performing at its all time low. The current Serum price is $0.187 USD with a 24-hour trading volume of $155.72 Million USD. Serum is down 27.88% in the last 24 hours.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
