After the dramatic collapse of the cryptocurrency exchange giant FTX — Serum, a decentralized cryptocurrency exchange funded by FTX, notified its 215,000 Twitter followers that the project is “defunct,” while also referring users towards a community-led fork of the project.
Possible Revival With Serum Fork
Serum, still has some glimmer of hope with its fork, called the OpenBook. The community-led fork is currently live on the Solana blockchain and is processing a daily volume of over $1 million. Whereas the volume and liquidity for Serum have now dropped to levels which is negligible or zero.
The team at Serum further stated that,
“With Openbook’s existence Serum’s volume and liquidity has dropped to near-zero. Users and protocols are safe using an alternative fork such as OpenBook, after finding out security risks on the old Serum code”
FTX Hack The Final Blow?
It is believed that the security of Serum’s code was compromised when the FTX exchange was hacked earlier thi
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