Solana-Based Crypto Project Serum (SRM) Says It’s ‘Defunct’ After FTX and Alameda Collapse

The Solana (SOL)-based decentralized exchange (DEX) Serum (SRM) is updating its community as it faces fallout from the FTX collapse.

According to the Project Serum Twitter account, Serum’s mainnet is defunct after the disintegration of FTX left its security permanently compromised.

“What’s next for ProjectSerum:

With the collapse of Alameda and FTX, the Serum program on mainnet became defunct.

As upgrade authority is held by FTX, security is in jeopardy, leading to protocols like Jupiter Exchange and Raydium Protocol moving away from Serum.”

Jupiter Exchange and Raydium Protocol are both leading Solana-based swap aggregators, working in conjunction with the Serum DEX.

The Serum community is now leading an effort to fork its network into a new project called OpenBook. Serum says the future of SRM, which is currently down 98% down from its all-time highs, is uncertain, and that there are two main proposals.

“What about SRM token?

The future of SRM is uncertain. There are proposals from the community suggesting it to still be used for discounts and other proposals to not use it at all because of the exposure that FTX/Alameda have.”

OpenBook is currently calling for community feedback on how to move forward with the new project, including fee structure, tokens and governance.

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