• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

Serum (SRM) admits it ‘no longer works’

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

A representative of the DEX Serum (SRM) exchange on Solana stated that the venture could no longer proceed to function just after the FTX crash and encouraged consumers to switch to one more answer.

Serum (SRM) admits it is “no longer active”, urges consumers to fork

Serum (SRM), a when popular DEX on Solana and closely connected to Sam Bankman-Fried and the FTX exchange, abruptly announced on November 29 on Twitter with extra than 215,000 followers “no longer active”.

Related articles

User funds are no longer insured by the FDIC

User money are no longer insured by the FDIC

October 17, 2023
Smart Contract works on the Bitcoin network

Smart Contract performs on the Bitcoin network

October 14, 2023

Project wrote:

What’s following @ProjectSerum

With the collapse of Alameda and FTX, the Serum plan on the mainnet grew to become defunct.

Since the update authority is held by FTX, protection is in jeopardy, main to protocols like @JupiterExchange And @Raydium Protocol moving away from Serum.

— Serum (@ProjectSerum) November 29, 2022

“What awaits Serum?

After the collapse of Alameda and FTX, the Serum venture on the mainnet [Solana] it is no longer energetic. Since the update rights are managed by FTX, the protection of the venture is at stake, resulting in other protocols this kind of as Jupiter and Raydium to determine to abandon Serum.

On November twelve, the FTX exchange is mentioned to have been hacked, dropping up to $400 million. Since FTX’s within details is no longer stored secret, lots of worry that Serum is also beneath risk.

Serum also refers to SRM, the token that FTX/Alameda claims to hold a whole lot in spite of really very low liquidity in the industry.

What about SRM tokens?

SRM’s potential is uncertain. There are proposals from the local community to even now use it for reductions and other proposals not to use it at all due to the publicity FTX/Alameda has.

Feel no cost to participate in @openbookdex

— Serum (@ProjectSerum) November 29, 2022

“And what about the SRM token?

SRM’s potential is uncertain. Some recommendations from the local community even now want to use the token to lower charges, even though other individuals say it should not be touched any longer due to the fact FTX/Alameda even now holds a big sum of the token.

However, Serum has urged the local community to flip to OpenBook, an emerging DEX on Solana. OpenBook’s every day trading volume is all around $one million, even though Serum’s volume has dropped to zero.

Serum also refers to the venture fork hard work to take out FTX/Alameda influence by Mango Max, the developer of Mango Markets.

What does this imply for Serum?

Unfortunately, with the existence of Openbook, the volume and liquidity of Serum has dropped to nearly zero. Users and protocols are protected applying an alternate fork like Openbook, just after finding the protection hazards on the outdated Serum code.

— Serum (@ProjectSerum) November 29, 2022

Perhaps understanding the tricky circumstance Serum is dealing with, Binance made a decision to delist lots of SRM trading pairs on Nov. 28, leaving only the SRM/BUSD pair. However, the every day trading volume of SRM on Binance is at this time really very low.

1D chart of SRM/BUSD pair on Binance exchange at 21:45 on 29/eleven/2022

Synthetic currency68

Maybe you are interested:

Maybe you are interested:

Tags: AdmitslongerSerumSRMworks
Share76Tweet47

Related Posts

Michael Saylor’s Strategy Acquires 705 Bitcoin for $75 Million

by shark
June 3, 2025
0

Strategy led by Michael Saylor buys 705 Bitcoin worth $75 million, boosting long-term BTC strategy.

Ethereum Completes Pectra Upgrade Amid Technical Advancements

by shark
June 3, 2025
0

Ethereum's Pectra upgrade launched, enhancing staking capabilities and Layer 2 scalability.

Strategy Increases Bitcoin Holdings to Nearly 581,000 BTC

by shark
June 2, 2025
0

Strategy acquires 705 BTC for $75.1 million, boosting total holdings to 580,955 BTC as of June 2, 2025.

Ethereum Inflows Surge as Bitcoin, XRP See Outflows

by shark
June 2, 2025
0

Ethereum gains $321M in inflows; Bitcoin, XRP face $36M combined outflow in volatile market.

Strategy Acquires 705 Bitcoin for $75.1 Million

by shark
June 2, 2025
0

Strategy acquired 705 Bitcoin for $75.1 million to strengthen its Bitcoin-centric strategy. Michael Saylor leads the charge during volatile market...

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • Michael Saylor’s Strategy Acquires 705 Bitcoin for $75 Million
  • Ethereum Completes Pectra Upgrade Amid Technical Advancements
  • Strategy Increases Bitcoin Holdings to Nearly 581,000 BTC
  • Ethereum Inflows Surge as Bitcoin, XRP See Outflows
  • Qubetics Sells 514M Tokens in the Top Crypto Presale Race as Arweave and Stellar Move Slowly
  • Strategy Acquires 705 Bitcoin for $75.1 Million
  • OKX Releases 31st Proof of Reserves Report for May
  • Top New Meme Coins to Buy for 2025: Arctic Pablo, Gigachad, Ponke
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7