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According to Solana founder Anatoly Yakovenko, the Serum developers are forging the platform because the “upgrade key to the current one is compromised”. Serum, created by FTX’s Sam Bankman-Fried (SBF), was touted as “completely permissionless,” but now that the exchange has gone down, Serum’s upgrade authority is suspected to be tainted.

**Editor’s Note: An update was added to the end of this story at 6:50 PM (ET) on November 13, 2022, to indicate that Serum’s developers forged the protocol.

So-called ‘trustless’ Defi protocol with possible tainted upgrade authority drives devs to create serum project

While FTX and Alameda Research filed bankruptcy and FTT tokenomics highlight red flags, Solana founder Anatoly Yakovenko said Serum developers are considering forking the platform. Serum is a decentralized exchange software built on Solana (SOL) and it was originally designed by FTX and the CEO of FTX Bankman Fried. On November 12, 2022, Yakovenko tweeted:

As far as I know, developers who depend on the serum are forking out of the program because the upgrade key to the current key is compromised. It has nothing to do with SRM or even Jump. A ton of protocols rely on serum markets for liquidity and liquidations.

When asked if the developers “are going to keep the Alameda assets or shell them out,” Yakovenko replied that he had “no idea”. SBF announcement Serum on July 27, 2020, and he further claimed, “it’s really, totally trustless.” However, if FTX held the Serum Upgrade Authority hostage, the term “trustless” would not apply until the protocol is forked.

Over the past day, Serum (SRM) has lost 70.5% against the US Dollar and the token has fallen like a rock since the FTX fiasco began. SRM lost 31.6% in the last 24 hours and 30.6% against bitcoin (BTC). The token recorded a global trading volume of $30.59 million in the past day and its market capitalization of $102 million places SRM at 214th position among more than 13,000 crypto assets today.

According to a Twitter thread published by Mango Max, the developers have forked the Serum protocol and the community is moving forward. Key markets have been launched and “community projects have announced that they are working to integrate into this range”, Mango Max wrote.

Keywords in this story

Altcoins, Anatoly Yakovenko, ftx, FTX Bankruptcy, FTX Exchange, FTX Fiasco, Sam Bankman Fried, sbf, Serum, Serum Developers, FLOOR, Solana, Solana (SOL), SRM, upgrade authority, upgrade authority compromised, tainted upgrade authority

What do you think about Serum developers considering forking the Solana-based protocol? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons

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