FTX-backed DEX Serum becomes ‘defunct'

Cryptocurrency news since the collapse of FTX earlier this month has featured more and more on the impact of the implosion on other businesses. As we reported earlier today, crypto lender BlockFi filed for bankruptcy, with FTX's collapse the main factor behind it.

Timeline of Serum

Serum, via its official Twitter clarified that it was no longer being used by major DeFi protocols on the Solana blockchain. The post FTX-backed DEX Serum calls itself ‘defunct,' promotes community fork appeared first on The Block.

The Serum (SRM) price has broken down from a long-term support area and could decrease to a new all-time low. The post Serum (SRM) Price Bullish in Short-Term, but Longer Time Frame Paints a Different Picture appeared first on BeInCrypto.

According to Solana's founder, Anatoly Yakovenko, Serum developers are forking 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 fallen, it's suspected that Serum's upgrade authority is tainted.

Serum (SRM) has struggled against tether (USDT) in recent weeks, rising above $0.8 as the price of Serum (SRM) remains range-bound. For weeks, the price of Bitcoin (BTC) fluctuated between $19,500 and $20,000, with the price stalling on the next movement.

The blockchain industry is expanding unpredictably, with new projects surfacing regularly. As they provide users with greater returns on their investments, the impact of modern projects has continued to soar. One such initiative with substantial use cases for the present and the future as well as with earning potential is Serum (SRM).