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.
A So-Called ‘Trustless’ Defi Protocol With a Possible Tainted Upgrade Authority Pushes Devs to Fork Serum Project
While FTX and Alameda Research have filed bankruptcy and FTT’s tokenomics highlights red-flags, Solana founder Anatoly Yakovenko says Serum devs are planning to fork the platform. Serum is a decentralized exchange software built on Solana (SOL) and it was originally crafted by FTX and FTX’s CEO Bankman-Fried. On Nov. 12, 2022, Yakovenko tweeted:
Afaik, the devs that depend on serum are forking the program because the upgrade key to the current one is compromised. This has nothing to do with SRM or even Jump. A ton of protocols depend on serum markets for liquidity and liquidations.
When asked if the devs “will they keep Alameda’s assets or fork them out,” Yakovenko replied that he had “no clue.” SBF announced Serum on July 27, 2020, and he further claimed: “it’s truly, fully trustless.” However, if FTX held Serum’s upgrade authority hostage, the term ‘trustless’ would not apply until the protocol is forked.
During the last day, serum (SRM) lost 70.5% against the U.S. dollar and the token has been dropping like a rock since the FTX fiasco began. SRM has lost 31.6% during the last 24 hours and 30.6% against bitcoin (BTC). The token has seen $30.59 million in global trade volume during the last day and its $102 million market capitalization, positions SRM in the 214th position among 13,000+ crypto assets today.
Tags in this story
What do you think about Serum devs planning to fork the Solana-based protocol? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons