A Defi Protocol That Is Supposed To Be "Trustless," But Could Have a Contaminated Upgrade Developers are pressured by authority to abandon the serum project.
Anatoly Yakovenko, the founder of Solana, stated that developers of Serum are planning to fork the platform, despite the fact that FTX and Alameda Research have both declared bankruptcy and that FTT's tokenomics raises red flags. FTX and Bankman-Fried, the CEO of FTX, were the initial developers of the decentralized exchange software known as Serum, which was developed on the Solana (SOL) platform. On Nov. 12, 2022, Yakovenko tweeted:

According to what we know, the developers who rely on serum are forking the program because the upgrade key to the most recent version has been stolen. Nothing about SRM or even Jump is relevant to this at all. The serum markets provide the liquidity and liquidations that are necessary for a significant number of regimens.

In response to the question of whether the developers "would they keep Alameda's assets or fork them out," Yakovenko stated that he "had no clue." On July 27, 2020, SBF made the announcement regarding Serum, and he further declared that "it's truly, utterly trustless." If, on the other hand, FTX were to hold Serum's upgrade authority as ransom, the phrase "trustless" would not be applicable until the protocol has forked.

The value of serum (SRM) fell against the dollar by 70.5% over the course of the past day, and ever since the FTX debacle started, the token has been plummeting at an alarming rate. The value of SRM has decreased by 31.6% during the past twenty-four hours and by 30.6% relative to bitcoin (BTC). SRM currently holds the 214th position among the more than 13,000 crypto assets that are in circulation due to its market capitalization of $102 million and the global trade volume of $30.59 million that occurred over the course of the previous day.