Popular Altcoin Hit by FTX Announces Dissolution!

FTX’s bankruptcy altcoin caused the project to be deeply affected and lost a great deal of value.

Investors FTX and Alameda avoiding funded projects FTT, LEFT and SRM had lost a great deal of value.

Decentralized cryptocurrency exchange powered by FTX Serum announced the termination of the project in an announcement published today.

Commenting on the future of SRM, the team stated that the future is more uncertain and different opinions prevail.

While referring the project community to Openbook, another fork of Serum on Solana, he made the following statements:

“With the collapse of Alameda and FTX, the Serum program on the mainnet was terminated.

A security hazard occurred because the upgrade authority is in FTX. This caused projects such as Jupiter Exchange and Radium Protocol to move away from Serum.

It’s on the Openbook Solana network and has over $1 million in daily volume. More efforts are being made to grow this project and its liquidity.

What does this mean for Serum?

Unfortunately, the presence of Openbook has reduced Serum’s volume and liquidity to almost zero.

Users have turned to alternative forks like Openbook.

So what will happen to the SRM token?

The future of SRM is rather uncertain. There are those in the community who still recommend using it, and there are those who suggest it should not be used at all because of the FTX/Alameda collapse.”

SRM FTX lost 85% after rumors of bankruptcy began, making up for some of those losses. SRM is trading at $0.22 as of our news time. His ATH was $13.7.

What’s next for @ProjectSerum

With the collapse of Alameda and FTX, the Serum program on mainnet became defunct.

As upgrade authority is held by FTX, security is in jeopardy, leading to protocols like @JupiterExchange and @RaydiumProtocol moving away from Serum.

— Serum (@ProjectSerum) November 29, 2022