DeFi

Serum Developers Are Rushing To Fork Its Code Without The Involvement Of FTX

Serum, a token liquidity center created by FTX, is being forked by Solana devs after FTX may have been hacked.

Anatoly Yakovenko, the founder of Solana, observed that programmers are scrambling to clone its code today and continue the protocol without FTX.

Because the original protocol can only be updated using a private key managed by someone at FTX and not the Serum DAO, developers require a newer version of protocol. That key could have changed as a result of the FTX hack.

Mango Max, a developer, claimed to be in charge of the Serum fork initiatives.

Several Solana applications that are known to use Serum have started to minimize their exposure. Jupiter, the biggest DEX aggregator exchange on Solana, informed customers that usage of this protocol liquidity would be suspended due to security concerns.

Due to security concerns, several projects, including Magic Eden, Mango Markets, and Phantom, indicated they would stop depending on Serum for liquidity and have suspended its use.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.