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 says that the upgrade key to the existing program has been compromised and that the devs that rely on serum are now forking the program. This has nothing to do SRM or Jump. Many protocols rely on serum markets for liquidity or 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.

The SRM (serum) lost 70.5% against USD during the last day. Since the FTX fiasco, the token has been falling like a rock. SRM has lost 31.6% in the last 24 hour and 30.6% against bitcoin. SRM is currently at the 214th position in the 13,000+ crypto assets. The token has seen $30.59 Million in global trade volume in the last day.

Tags in this story

Altcoins. Anatoly Yokovenko. FTX Bankruptcy. FTX Exchange. FTX fiasco. Sam Bankman Fried. sbf. Serum. Serum devs. SOL. Solana. Solana. SRM. Upgrade Authority. Upgrade Authority compromised. Upgrade Authority tainted.
What do YOU think about Serum developers planning to fork Solana-based protocols? Let us know your thoughts in the comments below.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at News, is Jamie Redman. Redman is an active member in the cryptocurrency community from 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Redman has published more than 6,000 articles on News over the disruptive protocols currently in development since September 2015.

Image Credits: Shutterstock. Pixabay. Wiki Commons.

More Popular NewsIn case you missed it

Source link