The Serum protocol has completed its work

Representatives of the exchange from the Serum decentralized finance sector announced the completion of their work. The main reason for this turn of events was the collapse of FTX.

The announcement appeared on the FTX Twitter account. The company said that the main authority to update Serum was in the hands of FTX, which means that the security of their activities was at risk. In addition, they said that because of this, protocols like Jupiter Aggregator and Raydium may appear, which are moving away from Serum.

According to Serum, the future of the company is unclear. According to them, there are proposals from the community, according to which Serum can be used as further uses for discounts on exchange commissions. There have been other proposals that include a complete rejection of Serum due to the fact that they were directly associated with FTX and Alameda Research.

The company also reports that at the moment, despite this news, one of the forks of Serum is starting to gain popularity. We are talking about OpenBook, where the daily turnover already exceeds $1,000,000. According to them, it was the appearance of the platform that could have caused the liquidity and turnover of Serum to drop to almost zero values. Serum was also informed that platforms that use an alternative fork are safe.

Serum appeared in August 2020. At the very beginning, one exchange token cost $1.6, after which it set record values in May and September 2021, estimated at a cost of $11.1 and $11.8 apiece. After the price of Serum was able to almost reach the $12 mark, the exchange coin began to fall. Before the bankruptcy of FTX, the value of the token was $0.75, and after the collapse of the American exchange, the token lost 3 times in value, dropping to $0.25.

At the time of writing, one Serum is valued at $0.24. The total capitalization of the token exceeds the threshold of $62,000,000, and the daily trading volume of this coin was more than $14,500,000. It is also noteworthy that during the entire existence of Serum in the network, only 3 percent of the total emission was mined.