Project Serum, a decentralized exchange (DEX) that was based on the Solana network has become dysfunctional.
The exchange officials communicated the sad news to the entire community in their latest update on facing financial issues.
Serum is Now Defunct
Now defunct, Serum was a DEX that was operating on the Solana blockchain. Both, the DEX and the network it operated on are heavily backed by the “now bankrupt”, FTX exchange and Alameda Research.
Due to the collapse of both major platforms, the DEX has been rendered as an entity that is now defunct. Therefore, it is no longer an operating decentralized exchange that the users can interact.
As the backers are no longer there to support Serum, it has no choice but to go defunct amidst the crypto winter period.
There is Hope for Serum
Despite the official announcement made by the Serum executives, the team behind the project stands its ground claiming there is hope to save Serum.
As per the project teams, there is a very high chance of bringing Serum back to life amidst the ongoing challenges. According to the project teams, there is a chance of saving Serum if they fork the exchange.
The Serum community is strongly supporting the proposal to save the exchange by implementing the fork. So far, the effort has grown throughout the community and they are all supporting the proposal.
Future of SRM Token
SRO Token, which is the native token on the decentralized exchange (Serum) is also a huge topic among the exchange community members.
Given the current situation of the Serum exchange, the investors are also concerned about the future of the SRM Token. They want to know whether the token is going to survive or not.
Answering the concern of the community about the SRM Token, the officials at the exchange have stated that they are uncertain about the token’s future.
The SRM Token community is divided into two sides when it comes to the future of the token. Half the community has positive hopes for the token while the rest of the members believe it is going to end.
The community members are of the view that going forward, the SRM Tokens should be used for the purpose of discounts. Then there are those who are of the view that the tokens should not be used at all.
Serum has taken huge damage due to the downfall of the FTX exchange and its US subsidiary “FTX US”. Just when the FTX exchange announced its bankruptcy, it was drained of $659 million worth of crypto.
The exploit has also dented the overall status of the Serum exchange and it has been rendered defunct.
Following the update, SRM Token’s trading price has dipped by 2.04% in the past 24 hours. It is now trading at a low of $0.2348 with an uncertain future ahead.