Serum token is in danger of disappearing

Due to the problems caused by the collapse of FTX, the developers of the DeFi platform have asked the holders of the coin whether to continue using it for discounts or not to use it at all.
The Serum crypto project team proposed to stop using the SRM token due to the consequences of the collapse of the FTX exchange and its related company Alameda. The future of the token is uncertain, the developers wrote on Twitter , and invited the community to discuss the further fate of SRM: use the coin to receive discounts or not use it at all. Previously, the token allowed holders to receive discounts of up to 50% on trading fees.

What about SRM token?








The future of SRM is uncertain. There are proposals from the community suggesting it to still be used for discounts and other proposals to not use it at all because of the exposure that FTX/Alameda have.
Feel free to participate at @openbookdex
 
 
 
 





 
 
 
 
— Serum (@ProjectSerum) November 29, 2022






 
In 2020, now filing for bankruptcy, FTX and Alameda Research created the Serum Foundation and launched the Serum high-speed decentralized platform on the Solana blockchain. The liquidity of the DEX platform was provided by Alameda, and the FTX exchange held a significant part of its assets in the native token of the SRM project.
The current price of serum is $0.240688, and its 24-hour trading volume is $9,630,004. In the previous day, SRM price has decreased by 2.7%. A total of 1.09 billion SRM coins are available, with 370 million in circulation. Bitget is currently the most active exchange if you’re trying to purchase or trade serum.
 
 
 
 





 
 
 
 

Prior to filing for bankruptcy, the Sam Bankman-Fried exchange held $ 2.2 billion in SRM tokens. After the problems with FTX became known, the price of the coin fell by 73% from $0.73 to $0.24, and many token holders rushed to get rid of them.
The collapse of the exchange also led to the fact that the Serum program stopped working on the main network. Since the authority to update the platform belonged to FTX, protocols such as Jupiter Exchange and Raydium Protocol refused to work with the DeFi site for security reasons. At the same time, the Serum community has not given up and plans to support the project’s fork (parallel version) – the Openbook platform running on the main Solana network.





Since November 28, the Binance crypto exchange has stopped spot trading for 16 cryptocurrency pairs, including three pairs with the Serum token: SRM/BNB, SRM/BTC and SRM/USDT.

What is Serum?
 
 
 
 





 
 
 
 
Serum is a decentralized exchange (DEX) that offers decentralized finance great speed and cheap transaction costs (DeFi).
The matching engine and fully on-chain central limit order book are the foundation of Serum, the only high-performance DEX. In order to share liquidity and fuel their trading capabilities for institutional and retail customers, ecosystem partners can combine with Serum’s on-chain orderbook.
Due to high gas prices and sluggish transactions, users and developers are constrained by the popularity of DeFi and the expansion of DEXes on Ethereum. The traditional DeFi issues of centralization, low capital efficiency, and liquidity segmentation are also addressed by Serum.
The Serum token (SRM) offers its owners discounts on trading fees, staking rewards, governance rights over the protocol, and fee income.