Home / BITCOIN / SBF’s ‘Truly Trustless’ Protocol — Serum’s Upgrade Authority May Be Tainted, Devs Look to Fork Project

SBF’s ‘Truly Trustless’ Protocol — Serum’s Upgrade Authority May Be Tainted, Devs Look to Fork Project

Concording 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 hawked as “completely permissionless,” but now that the exchange has fallen, it’s suspected that Serum’s upgrade authority is tainted.

**Editor’s Note: An update has been supplemented to the end of this story at 6:50 p.m. (ET) on Nov. 13, 2022, to reflect that Serum devs have forked the protocol.

A So-Called ‘Trustless’ Defi Outline With a Possible Tainted Upgrade Authority Pushes Devs to Fork Serum Project

While FTX and Alameda Check in have filed bankruptcy and FTT’s tokenomics highlights red-flags, Solana founder Anatoly Yakovenko says Serum devs are drawing 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, the devs that depend on serum are forking the program because the upgrade key to the posted one is compromised. This has nothing to do with SRM or even Jump. A ton of protocols depend on serum markets for liquidity and liquidations.

When entreated if the devs “will they keep Alameda’s assets or fork them out,” Yakovenko replied that he had “no clue.” SBF preceded Serum on July 27, 2020, and he further claimed: “it’s truly, fully trustless.” However, if FTX held Serum’s upgrade sage hostage, the term ‘trustless’ would not apply until the protocol is forked.

During the last day, serum (SRM) lost 70.5% against the U.S. dollar and the remembrance has been dropping like a rock since the FTX fiasco began. SRM has lost 31.6% during the last 24 hours and 30.6% against bitcoin (BTC). The remembrancer has seen $30.59 million in global trade volume during the last day and its $102 million market capitalization, hypotheses SRM in the 214th position among 13,000+ crypto assets today.

According to a Twitter thread published by Mango Max, developers be subjected to forked the Serum protocol and the community is moving forward. Key markets were launched and “community projects have told that they are working to integrate with this fork,” Mango Max wrote.

Tags in this story
Altcoins, Anatoly Yakovenko, ftx, FTX Bankruptcy, FTX Reciprocate, FTX fiasco, Sam Bankman-Fried, sbf, Serum, Serum devs, SOL, Solana, Solana (SOL), SRM, upgrade authority, upgrade authority compromised, upgrade sage tainted

What do you think about Serum devs planning to fork the Solana-based protocol? Let us know what you of about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com Word and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source encipher, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com Information about the disruptive protocols emerging today.

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