Defi News- Serum built over the Solana network has undergone forking for development.
- Tough times in the crypto market have pulled in various builders to stabilize the DeFi.
FTX’s hack on November 12th has seemingly compromised many Defi platform’s in assistance with the organization. Serum, the crypto lending hub built over the Solana network has undergone forking for development. This is relatively a recompensive measure by the Solana developers.
Solana co-founder, Anatoly Yakovenko’s tweet:
Afaik, the devs that depend on serum are forking the program because the upgrade key to the current 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.
— toly 🇺🇸 (@aeyakovenko) November 12, 2022
FTX filed an asset report for bankruptcy, and one of the assets listed was $2.2 billion of cryptocurrency in the overall $9.6 million assets. And as per Anatoly’s tweet, the Serum DAO is not the one that is accessing the upgrade key rather it is switched to the FTX.
Post these all happening, many halted or pulled temporary pause over the serum for liquidity option. Jupiter, the crypto aggregator announced the stoppage via their Twitter account.
Jupiter stated:
“Confirming that we turned off @ProjectSerum as a liquidity source a few hours ago due to security concerns about upgrade authorities, and we also encouraged all our integrators to do the same.”
DeFi Stabilization
The whole of Solana and its relative programmers are dedicated to regaining the serum’s decentralization. Tough times in the crypto market has pulled in various sector of technical intelligence to withhold the originality of decentralized finance.
Builders of the defi network are holding each other’s back and showing their support. “Decentralization doesn’t mean an absence of leaders, but an abundance of them”, Raj Gokal, the co-founder of Solana has emphasized the important part played by developers. The immediate response by those coders stabilized the decentralized finance during difficult situations.
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Source: https://thenewscrypto.com/serum-is-rapidly-implementing-the-damage-control-strategy/