"Serum is a pillar of Solana’s DeFi infrastructure: it's the trading ecosystem's primary central limit order book, a more efficient alternative to the "automated market maker" setup popular on DeFi exchanges. With help from big market makers such as Jump and Alameda, it has processed over $32 billion in volume this year, according to data site Nomics. But that activity has fallen off a cliff; it's seen just $3.5 million in trades in the last 24 hours, an 80% drop from the day before.
Last night’s apparent hack of FTX has shattered projects’ confidence in the original Serum, three people familiar with the matter told CoinDesk. There’s of course Serum’s not-so-secret ties to Bankman-Fried. But only his employees have the keys that control the protocol, two developers said.
“The hack shows that someone malevolent has access to private keys at FTX,” said the pseudonymous Rooter, a developer on the lending protocol Solend that gets token price data from Serum. He is one of three DeFi developers who said they fear Serum’s keys could be compromised, too.
“That would allow the hacker to rug the entire protocol. At this point things have gotten so crazy that anything is on the table,” he said."
https://www.coindesk.com/business/2022/11/12/ftx-hack-spooks-solana-defi-community-igniting-revolution-at-alameda-controlled-serum-dex/
"Serum is a pillar of Solana’s DeFi infrastructure: it's the trading ecosystem's primary central limit order book, a more efficient alternative to the "automated market maker" setup popular on DeFi exchanges. With help from big market makers such as Jump and Alameda, it has processed over $32 billion in volume this year, according to data site Nomics. But that activity has fallen off a cliff; it's seen just $3.5 million in trades in the last 24 hours, an 80% drop from the day before.
Last night’s apparent hack of FTX has shattered projects’ confidence in the original Serum, three people familiar with the matter told CoinDesk. There’s of course Serum’s not-so-secret ties to Bankman-Fried. But only his employees have the keys that control the protocol, two developers said.
“The hack shows that someone malevolent has access to private keys at FTX,” said the pseudonymous Rooter, a developer on the lending protocol Solend that gets token price data from Serum. He is one of three DeFi developers who said they fear Serum’s keys could be compromised, too.
“That would allow the hacker to rug the entire protocol. At this point things have gotten so crazy that anything is on the table,” he said."
HAHAHAHA "hacker" AHAHAHA