Solana-based DEX Serum has officially made Fork OpenBook available for users. The protocol confirmed the development in a series of Twitter posts on Tuesday. As revealed, the development manifested as a result of the collapse of Serum Program n Mainnet.
According to the protocol, the collapse of Alameda and FTX are also contributory factors. Also, the protocol noted that due to the ongoing upgrade authority held by FTX, security is in jeopardy. As revealed, this upgrade in turn led to the desertion of Serum by Jupiter Exchange and Raydium Protocol.
Notably, Serum Fork OpenBook is been led by Mango’s Max. The protocol also expressed optimism as effort is ongoing to make fork Serum strong and reliable. According to Serum, OpenBookdex is currently available on Solana mainnet. As of now, the Fork Serum is presently recording over $1M trading volume daily.
Serum looks to expand the project and its liquidity
According to the protocol, efforts are in place to expand the project and its liquidity. Serum liquidity and volume has however, dropped to near-zero due to the introduction of Serum Openbook. The exchange further noted that users and protocol are safe to use fork Openbook as alternative after unraveling the security risk on the old Serum code.
However, due to the ongoing market instability, the future of SRM is uncertain. As revealed, a percentage of the community is proposing that SRM should still be used for discounts. Also, other proposals are suggesting not to use it at all because of the exposure that FTX/Alameda have. In addition, OpenBook has called on communities to give their feedback on how to structure its tokens, and governance structure.
Notably, the crisis going on with FXT/Alameda has continually affected the crypto space. The crisis began after a leaked spreadsheet linked to Alameda project. The content of the sheets revealed that Bankman-Fried held billions of dollars of its assets in FTT. As of now, FTX CEO, Bankman-Fried has filed for bankruptcy.
Launching of Vybe DEX
Meanwhile, the launch of Serum OpenBook is coming a few months after the protocol announced the launch of the Vybe DEX. Project Vybe Dex is a nee trading interface. As revealed, the new trading interface will be powered by Serum’s CLOB and matching engine. The product are available on desktop web interfaces.
As revealed, the Vybe DEX will also allow users to directly interact with Serum and trade using a familiar, easy-to-use interface similar to those on centralized exchanges such as Coinbase Pro or FTX. Notably, the features of this interface include limited market orders for all its markets. Also, the protocol aims to make statistics available on order book liquidity and tokens.