Serum, a Solana-based decentralized exchange, announced that it has become “defunct” due to its affiliation with FTX, a cryptocurrency exchange that recently declared bankruptcy. 

The protocol stated that the upgrade authority for its smart contracts was held by FTX, requiring it to depend on the company to make upgrades to the security of its smart contracts. This led to many users and top DeFi protocols exiting Serum’s platform. SRM, the protocol’s native token was also delisted by Binance. 

Serum went on to state that it had hope for a revival, launching a community-led fork of its Serum V3 protocol dubbed “the OpenBook DEX”.

Analyst Quicktake : Serum joins Blockfi , which filed for bankruptcy yesterday, as yet another victim of the collapse and subsequent bankruptcy of FTX , one of the largest cryptocurrency exchanges. The impact of this collapse can also be seen across the rest of the DeFi landscape, evidenced by the total value locked (TVL) across Solana’s ecosystem of protocols dropping 54% after the news.