" " SBF’s ‘Truly Trustless’ Protocol — Serum’s Upgrade Authority May Be Tainted, Devs Look to Fork Project – Altcoins Bitcoin News – Financial Tips " "
Financial Tips
Advertisement
  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us
No Result
View All Result
  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us
No Result
View All Result
Financial Tips
No Result
View All Result
Home Digital Payment

SBF’s ‘Truly Trustless’ Protocol — Serum’s Upgrade Authority May Be Tainted, Devs Look to Fork Project – Altcoins Bitcoin News

admin by admin
November 13, 2022
in Digital Payment


According to Solana’s founder, Anatoly Yakovenko, Serum developers are forking the platform because the “upgrade key to the current one is compromised.” Serum, created by FTX’s Sam Bankman-Fried (SBF), was touted as “completely permissionless,” but now that the exchange has fallen, it’s suspected that Serum’s upgrade authority is tainted.

A So-Called ‘Trustless’ Defi Protocol With a Possible Tainted Upgrade Authority Pushes Devs to Fork Serum Project

While FTX and Alameda Research have filed bankruptcy and FTT’s tokenomics highlights red-flags, Solana founder Anatoly Yakovenko says Serum devs are planning to fork the platform. Serum is a decentralized exchange software built on Solana (SOL) and it was originally crafted by FTX and FTX’s CEO Bankman-Fried. On Nov. 12, 2022, Yakovenko tweeted:

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.

When asked if the devs “will they keep Alameda’s assets or fork them out,” Yakovenko replied that he had “no clue.” SBF announced Serum on July 27, 2020, and he further claimed: “it’s truly, fully trustless.” However, if FTX held Serum’s upgrade authority hostage, the term ‘trustless’ would not apply until the protocol is forked.

During the last day, serum (SRM) lost 70.5% against the U.S. dollar and the token has been dropping like a rock since the FTX fiasco began. SRM has lost 31.6% during the last 24 hours and 30.6% against bitcoin (BTC). The token has seen $30.59 million in global trade volume during the last day and its $102 million market capitalization, positions SRM in the 214th position among 13,000+ crypto assets today.

Tags in this story
Altcoins, Anatoly Yakovenko, ftx, FTX Bankruptcy, FTX Exchange, FTX fiasco, Sam Bankman-Fried, sbf, Serum, Serum devs, SOL, Solana, Solana (SOL), SRM, upgrade authority, upgrade authority compromised, upgrade authority tainted

What do you think about Serum devs planning to fork the Solana-based protocol? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

More Popular News

In Case You Missed It





Source link

Previous Post

ACI Worldwide Appoints Thomas Warsop Interim CEO

Next Post

Liquidity hub Serum forked by developers after FTX hack

Next Post

Liquidity hub Serum forked by developers after FTX hack

Recommended

How Financial Services Firms Can Set Themselves Up for Innovation Success

December 23, 2022

NFT Market Sales Climb 16% Higher; 43.48% Increase in Buyers in Third Week of 2023 – Bitcoin News

January 22, 2023

Don't miss it

Investment

Book Review: Investing in the Era of Climate Change

January 27, 2023
News

Biden’s “Renters Bill of Rights” Is Here — Is Nationwide Rent Control Coming?

January 27, 2023
Investment

ADU Real Estate Investing: Is It Worth It?

January 27, 2023
News

The Best Reason To Retire Early: Years Of Greater Happiness

January 27, 2023
Digital Payment

Scottie Pippen SP33, Murder Head Death Club, Kanpai Pandas, Claynosaurz and more collections added to Kraken NFT

January 27, 2023
Digital Payment

FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight – Bitcoin News

January 27, 2023

© 2022 Financial Tips News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • News
  • Investment
  • Digital Payment
  • Banking
  • Contact us

© 2022 Financial Tips News Hubb All rights reserved.

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/