Exchange record
Serum
Solana-based non-custodial decentralized exchange and shared central-limit-order-book protocol launched in August 2020. Serum became unsafe to rely on after the November 2022 FTX security incident because FTX retained the program upgrade authority. Solana ecosystem developers deployed the community-controlled OpenBook fork, and Project Serum stated on 2022-11-29 that the original Serum mainnet program had become defunct.
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Key facts
URL handling
Summary
Solana-based non-custodial decentralized exchange and shared central-limit-order-book protocol launched in August 2020. Serum became unsafe to rely on after the November 2022 FTX security incident because FTX retained the program upgrade authority. Solana ecosystem developers deployed the community-controlled OpenBook fork, and Project Serum stated on 2022-11-29 that the original Serum mainnet program had become defunct.
Timeline
Serum launched as a non-custodial decentralized exchange and on-chain central-limit-order-book protocol on Solana. Project Serum later described the protocol as having gone live in August 2020, while contemporaneous launch reporting dated the live deployment to 2020-08-30.
After unauthorized activity affected FTX, Solana ecosystem developers concluded that Serum's FTX-controlled upgrade authority could no longer be trusted. Developers copied Serum v3 into a newly deployed, multisig-controlled program that became OpenBook, while major integrations moved away from the original Serum program.
Project Serum stated that the collapse of Alameda and FTX had rendered the original Serum mainnet program defunct. It pointed users and protocols toward the community-led OpenBook fork, noting that Serum liquidity and volume had fallen to near zero and that the old program carried security risk.