In light of the recent cyber attack on the FTX exchange, Aldrin, a Solana-based exchange, deployed a fork of Serum on November 13, 2022, which uses the RIN token instead of SRM.
Aldrin, a @solana DEX with great UI, launches their own version of Serum, using their native token RIN rather than SRM
Solana is moving from having one central CLOB to several
This splits liquidity, but use of RIN mitigates any governance concerns with SRM https://t.co/95kn3QN6Pn
— R◎BIN (@RobinCordini) November 13, 2022
They made this announcement on their Twitter page, stating some upcoming features that will improve the quality of the DEX’s service.
The main reason for this fork is directly linked to the collapse of the FTX exchange, which declared bankruptcy a few days ago.
FTX built Serum, and when the platform was allegedly hacked after declaring bankruptcy, there were concerns that the anonymous hacker may find a backdoor into Serum Dex due to its affiliation with the exchange.
This forked version will not only eliminate any association left with FTX, but it also brings about a new native token for Serum.
Before the launch, SRM, the native token of the DEX, lost 70% of its value in a few days following the impending crash of FTX, according to a report by Beincrypto.
The news platform also added that the token lost over 34% of its value when news that it possibly had been affected by the hack was circulated.
Another reason for the paranoia was that reports show that SRM occupies $2.2 billion out of all the assets on the FTX exchange.
DefiLlama, a crypto platform that tracks and provides data on the TVL of digital assets, reports that SRM TVL dropped from $1.7 billion to a million dollars in a year, which is a devastating decline in a short time.
The token is currently worth $0.19, trading at a high of $0.26 and a low of $0.17. Several platforms, like Phantom, Jupiter, and Magic Eden, have withdrawn from Serum DEX after rumors that it could be affected by the FTX hack.
The recent fork may stimulate interest from those platforms, moving them to resume operations with the DEX since there is now concrete proof that it’s off the FTX exchange radar.