JAKARTA – The world's largest crypto exchange by trading volume, Binance, was recently reported to have removed the Serum crypto trade (SRM) because the DEX protocol was affiliated with the bankrupt crypto company, FTX.
With this decision, SRM/BTC, SRM/USDT, and SRM/BNB trading pairs are no longer available on the Binance platform. Not only with FTX, but SRM is also reportedly associated with FTX's partner company, Alameda Research.
Binance officially announced the information last Friday, November 25. In the announcement, Binance removed not only SRM trading but also other crypto assets including BTCST and the Gifto protocol token, GTO. Binance plans to delete 16 trading pairs starting today, Monday 28 November 2022.
“Users are strongly advised to update their trading strategy before termination of the strategy trading service to avoid potential losses,” the Binance announcement reads.
Additionally, Binance also temporarily suspended deposits for USDT and USDC on a Solana basis last Thursday and has so far only resumed USDC deposits.
For additional information, Serum is a decentralized exchange protocol on the Solana network created by a consortium including FTX, Alameda Research, and the Solana Foundation. Its native token, SRM, token holders get discounted fees when using the protocol, in addition to governance rights.
Earlier this month, both FTX and Alameda filed for bankruptcy and frozen withdrawals for nearly all counterparties. Meanwhile, the Solana Foundation revealed on Monday that it currently has 134.54 million tokens trapped on the exchange. Since the FTX recall issue started on November 6th, SRM has fallen from $0.80 to $0.27 at the time of writing.
- https://voi.id/teknologi/230852/bos-binance-dunia-lebih-baik-mengatur-kripto-daripada-memeranginya
- https://voi.id/teknologi/230232/rugi-rp2-3-triliun-di-ftx-sequoia-capital-minta-maaf-kepada-investor
SRM Not Decentralized
This condition confirms the uncertainty which states that Serum is a centralized project aka not decentralized because it is controlled by FTX. According to Mango Markets co-founder Max Schneider, the Serum program update key is connected to the FTX, not the SRM DAO.
Previously, FTX was hacked by an unknown party shortly after its bankruptcy. While the Bahamas regulator indicated the hack was carried out by "insiders" FTX itself.
In addition, the founder of Solana Anatoly Yakovenko also stated the same thing a few weeks ago. He explained that developers who depend on Serum joined to "fork" the program in response.
"This has nothing to do with SRM or even Jump," he said, referring to Jump's crypto division taking part in the movement. “A ton of protocols rely on the Serum market for liquidity and liquidation”, Yakovenko was quoted as saying by CryptoPotato.
On the other hand, the FTX crypto exchange reportedly had $5.4 billion worth of SRM tokens listed as balance sheet assets on November 10, the Financial Times reported.
Therefore, various decentralized finance (DeFi) projects are moving away from SRM projects by disabling the services of that asset. Decentralized crypto exchange platform (DEX) Jupiter announced on November 12 that it is deactivating Serum as a source of liquidity. Jupiter revealed the reason “because of security issues related to upgrading authority.”
However, currently, SRM tokens are traded for IDR 3,907 per token. SRM prices have fallen 6.3 percent in the last 24 hours according to Coinecko's data report.
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