FTX might be doomed, but a small group of volunteers believes that Serum, Sam Bankman-Fried’s other crypto exchange, is worth saving.
Decentralized exchanges differ from their centralized counterparts in a few important ways. Most notably, instead of relying on an intermediary to match buyers with sellers, DEXs let users transact on a peer-to-peer basis—and keep custody of their own funds.
Members of the community see FTX’s collapse as a key moment for DeFi, which, they argue, is a remedy to the problems that have haunted the crypto sector over the past year, following the collapse of large centralized organizations like crypto lender Celsius and hedge fund Three Arrows Capital. With FTX in ruins and the integrity of powerful, centralized crypto companies being called into question, DeFi is having a moment. But now that Open Book is up and running, the volunteers face a series of dilemmas. The initial goal was to prevent the collapse of Serum from spilling over into the wider Solana ecosystem, but the group must now reckon with the ongoing management of the DEX, which is another proposition entirely.
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