FTX-Linked Project Serum Shills Shitcoins : Report
• The official Twitter account of FTX-linked Solana-based decentralized finance project Serum has been reportedly sold and is now used for shilling shitcoins.
• Serum was founded in August 2020 and funded by Multicoin Capital alongside FTX.com and FTX US. It became a major DeFi player on Solana until events leading up to FTX’s bankruptcy filing forced Solana DeFi projects to cut off ties with it.
• Its native token SRM lost over 98% of its value since its all-time high in September last year, and the project assumedly ended until a community-driven fork of Serum’s V3 program was launched recently.
FTX-Linked Project Serum Shilling Shitcoins
A strange development has come to light as the official Twitter account of an FTX-linked project – once a prominent DeFi player on Solana – is now shilling “shitcoins” according to on-chain sleuth Zachxbt. The Twitter handle had over 200,000 followers before it was renamed ‘Luka’, with the original tweets deleted, and its profile picture replaced with Milady NFT.
The Origin Of Serum
Serum was founded in August 2020 by a consortium that included the Solana Foundation as well as Sam Bankman-Fried’s FTX and trading desk Alameda Research. The project was funded by Multicoin Capital alongside both FTXs – .com and US – making it a significant contributor in the DeFi space of Solana blockchain.
Solana Projects Cutting Off Ties With Serum
Events leading up to FTX’s bankruptcy filing caused many other projects based on Solana’s DeFi ecosystem such as Raydium and Jupiter to cut ties with Serum, which led several exchanges like Upbit and Binance delisting it from their platforms too. This caused a huge dip in value for SRM (Serum’s native token) which dropped below 2% of its all time high value since September 2020 when it had peaked at around $7 USD per token..
The Community Driven Fork Of V3 Program
After such developments, the future of this project seemed bleak until recently when a community driven fork of its V3 program saw some success on testnet launch after months long work from developers who were passionate about reviving this project from ruins.
Conclusion
In conclusion, although Serum had an unstable journey due to events out of its control, there are still people out there who want to make sure that this platform can reach its full potential someday soon!
