What is serum FTX & Alameda research?

FTX and Alameda Research created the Serum Foundation and announced Serum, a new high-speed, non-custodial DEX that’s built on Solana. You can learn more about Serum in the white paper and in this comprehensive write-up on The Block.

Why did Sam Bankman-fried create FTX & serum?

Sam Bankman-Fried, the founder of FTX and Serum, chose to build the decentralized exchange on Solana due to it allowing faster and cheaper transactions compared to other blockchains. How Does Serum Work?

Does FTX have power over serum?

The true power over Serum rested with FTX Group, which continues to hold the program update authority keys, people familiar with the matter said. Spurred by this crisis, DeFi developers are now rushing to create a new version of Serum that they can govern without fear of interference – or influence – from FTX.

Did FTX approve a $100 million budget for project serum?

On Oct. 15, 2021, Project Serum's press team (also FTX's) pitched a CoinDesk reporter on the community’s approval of a $100 million budget allocation – before the vote had even begun. FTX was heavily invested in the success of Serum. According to the Financial Times, Bankman-Fried’s exchange held $2.2 billion in SRM tokens as of earlier this week.