•Solana devs are rebuilding after Sam Bankman-Fried’s FTX exchange and Serum platform collapsed.
• They are replacing Serum with OpenBook, and trying to plot a course for the future of DeFi on Solana.
• There is debate among the community about whether or not OpenBook needs its own token, but it is generally agreed that it does not need to be connected to SRM.
Serum needs a replacement
In the wake of FTX and Serum’s collapse, Solana Devs are left to rebuild. But what do they need to do in order to ensure that future decentralized finance (DeFi) projects on their platform will be successful? In this blog post, we’ll explore what steps need to be taken in order for Solana Devs to pave a path for DeFi success.
After the fall of Sam Bankman-Fried’s FinTech Exchange (FTX) and Serum platform, many had given up on Solana, a decentralized blockchain project. Fortunately, the developers behind the project have proven to be resilient and continuously pushed forward despite the odds. In fact, it has been reported that partnerships are now being developed with companies in the music and gaming industries to provide unique opportunities for users that rely on the platform. With such drive amongst its team, it is no surprise that Solana continues to see growth and could reach great heights as developers continue their work to rebuild from this setback.
OpenBook as Replacement for Serum
One of the most pressing issues is finding a replacement for Serum, the decentralized derivatives exchange that shut down after FTX sold its stake in it. The consensus among many is that OpenBook could fill that role, but there has been some debate about whether or not an OpenBook token would be necessary. On one hand, creating a new token could benefit users by providing them with access to liquidity pools and reward tokens with each transaction. On the other hand, creating a new token could also be risky and potentially lead to higher levels of volatility in the market. As such, there are some who suggest exploring alternative solutions rather than creating an OpenBook token.
Other Changes Needed for Future DeFi Success on Solana Platform
In addition to finding a replacement for Serum, there are several other changes needed if DeFi projects want to succeed on Solana’s platform. First, regulatory compliance requirements must be met in order to ensure that projects adhere to all laws and regulations set forth by governing bodies. Second, improved security features must be implemented so that user data and funds are protected from malicious actors. Third, interoperability solutions must be created in order for cross-chain transactions between different platforms and blockchains. Finally, user experience upgrades should be made so that DeFi projects can become more accessible and easier for users to navigate.
DeFi on Solana is looking to the future with the introduction of OpenBook. OpenBook was created to further progress in decentralizing finance and bring a more secure, open-source option for trading digital assets. As one of the leading platforms for DeFi, Solana is investing heavily in OpenBook with an eye toward clearing up scalability issues and taking advantage of faster trades than ever before. With an experienced team of developers working day and night to ensure top-level security and having already raised millions in venture capital, OpenBook offers major potential to bolster the already thriving DeFi market on Solana.
For the Future of Solana
if Solana Devs want DeFi projects on their platform to succeed in the future they will need to take several steps including replacing Serum with OpenBook (or an alternate solution), meeting regulatory compliance requirements, enhancing security features, developing interoperability solutions between different chains, and upgrading user experience features. By doing these things they will create a strong foundation upon which future DeFi projects can build and ensure their success now and into the future.