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Volunteers were able to duplicate Serum because, as a decentralized exchange, o Dex, its codebase is public. The goal wasn’t to improve on the original version, but to create a reliable copy that anyone could easily link to.
The initiative was organized by GitHub and Telegram, where prominent members of the Solana community gathered. Some people, like Max Schneider who works for the Mango Markets trading platform, have took over the programmingwhile others, like Long, made sure everyone rowed in the same direction.
On Nov. 16, Open Book surpassed Serum in daily transaction volume (approx 3 million dollars), a sign that traders had accepted the clone as an official successor. On Twitter, one of the people who collaborated on the project, who calls himself Ansel on the social network, has described this moment how “the point of no returnMany of the applications that interfaced with the original exchange – such as the Dex Jupiter aggregator, OpenSerum data provider and the Solape trading interface – have migrated to the new version.
Dante Briger – a community member who contributes to the functioning of Open Book by regularly buying and selling cryptocurrencies on the platform – defined “incredible” the speed with which the volunteers were able to set up the new Dex.
Decentralized exchanges differ from centralized counterparts (such as Ftx, Binance, Coinbase and more) in a few important ways. First, instead of relying on an intermediary to match buyers and sellers, Dexes allow users to transact on an peer to peer and to maintain custody of its funds.
The moment of DeFi
These mechanisms are an example of the so-called decentralized financeor DeFi, whose goal is to develop a series of financial services based on blockchain technology. In a thread on Twitter released in July 2020, which now looks like a grim prophecy, Bankman-Fried had described DeFi as “full of potential“because it doesn’t involve of”rely on trust“.
Community members view the FTX crash as a key moment for DeFi, which they see as a remedy to problems that have dogged the industry of cryptocurrencies over the past year, following the collapse of large centralized organizations such as cryptocurrency lending firm Celsius and hedge fund Three Arrows Capital.
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