Serum

Serum (SRM) is effectively a defunct 'zombie' project that collapsed following the downfall of FTX and Alameda Research in late 2022. The protocol's critical upgrade authority keys were held by FTX insiders and were deemed compromised during the exchange's hack, leading the Solana community to abandon the original Serum infrastructure. Developers subsequently hard-forked the code to create 'OpenBook,' which has replaced Serum as the active liquidity layer, rendering the SRM token useless with no fee accrual or governance power. There is zero active development, and the team is non-existent. Tokenomics present an extreme risk due to a massive supply overhang (~96% of total supply) largely held by the FTX bankruptcy estate, creating a permanent threat of liquidation. Social channels are abandoned or compromised, and major exchanges have delisted the token due to security concerns. SRM retains no utility or viable future.