Sam Bankman-Fried once called Project Serum, an on-chain crypto exchange that he created, the “truly, fully trustless” backbone of decentralized finance (DeFi) on the Solana blockchain. 

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. Across Twitter, Telegram, Github and in private Discords, the Solana community is finding a way to salvage one of their blockchain’s key platforms for trading cryptocurrencies without a centralized exchange.