OpenBook is a community-led fork of the Serum program, which was affected by the FTX collapse.
The OpenBook Program was deployed on Nov. 14, 2022. It offers a Solana-based low fee, non-custodial, Central Limit Order Book cryptocurrencies exchange software.
Central Limit Order Book (CLOB) is a trade mechanism that enables optimal exchange by matching customer orders (bids and offers) on a price and time priority basis.
OpenBook protocol is fastly replacing the Serum protocol as Solana’s core DeFi infrastructures with a Central Limit Order Book. Actually, most established Dex interfaces have migrated to OpenBook, such as Raydium, Mango Markets and Solape.
OpenBook recorded more than 1500 Daily Active Users during the first week of trading, more than 3% of total Dex activity (source: Dune.com).
These numbers are expected to increase as more interfaces are joining the project.
While the FTX scandal highlighted the benefit of non custodial wallets, OpenBook creation showed the resilience and reactivity of the Solana community.
Open Book is positioning itself as the most efficient cryptocurrencies trading platform.