Conversation

SBF
@SBF_FTX
Replying to
@SBF_FTX
2) As before: a) Some others know DeFi better than I b) I don't know the future, I'm just guessing c) Not investment advice d) In the end value is in the eye of the beholder. It doesn't matter what I think, it matters what you all think.
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SBF
@SBF_FTX
3) DeFi is hot, and exciting, and messy. And it's filled with potential: the potential to build an entire financial ecosystem without relying on trust or censorship. And it's made a lot of headlines this month. But the actual products have a long way to go.
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SBF
@SBF_FTX
4) Decentralized products have centralized oracles sprouting up at the crucial step. Stablecoins either rely on a single bank account or aren't really fungible with a dollar. The space has dozens of viable blockchains each reinventing the wheel and isolated.
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SBF
@SBF_FTX
5) And above all, it's slow and expensive. The core network has 7 transactions per second to share between every single project; it takes dollars and minutes to take even simple actions. So there are no orderbooks, or risk engines, or complex, computationally intensive products.
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SBF
@SBF_FTX
6) Anyone who's used existing protocols has felt this: the frustration of waiting 5 minutes for a transaction before learning it failed because of something that happened after you sent it; seeing a estimated gas cost of $100 during peak times. It's really holding back the space.
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SBF
@SBF_FTX
7) But it's also where everything is. Most of the major apps and projects and aggregators and informational websites live on Ethereum, as does most of the community who built the space up. If you lose all of those, you sort of have nothing left.
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SBF
@SBF_FTX
8) We've spent the last months immersing ourselves in the DeFi ecosystem. I'm incredibly grateful to everyone of you who helped teach us, entertained our ideas, and connected us. And especially to those who empowered and believed in us.
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SBF
@SBF_FTX
10) Project Serum is a decentralized ecosystem built from the ground up to meet the world's needs. Serum is fast, and it's cheap, and powerful, and fully cross-chain compatible. And it's truly, fully trustless.
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SBF
@SBF_FTX
11) Serum is built on the
@solana
blockchain. Solana can process 10,000 times as much as Ethereum; and it's 1,000,000 times cheaper. And unlike many side chains, Solana is a fully fledged, decentralized blockchain with over 100 validators.
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SBF
@SBF_FTX
Replying to
@SBF_FTX
13) This is then combined with a powerful cross-chain protocol allowing for trustless and efficient tokenization and swaps, meaning that while living natively on Solana, Serum is interoperable on Ethereum.
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SBF
@SBF_FTX
14) Toss in some cool new stablecoin designs, tokenized products, a fast, secure risk engine, and a fully modern exchange and financial ecosystem can live entirely on the blockchain. Together these let Serum's users have the experience they're used to on a centralized exchange.
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SBF
@SBF_FTX
16) Finally, there's SRM: the Serum token, a SPL (Solana based) token that powers Serum. 100% of net fees go to a burn of SRM, holders get discounts on fees, and SRM can be staked on nodes to help optimize the network's performance.
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SBF
@SBF_FTX
17) And, my favorite twist, MegaSerum (MSRM): 1,000,000 SRM tokens stacked together, with limited supply and bonus rewards. All of this will wield funds to build the ecosystem and a specialized governance model to support Serum.
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SBF
@SBF_FTX
18) We hope you are as excited about Serum as we are. Or at the very least, we hope you give it a shot. Serum, and SRM, will start rolling out over the next few weeks.
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