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1) This is my fourth in a series of posts about The State of DeFi. Previously: How is DeFi? twitter.com/SBF_Alameda/st Trust and Centralization: twitter.com/SBF_Alameda/st Tonight We are Young: twitter.com/SBF_Alameda/st Today: Doing It Right

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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.

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.

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.

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.

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.

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.

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.

9) And after drafts and experiments and revisions and feedback and iteration, we're excited to tell you about what we've been working on. This is Project Serum. projectserum.com

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How is project serum decentralized if almost all the tokens are in the hands of the founders , contributors and partners?