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11) FTX was one of those opportunities; Serum is another. At the beginning we weren't so sold on it; our ideas were mediocre ("what if we put screenshots.... on the blockchain!") But over time we became convinced we could build something huge.

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12) There's a whole world that could live on-chain, and right now DeFi is mostly re-wrapping stablecoin wrappers for yield. And so we started from scratch: what's the best thing we could build?

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13) As we started build out Serum, once again we received a humbling amount of support from the community--from our partners and backers and supporters. And when people throw that much behind you, half-assing it isn't an option. So we doubled down.

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14) And one part of shooting for the moon is that you have to keep thinking about what has the upside. That means not settling for a kinda-fast chain, or kinda-cool product, or average token.

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15) The project started to take shape. It may not look like much, but this is the world's least sexy matching engine. explorer.solana.com/address/9o1Fis It's also one of the fastest on-chain ones.

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16) As I write this, SRM is at $2.10. By the time I post it, maybe it'll be at $3, or $1; who knows! Crypto is wild. But more importantly, after months of sleepless nights spend at the office, Serum is imminent.

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Jul 25, 2020

1) This is the third 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 Today: Tonight We are Young

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17) The ecosystem is growing! See here for people building on Serum: projectserum.com/integrations And here for people gearing up to run a node: projectserum.com/node-list

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18) I'm extremely grateful for all the support we've gotten. We couldn't have gotten here without it, and it went way above and beyond. We've been really fortunate, and we intend to make the most of it.

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19) And, finally, a fucking awesome txid, hot off the blockchain: explorer.solana.com/tx/4UmA4PBgGSU This is the first trade ever done on Project Serum.

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