13/ We talked about the nature of what causes prices to move, information propagation, HFT, and more
Ultimately we concluded that 1) on-chain CLOB is possible 2) it will not displace CeFI 3) to account for entropy and latency, spreads will have to be a little higher
Conversation
14/ So that call happened on July 16th
Work began on the current incarnation of Serum about 15 minutes after that call ended. We setup a slack thread between all the relevant engineers, and FTX engineers started moving forward
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15/ We woke up the next morning and noticed that the Solana blockchain had an unusual amount of activity
Turns out the FTX engineers started spamming the network to test it
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16/ Today, there are about 12-15 teams that are working on Serum. I think that represents ~100 engineers
All of this started less than 30 days ago
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17/ The pace at which Serum is moving is truly breathtaking. I have never seen anything in software move at this speed. There are so many moving pieces, and everyone is running 100mph to make it happen
Is it messy? yea
Is v1 going to be an MVP? yea
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18/ But the velocity is simply unmatched.
The Serum v1 UI will go live in the next couple of weeks. Meaning that Serum will have gone from idea to production in less than 6 weeks
I can't wait to see how this evolves over the coming months!
{fin}
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Replying to
I think it has the chance to gain some traction while the ETH fees are so high and only look like they will rise - layer 2 needed for ETH. Solana needs a good launch and a few more dapps running on it to make a play for the number 2 chain spot excluding BTC.
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Agreed with both of you -- it'll take a lot to unseat ETH and current DEXes.
Also Serum is throwing a lot at it.
Tbh, not really :p
Get some nice tokens trading on the dex and people will flock to it 😎
I've been playing around with solana past couple of days and it's been very easy to get things working.
Much more smooth experience than clunky ether
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