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SBF
@SBF_FTX
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@SBF_FTX
2) When I die, I want my gravestone to say: "I came up with MegaSerum." Why? Because I think it's really fucking cute. MegaSerum (MSRM) is one million Serum (SRM) stacked together. You get all the benefits of having 1m SRM, and then a bit more.
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SBF
@SBF_FTX
3) So, for instance, 1m SRM might give 50% off fess, and 1 MSRM might give 60% off. And you can stake SRM to a node; you can also stake MSRM to a node, but also each node *must* have at least one MSRM staking to it.
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SBF
@SBF_FTX
4) So 1 MSRM > 1M SRM. You can turn 1m SRM --> 1 MSRM, and crack 1 MSRM --> 1m SRM. But MegaSerum is scarce: there cannot exist more than 1,000. So in practice 1 MSRM is worth more than 1m SRM because it'll always be supply capped. So MSRM will likely trade at a premium.
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SBF
@SBF_FTX
5) MegaSerum is like Serum, but more special. It's a way to bake NFTs into Serum, except that it has impact on the ecosystem because of the bonuses. It's also a solution to a dilemma. Most people like cheap coins; you can buy a LOT of them! But some people like expensive ones.
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SBF
@SBF_FTX
6) So SRM is cheap, and the main token of Project Serum. But MSRM is expensive, and rare, and important to the functioning of Serum. You don't need MSRM! But if you really want to be a core player in Project Serum, it pays to have a MegaSerum.
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SBF
@SBF_FTX
7) And, really, when it comes down to it: There are only 1,000 MSRM in the world; each is very expensive and rare, and allows you to be a crucial part of a node. Serum is cool, but if you're really devoted to the ecosystem, of course you want a MegaSerum. Who wouldn't?
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SBF
@SBF_FTX
8) Anyway MegaSerum isn't a crucial part of Project Serum, but it's a really cool one. And it's one of the finishing touches we could put on the vision for it, because this isn't our first rodeo, and so we'd better fucking do this one right.
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SBF
@SBF_FTX
9) But the part of Serum that I sunk the most time and effort and creativity into was the month long run up to the announcement. Usually I'm pretty straight forward with my plans. Want to know what's next up? Tweet at me, or Telegram me! But this time it was slow rolled.
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SBF
@SBF_FTX
10) There were a bunch of pretty intentional pieces of the preparation; if you go through my twitter feed some will definitely stand out. The largest was a series of posts I made laying out my sense of The State of DeFi.
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SBF
@SBF_FTX
1) This is my fifth and final post about The State of DeFi: PROJECT SERUM 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 Doing It Right: twitter.com/SBF_Alameda/st
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SBF
@SBF_FTX
11) But there were also hundreds of hours spent learning, investing, building relationships, and tweeting over the course of June and July that lead up to the announcement.
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SBF
@SBF_FTX
12) Why bother with the slow roll? Well, first of all, we wanted to be confident in the vision and product, and that took time. And part of that was talking to tons of teams across the DeFi ecosystem, bouncing ideas around to make sure we weren't missing big things.
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SBF
@SBF_FTX
Replying to
@SBF_FTX
13) Second, we wanted to give the world context on how we saw DeFi, and give time for debate and discussion. I wanted my thoughts to be aired out in the open before asking people to believe in them.
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SBF
@SBF_FTX
14) And third... It wasn't something I'd really done before, but it was a campaign that I was excited about. It gave me time to build out the backdrop for Serum carefully and creatively.
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SBF
@SBF_FTX
15) I'm really excited about the future of Project Serum, and of SRM (and MegaSerum!). And usually I'm frustrated with the past: usually I see mostly the ways I fucked up, or could have done better. But I'm really proud of the pre-announcement buildup for Serum.
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SBF
@SBF_FTX
16) So, I've grown to appreciate the advantages of preparing for an announcement. I've also grown to appreciate the value of shooting for the highest upside I can even more than I used to. And so we've spent a lot of the last 6 months planning for what that could look like.
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SBF
@SBF_FTX
18) But there's more coming; pieces to help reach towards the best version of what we can build. Some of it's been a long time coming; some exploded onto our consciousness over a weekend. Some have been leaking through in our plans.
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SBF
@SBF_FTX
19) I'm really excited to be able to share some of those with everyone over the next month.
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