Conversation

SBF
@SBF_FTX
Replying to
@SBF_FTX
6) There have been wars over BSC, and whether it's good or bad. I think that misses the point. I'm not
@cz_binance
and I don't build on BSC. So I can't be sure what they were trying to do.
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SBF
@SBF_FTX
7) But BSC made a number of choices that seem pretty intentional to me. They didn't build a totally new chain; they basically forked ETH. They didn't collect tons of independent validators. They didn't build a new wallet: they made BSC work on Metamask.
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SBF
@SBF_FTX
8) I would be pretty sad if BSC became the future of blockchain technology. But again I don't think it's really trying to. It didn't build a totally new product, and it didn't build a product for decentralized scaling. It built a product which was cheap and easy to migrate to.
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SBF
@SBF_FTX
9) There are a ton of things which would be awesome to see built on a long-term viable, massively scaling, decentralized blockchain. Governance, and core financial instruments, and social media, and much more.
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SBF
@SBF_FTX
10) And then there are yield farms. No matter what we say about them, they never really needed to be decentralized, at least if the whole point is the yield. You can drop yield anywhere. And no one who's using
@PancakeSwap
is there for the governance.
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SBF
@SBF_FTX
11) And what
@binance
built was the perfect platform for pure yield to migrate to. A chain that's cheap and easy to use and easy to migrate to, both for projects and traders. And seeded with millions of users.
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SBF
@SBF_FTX
12) It would be easy to be angry at BSC, for taking yield from more decentralized chains. But I'm not. Because BSC isn't stealing governance, and it's not stealing the pillars of a decentralized future. It's stealing yield. It's making DeFi compete for its yield.
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SBF
@SBF_FTX
13) And, really, if we want DeFi to get huge, we can't pretend that yield is the same thing as well-built decentralized primitives. We have to build great products which can outcompete the alternatives.
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SBF
@SBF_FTX
14) BSC has been hugely successful for
@binance
. And BSC proved a point. It's a point the ecosystem needed to learn.
@cz_binance
adapted. He does that quite well. DeFi needs to adapt, too, to grow.
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SBF
@SBF_FTX
15) Because for DeFi to win, it can't be decentralized OR fast OR cheap OR sophisticated OR innovative OR well built OR have a large userbase. It needs to be all of those.
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vibes
@vibes8760
Replying to
@SBF_FTX
and
@SBF_Alameda
Trying to get started on understanding / use serum and Solana. Any advice on wallets/documentation to get started? I use a ledger and all the websites I visited tried to get me to create a web generated wallet which I’m not super comfortable with
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ultrapara
@ultrapara
Replying to
@SBF_FTX
and
@SBF_Alameda
Read first post and knew it would be a SRM shill by the end. Smart of you to farm BDP in heavy size to show tribute to it being “powered by Solana” It would have been impressive if the liquidity followed you to the other chain but here we are still all using ETH
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