Read on Twitter
1) Slowly, then all at once
2) NOT INVESTMENT ADVICE
3) Often, we move step by step.
We'll add another future, or clarify some part of the UI.
No one batted an eye when http://ftx.us listed http://ftx.us/trade/YFI/USD last week.
We'll add another future, or clarify some part of the UI.
No one batted an eye when http://ftx.us listed http://ftx.us/trade/YFI/USD last week.
4) Or when the KYC process was simplified a bit.
Did anyone even notice the updates to the EUR SEPA deposit form on http://ftx.com/wallet ?
Did anyone even notice the updates to the EUR SEPA deposit form on http://ftx.com/wallet ?
5) There's an upgraded DEX rolling out on Serum this week, and the staking/lockup program is nearly live: https://project-serum.github.io/serum-ts/stake-ui/#/
You can test it, if you want. If you read the code, you might notice support for arbitrary SPL tokens!
You can test it, if you want. If you read the code, you might notice support for arbitrary SPL tokens!
6) I tweet a lot, too, and usually it's semi-random, prompted by whatever was on my mind.
Collecting, processing, and sharing information, bit by bit.
Collecting, processing, and sharing information, bit by bit.
7) But, sometimes, there's a larger arc. Sometimes we telegraph it; even when we do, it often falls on deaf ears. https://twitter.com/SBF_Alameda/status/1321738815443095552
8) FTX has grown a ton over the past year: it's now trading $5b/day, and it's been weeks since a day where BitMEX had higher volume.
It's ready, as a product, to be more widely exposed.
But that's a story for another day.
It's ready, as a product, to be more widely exposed.
But that's a story for another day.
9) Today I want to talk about Serum, and where it's come from, and where it might go.
10) So what _does_ Serum have?
Well, it's on Solana.
Solana can currently take about 50k tps, and can stake to 1m+ over the next year or two.
And that's important! Because the next thing Serum has is a DEX.
Well, it's on Solana.
Solana can currently take about 50k tps, and can stake to 1m+ over the next year or two.
And that's important! Because the next thing Serum has is a DEX.
11) Lots of people are hosting GUIs on Serum DEXes: https://serum-academy.com/en/dex-list/
And they're all fully on-chain, orderbooks and all.
Solana has only been live for about a year, and it's already set the historical record for transactions. https://twitter.com/Coin98Analytics/status/1353701319383478273
And they're all fully on-chain, orderbooks and all.
Solana has only been live for about a year, and it's already set the historical record for transactions. https://twitter.com/Coin98Analytics/status/1353701319383478273
12) In fact the Serum DEX alone, in the last 6 months, has processed more transactions than Ethereum has in its entire history.
(Which is also why ETH2.0, rollups, and other scaling solutions are potentially huge!)
(Which is also why ETH2.0, rollups, and other scaling solutions are potentially huge!)
13) So, alright, what else?
Well, there's http://oxygen.org , an on-chain prime brokerage.
There are pools ( https://bonfida.com/dex/#/pools )
Well, there's http://oxygen.org , an on-chain prime brokerage.
There are pools ( https://bonfida.com/dex/#/pools )
14) There's an NFT exchange ( http://solible.com ).
There are wallets ( https://serum-academy.com/en/wallet-support/), AMMs ( https://swap.bonfida.com/ ), and a tool to mint your own tokens ( https://www.spl-token-ui.com/#/ ).
And USDC is live on SOL! https://twitter.com/jerallaire/status/1353743254907457538?s=20
There are wallets ( https://serum-academy.com/en/wallet-support/), AMMs ( https://swap.bonfida.com/ ), and a tool to mint your own tokens ( https://www.spl-token-ui.com/#/ ).
And USDC is live on SOL! https://twitter.com/jerallaire/status/1353743254907457538?s=20
15) In other words:
There are all of the primitives.
An exchange, and a stablecoin, and staking, and lockups, and wallets, and AMMs, and tools, and borrow/lending.
And more coming, because finance isn't the only thing that can be decentralized: https://mediaserver.express/
There are all of the primitives.
An exchange, and a stablecoin, and staking, and lockups, and wallets, and AMMs, and tools, and borrow/lending.
And more coming, because finance isn't the only thing that can be decentralized: https://mediaserver.express/
16) And, crucially, the primitives scale. The Serum ecosystem already scales more than any other DeFi ecosystem ever has, and in fact more than many are ever even trying to.
17) Which is what matters, because almost everything big touches hundreds of millions of users:
https://twitter.com/SBF_Alameda/status/1339536819357057027
And almost everything with hundreds of millions of users is big, and valuable.
https://twitter.com/SBF_Alameda/status/1339536819357057027
And almost everything with hundreds of millions of users is big, and valuable.
18) So you start by building a foundation that millions, and eventually billions, of people *could* use.
That's what Serum has done so far. https://twitter.com/SBF_Alameda/status/1339536843805655041
That's what Serum has done so far. https://twitter.com/SBF_Alameda/status/1339536843805655041
19) And then, well, somehow you go find users. Not just a few users: a *lot* of users.
Like, hundreds of millions of users.
Infrastructure at scale + userbase at scale = https://companiesmarketcap.com/
Like, hundreds of millions of users.
Infrastructure at scale + userbase at scale = https://companiesmarketcap.com/
20) And this is sometimes the hardest part. The world is filled with products that die a slow death because no one ever really uses them.
Huge userbases don't grow on trees.
They are, often, the key.
Huge userbases don't grow on trees.
They are, often, the key.
21) So is Serum going to get 100m users?
I can't tell you for sure.
But it's sure as hell going to try.
I can't tell you for sure.
But it's sure as hell going to try.
22) 100m is a *lot* of users.
It's more than Robinhood, and eTrade, and Coinbase, and Binance, and Slack, and Nissan, and DeFi. It's less than Facebook, and Google; there's always room to grow.
It's also a bit less than the number of users of http://Maps.me .
It's more than Robinhood, and eTrade, and Coinbase, and Binance, and Slack, and Nissan, and DeFi. It's less than Facebook, and Google; there's always room to grow.
It's also a bit less than the number of users of http://Maps.me .
23) Today, http://Maps.me is launching the MAPS token.
And later this quarter, http://Maps.me is integrating a Serum-based wallet for all of its 100m+ users. https://twitter.com/MAPS_ME/status/1351812241297956869
And later this quarter, http://Maps.me is integrating a Serum-based wallet for all of its 100m+ users. https://twitter.com/MAPS_ME/status/1351812241297956869
