Thread by @SBF_Alameda

1) The largest advantage of building @ProjectSerum on @solana is that Solana is really fucking fast.

Here's a website where you can test sending 10x as many transactions per second as the entire ETH network: break.solana.com/setup?cluster=…

The biggest downside: tools/ecosystem

2) For a lot of people, this is a fatal downside. There aren't many wallets that support Solana, and none that support SPL tokens; the block explorer needs UI work; etc.

For @ProjectSerum, though, it's an opportunity to build out what we want the way we want it.

3) We've been hard at work making cross-chain bridges, fast DEXes, tokenized products, and of course SRM.

But that's not all we've been doing. Behind the scenes, a huge number of projects are pitching in to help build. It's like the Manhattan project, but for internet money.

4) As far as I know, there are currently 11 (!!!) teams building out support for Serum on Solana, all mobilized in the past few weeks.

There are wallets, cross-chain protocols, info sites, and UI designers. Sometimes it's a lone dev, sometimes a whole company.

5) And meanwhile, VCs have come out of the woodwork...

...to buy long-term-locked allocations, assemble a staking node, and help us build the network.

I've been kind of shocked at how helpful they've been--totally different from the typical experience.

6) And why aren't VCs trying to get unlocked tokens and sell on listing? Why are they being helpful?

Because that's what Serum is built for. 90% of tokens are locked up long-term including *all* seed sales and *all* team tokens.

Seed unlocking doesn't finish for 7 years!

7) This is way too long for some VCs, and way too long to make sense for flipping it out early.

And that's intentional. And so the people who decided to reached out to us, and bought in--they're not random. They're people who want to participate long-term.

8) We had to make a decision: is this a short-term project, or a long-term one?

Because if it's a short term project, we wouldn't have chosen Solana, or optimistic rollups. We would have just put it on some fast-ish project and gone with centralized tokenization.

9) But in the end we wanted to build a product we were proud of. And that means building it on foundations that will scale--or have already scaled.

There was no point in choosing _ok_, just to desert it later for _a bit better_.

So we went straight to where we wanted to be.

10) And so that means finding the most performant blockchain; and if it doesn't have a beautiful wallet UI yet, that's fine: we'll build it.

And it means choosing the on-chain, trustless, general cross-chain bridge, and working out all the details we needed for it.

11) For those who are interested, we've released updated $SRM information on the Project Serum website:

projectserum.com/srm-faq

12) Anyway, as we hunker down for the SRM listing and release of the first piece of Project Serum, I'd like to give a huge thanks to everyone who is coming together for this.

And if you want to join in -- we'd love to have you!

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