1) Last night control of Sushiswap was passed off to multisig control. So this is my last message as temporary-substitute-chef and my first as.... a waiter? IDK.
3) First, off, I'd like to echo others in congratulating Uniswap. This was by all definitions a well done, successful launch; all the more so given the pressure.
4) So what's my vision for Sushi?
Well Sushiswap is the Sushi community's. And so it should be what they want it to be.
What I would do is below. But that doesn't need to be what Sushiswap does!
5) First, I would implement margin trading. It's not that hard! You compose @compoundfinance / @AaveAave with it.
10) But anyway I'm not Sushi, you are, and so you should decide what happens.
I know what direction I'm going. It's up to you whether to follow.
And by the way -- this doesn't just apply to Sushiswap. We'd love to have @UniswapProtocol as well! I'm sure you feel similarly ;)
11) And to @compoundfinance, @AaveAave, @BalancerLabs, @iearnfinance, @CurveFinance, and the whole rest of the decentralized ecosystem -- Serum is charging forward. It's setting its own (modest) volume requirements daily, and the list of integrations is ballooning.
12) @ProjectSerum is going to build out a powerful system one way or another -- but we'd love to have you be a part of it.
Because you've built awesome things -- as has the rest of the space. And even more than that, an awesome community.
13) And to everyone thinking about how where to position themselves in DeFi --
do you wanna be right or do you wanna make money?
And if you don't choose to make money -- how sure are you you're really right?
14) I want to work on the best, most powerful products I can, because that's where the upside is.
And I'm super excited about where @ProjectSerum is going -- about all the awesome shit people have built on it, and are building, and will build.
15) p.s.
--a huge thanks to everyone who helped bail Sushi out -- including @0xMaki, all of the mods and multis members, the community, and of all people, @NomiChef, who after returning the funds came and pitched in on the dev side.
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Today, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings in the US.
2) I'm really sorry, again, that we ended up here.
Hopefully things can find a way to recover. Hopefully this can bring some amount of transparency, trust, and governance to them.
Ultimately hopefully it can be better for customers.
3) This doesn't necessarily have to mean the end for the companies or their ability to provide value and funds to their customers chiefly, and can be consistent with other routes.
Ultimately I'm optimistic that Mr. Ray and others can help provide whatever is best.
2) I also should have been communicating more very recently.
Transparently--my hands were tied during the duration of the possible Binance deal; I wasn't particularly allowed to say much publicly. But of course it's on me that we ended up there in the first place.
3) So here's an update on where things are.
[THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!]
[TREAT ALL OF THESE NUMBERS AS ROUGH. THERE ARE APPROXIMATIONS HERE.]
Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).
2) Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. It may take a bit to settle etc. -- we apologize for that.
3) But the important thing is that customers are protected.
FTX keeps audited financials etc. And, though it slows us down sometimes on product, we're highly regulated.
3) We've already processed billions of dollars of deposits/withdrawals today; we'll keep going. (Taking up anti-spam checks to process more--sorry if you got those. We're hitting node rate capacity, will keep going.) Also tons of USD <> stablecoin conversions going on.