SBF Profile picture
26 Oct, 14 tweets, 5 min read
1) HUGE UI/UX improvement to Solana:

Send someone an SPL token just using their SOL address!
3) What does this mean?

Well, on Ethereum, say your address is X.

Then you'd send ETH and all ERC20's directly to X.

Solana is different.
4) SPL tokens -- tokens on @solana -- have their own accounts.

So, for instance, if your Solana (SOL) address is Y, and you want to hold $USDC:

First, you create a USDC address Y1 _owned by Y_.

Then you send USDC to Y1.

Wallets (e.g. have GUIs for it.
5) There are pros and cons of this.

Pro: very explicit. It makes it easy to make sure you're sending the right and expected thing to the right place.

Cons: it's a pain to manage.
6) Here are some example painpoints:

A wants to send USDC to B.

They've transacted before -- A knows B's SOL address is X.

But they still have to ask B for their USDC address.

And if B hasn't taken USDC to X before, they have to _create_ a USDC account first.
7) This is true even if you're A and B.

You can't just store your SOL address somewhere and send tokens to it; you need to keep looking up different addresses for different tokens.
8) Anyway -- now this is a lot easier.

You can now enter someone's SOL address to send them SPL tokens!
9) So you just send the USDC to their SOL address.

In the background, _your_ account creates _them_ a USDC account, and then sends the USDC to that.

Their will automatically pick up the new account.…
10) So now you can use the flow you're used to: all you need is someone's SOL address and you can send them any SPL token.

And all you need to give someone is your SOL address.
11) This is live now sending from

But is also open source -- so any Solana wallet can add that code!

And more generally -- any programs (on-chain or not) can use it to simplify the SPL process.…
12) Another recent UX update:

on, if you auto-accept transactions, the DEX will auto-settle.

(If you don't know what that means, great! It's a button you used to have to click to settle DEX trades.)
13) One annoying thing: right now their SOL account has to have already gotten its first-ever SOL deposit. This will probably be cleaned up in a later push.

Another UX thing that would be great: tiny SOL airdrops for new users to get started. Hopefully someone will do it!
14) h/t @austerity_sucks for pinging us to fix this issue.

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More from @SBF_Alameda

28 Oct
1) Some updates on Serum Swap!
3) The SRM airdrop period has started! 1m SRM this month.

Will happen at 20 random times in the SRM pools.

Will post when it does.
Read 9 tweets
27 Oct
1) Some brief thoughts on
3) AMMs have problems.

Primarily impermanent loss; or put another way:

blindly providing while people pick you off to market moves.
Read 8 tweets
27 Oct
1) The first AMMs are live on @ProjectSerum!

1,000,000 SRM yield this month! Image
2) NOT INVESTMENT ADVICE isn't audited. Use at your own risk.
3) You can create AMM pools for any pair of SPL tokens; trade against the pools; add liquidity; etc.

1 second settlement, $0.00002 gas!
Read 9 tweets
26 Oct
1) AMMs on Serum
3) One thing you can do on Serum is build an AMM, just like Uniswap.

The difference is just that it's faster and cheaper.

Does that matter?
Read 14 tweets
25 Oct
1) thoughts on crypto account security
3) The first question you should ask yourself is:

"how sad would I be to lose these funds?"

Spend as much attention as makes sense given the cost

a) "lol who cares": username/password, stick in password manager; or log in with google/etc.; whatever.
Read 13 tweets
21 Oct
1) calm and storm
3) It's been too long since there have been major releases in Serum, or in FTX.

Partially that's because there have been a lot of large things churning in the background which have taken a few montsh.

Partially that's because a few quicker things were delayed.
Read 4 tweets

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