SBF Profile picture
26 Jan, 11 tweets, 5 min read
14) There's an NFT exchange (solible.com).

There are wallets (serum-academy.com/en/wallet-supp…), AMMs (swap.bonfida.com), and a tool to mint your own tokens (spl-token-ui.com/#/).

And USDC is live on SOL! Image
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: mediaserver.express Image
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:



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.

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 = companiesmarketcap.com Image
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.
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.
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 Maps.me. Image
23) Today, Maps.me is launching the MAPS token.

And later this quarter, https://t.co/0tE9528Zxn is integrating a Serum-based wallet for all of its 100m+ users.

24) Because some things are better together.

ftx.com/mapsme-ieo Image

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More from @SBF_Alameda

26 Jan
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 ftx.us listed ftx.us/trade/YFI/USD last week.
Read 12 tweets
21 Jan
1) Congratulations, Mr. President and Madam Vice President

2) It's hard to have any real sense of what elections in the 1860s felt like, but at the very least this feels like the most acrimonious race in the past 50 years.

That means a lot of things. One is that the new administration was handed a delicate, important, difficult task.
3) The nation is always divided, always ways, and always will be, in many ways.

And so there are always debates and votes and dissenters. It's our right as American citizens to vote our conscience, and it's representatives' rights to vote theirs, in the House and Senate.
Read 26 tweets
20 Jan
1) We spend a while thinking and talking about what exciting places FTX can go.

More on that next week.

But it's just as important to think about our weaknesses.
2) NOT INVESTMENT ADVICE
3) No exchange is perfect; nothing is.

But we try to keep tabs on which parts of FTX are frustrating the most people.

Some of these are quick fixes; some are not.

I think one of my bigger regrets is not addressing the larger ones sooner.
Read 9 tweets
15 Jan
1) @multicoincap sometimes gets shit for some of it's stances, e.g. backing EOS a few years ago. And it deserves that -- it was a bad call!

But it's made about 10 good calls for every bad call.

2) And sure, sometimes they're publicly and embarrassingly wrong.

That's the necessary price to pay for staking bold stances and publicly explaining why you think what you do.

If you can't think of a time someone was wrong, that means they aren't saying anything interesting.
3) I'm obviously biased here, because one of their recent positions has been in Solana and Serum.

But the 'win' column doesn't need to count those--they have enough in the Ethereum ecosystem to make up for them anyway.
Read 8 tweets
12 Jan
1) The other crypto IPO
2) NOT INVESTMENT ADVICE
3) Yesterday I looked into Bakkt's SPAC.

It did not look very good.

idk maybe it'll be worth $10b soon because fuck everything.

Read 21 tweets
11 Jan
1) BAKKT is about to go public.

There are a number of "interesting" things in their deck.

sec.gov/Archives/edgar…
2) They're aiming for a $2b valuation. Where is that coming from?

Well, their 30m+ active users and $500m revenue, of course!*

(*2025 estimate)
3) wait, 2025 projections? Isn't that far away?

Sure, but when you invest, often you're investing in the future!

And, of course, you can paint a pretty compelling road towards 30m users based on their, uh...

Is that a 0?
Read 8 tweets

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