SBF Profile picture
22 Feb, 9 tweets, 4 min read
1) What is @RaydiumProtocol?

What makes it a step forward for DeFi?
2) Well, it's an AMM, built on Solana.

So, sure, you can swap assets in a second with $0.00002 gas fees.

And the blockchain can handle billions of trades per day.
3) But it is more than that.

Wee, you can use to add liquidity to the AMM, and you can use to trade.

But you can also use… to trade.

That's an orderbook!
4) What's going on?

Well, the AMM that people are providing in is sending orders to the DEX.

The way that the AMM expresses X*Y=K is in how it sends those orders.

I spaces them out so if you trade on the book, the DEX will auto-rebalance!
5) Why is this better than just swapping?

Well, right now, if someone goes to buy ETH/USDT on Sushiswap, Uniswap LPs can't provide to that.

If someone buys ETH/USDT on 1INCH's DEX, neither can.

Which is insane: they're all on the same L1! They're composable!
6) Right now if someone buys ETH/USDT on Sushi, they can't get Uni liquidity either!

The whole point of DeFi is that we don't _need_ to have 1,000 completely unrelated protocols that can't share anything.

LPs can't share orderflow, and takers can't share liquidity.
7) If only....

If only there were some sort of financial instrument that could, you know...

...aggregate liquidity from different sources together...

...and allow takers to access all of the offers at once.

Maybe even have an engine that could... match the makers and takers?
8) Well, you'd need:

a) a DEX fast enough to have an on-chain matching engine (

b) a chain fast enough to process orders (@solana)

c) an AMM build natively to compose with orderbooks

Enter @RaydiumProtocol
9) An AMM that provides to _all_ Serum orderflow, composing automatically with anything else that uses the DEX.

Yield is live. (And, for now, large.)

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More from @SBF_Alameda

20 Feb
1) One note on valuations:

Lots of projects have "yield" or "inflation" or something like that.

Does that mean that you'll lose to holding them?
2) It depends!

Well, really, it depends on the market.

Sometimes everything goes up. Sometimes everything goes down.
3) But another important point:

Let's say there's 10%/year inflation.

Do those new tokens go to:

a) the old token holders
b) some other group
Read 7 tweets
16 Feb
1) I recently wrote an FTX investor update.

While some of it is sensitive, I thought I'd share a redacted version of it here.
3) Writing investor updates for FTX is uniquely weird, because so much of the business is publicly available.

If you want to know about our trading volumes, that’s public. If you want to know about our revenue -- well, you can mostly back it out from the FTT burns.
Read 12 tweets
9 Feb
1) We're really sorry about the messages today on Blockfolio.

We've also now figured out what happened. Here's the story.
2) First, we should have had stricter controls on which accounts could push signal updates. This is our fault, and earlier tonight we significantly increased the old security around it, moving it closer to in line with the security we have around trading functionality.
3) There were about 30 minutes of off and on availability issues while we completely purged all of the offensive content from the system; beyond that, @blockfolio remained online today.
Read 9 tweets
9 Feb
1) Really, really sorry about the messages in @blockfolio today.

2) No trading features/funds/etc. were at risk. Those are part of a totally separate part of the system and are in line with FTX's standards.

The affected portion was around display and news/Signal.
3) Over the next month I'll be leading a security review of the old, non-trading-related parts of Blockfolio to bring them in line with the standards set by trading, and by FTX more generally.
Read 5 tweets
8 Feb
1) The FTX Foundation:
2) I'm really excited with the growth that FTX has had over the past years--from a brand new startup to the fourth largest crypto exchange in the world.

But in the end making money isn't what matters; it's what you do with it.
3) I originally got into crypto so that I could have positive impact on the world, donating what I make.

And I'm proud to say that a number of our team members have donated tens of millions of dollars over the last few years to some of the world's most effective charities.
Read 9 tweets
8 Feb
Happy Christmas @TomBrady

Read 10 tweets

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