FTX CEO Proposes Deploying SushiSwap to Solana, Votes in Favor
Digital assets derivatives platform FTX is ruling the cryptocurrency market right now.
The company is building right, left, and center, and with a CEO who barely sleeps, it makes sense that they are so ahead of the curve.
The exchange has been out-innovating others, launching the Uniswap index, DeFi perpetual futures, and also removing the maker fees for the rest of 2020. Hiring Sina Nader, the former head of crypto at brokerage firm Robinhood as the COO, the company is focused on scaling up “massively” in the US.
Launched in the spring of 2019, the exchange made the sixth-largest acquisition with the popular portfolio tracking app Blockfolio just last month.
It also took a deep dive into the world of decentralized finance (DeFi), launching the DEX Serum built on the Solana blockchain. Now, CEO Sam Banman-Fried is proposing to deploy the Uniswap clone Sushiswap to the Solana blockchain within a month and be completed before 2020 ends.
The proposal has over 79% votes in favor compared to a few hours back when “No” were in dominance at 84.6%, which are now at just 19.53%.
Sam proposed to have $SUSHI deployed on Solana too.
Guess who has also been farming a boatload of sushi since day 1, was the top holder, and has a disproportionate amount of voting power.
* Cue Succession Intro Theme * pic.twitter.com/SLklaEoq6F
— Hsaka (@HsakaTrades) September 4, 2020
In the proposal, he points out how Solana is the “fastest” blockchain with low cost ($0.00002 per transaction) as such support should be built for Sushiswap on Solana.
It is proposed that Sushi rewards are paid to both Ethereum and Solana/Serum based Sushiswap, proportional to the TLV in each or alternately fixed to each pool, which is composed with the Serum order books.
Additionally, each Sushi pool has a curve where the pool sends bids/offers into the associated Serum orderbook to simulate that curve. This allows the Sushi AMM to share liquidity and volume with the orderbook.
While FTX already has a bridge from ERC20 <> SPL (Solana token) Sushi, in the next week, the Solana token wallet (sollet.io) will have as well, he said. Sam proposed,
“Sushi will also be able to compose with a borrow/lending protocol on Serum to allow the pools to trade on margin.”
The proposal is submitted on behalf of EcoSerum, a Serum node, and “not on behalf of or related to FTX,” mentioned Sam, who owns both SRM and SUSHI.
He also proposes rewards of 20k SRM (for 1+2) and another 10k (for 1-5) to the team who builds it and 50k SRM (for 1+2), one locked MegaSerum (1 million Serum put together, for 1-5) for the Sushi community. The tokens will be fully locked until August 1st, 2021, and will be unlocked linearly over the next six years.