ETH

The famous crypto guru looked after …

Navigation

The Rise and Rise of Bitcoin | DOCUMENTARY | Bitcoins | Blockchain | Crypto News | Digital Cash

The eminent crypto guru looked after ...

Eminent Crypto Guru Sees Ethereum Killer For Its New Exchange
CONTENT

  • FTX CEO plans to use Solana blockchain for his new Serum DEX exchange.

  • Bankman-Freed believes that the number of traders on the new site will reach 1 billion.

  • He believes that the DeFi market is supported only by financial incentives..

International consortium of news organizations developing transparency standards.

CEO of FTX crypto exchange Sam Bankman-Fried ditches Ethereum blockchain for his new decentralized exchange.

The eminent crypto guru looked after ...

Well-known in the crypto community Sam Bankman-Fried recently gave an interview to Camila Russo of The Defiant. During the conversation, he shared his thoughts on the current state of affairs in the decentralized finance (DeFi) segment. He also explained why he doesn’t want to use the Ethereum blockchain for his new decentralized exchange..

“Huge plans”

Sam Bankman-Fried, who himself prefers to be called by his initials – SBF, has recently gained widespread prominence in the crypto industry. He is the head of the FTX cryptocurrency derivatives exchange. His name was also heard by many in September, when the anonymous creator of the hype DeFi protocol SushiSwap unexpectedly gave him full control over his project..

Do you want to always be aware of the latest cryptocurrency market news? Join the discussion in our Telegram channel – and you will find out everything!

In addition, Russo spoke with Anatoly Yakovenko, the creator of the Solana blockchain, who claims to be a potential “Ethereum killer”. However, while he is on the list of numerous other contenders for this title. However, in July, FTX management announced plans to develop a new Serum decentralized exchange based on the Solana blockchain..

The famous crypto guru looked after ...

During the interview, SBF revealed that he was previously an ETF trader at the New York brokerage company Jane Street Capital. Since 2017, he plunged into the world of crypto assets, where he was attracted by the huge opportunities for arbitrage trading..

Bankman-Freed is currently making the most ambitious plans for its new DEX exchange. He expects over a billion traders to become its clients. SBF added that solving the scaling problem will be critical in achieving this goal..

No faith in Ethereum

At the same time, in his opinion, the widely anticipated Ethereum 2.0 will still not be able to cope with this problem..

“In order to achieve our goals for the number of users, Ethereum is not suitable. We need a solution that will be not even 100, but a million times faster than Ethereum “.

It is worth noting that a billion users are almost 13% of the total population of the Earth and 22% of all people with Internet access. It can take a long time to achieve such indicators. However, this is not the limit. Recall how in September the crypto community made fun of the Tron crypto platform, which mistakenly reported that the number of its users exceeded the population of the Earth..

No incentives, no DeFi

Commenting on the current situation in the DeFi segmentDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More and rewards.

The eminent crypto guru looked after ...

Since the summer, the main influx of capital into the DeFi market has been driven by the excitement around profitable farming. Farmers jumped from protocol to protocol in search of the highest profits. As a result, a number of leading platforms have already faced an outflow of liquidity.

In this regard, SBF questions the effectiveness of many DeFi projects in terms of whether they managed to successfully create a quality product and build a user base and a full-fledged ecosystem..

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Similar articles

Similar articles