Money 2.0 Stuff: FTX goes DEX

"Solana is awesome," FTX CEO Sam Bankman-Fried told The Block. "It is 10,000 times faster and 1,000,000 times cheaper than Ethereum."

Those are big numbers and so FTX is building a DEX on Solana called Serum. Or sort of building. Maybe. It seems more likely that Solana will be the ones building the DEX and FTX will provide some product advice and liquidity and brand.

This is kind of a big deal! FTX is one of the larger derivatives exchanges, supporting $2.5bn volume over the past 24 hours. They are renowned for their ability to iterate rapidly, listing long-tail DeFi assets and exotic instruments. Founded just 14 months ago, they basically iterated themselves into existence. Now they’re embracing Open Finance in a big way, supposedly.