FTX CEO Proposes Building SushiSwap on Solana and Serum
AnTyFebruary 22, 2021
A proposal has been made to build the DEX SushiSwap on Solana and Serum, codenamed Bonsai. With Sushi emerging as “having one of the most vibrant and influential communities” and “the sky’s the limit” for it, the proposal states it’s important to keep growing.
“The purpose of this proposal is to lay out an efficient and effective method for SushiSwap to evolve and build out its leading platform on Solana and Serum,” it reads, adding, “To reinforce perceptions of SushiSwap as a DeFi leader and innovator.”
As per the proposal shared by Sam Bankman-Fried, CEO of FTX, who is also building the DEX Serum on Solana, on Twitter, the team has been farming, staking, and investing in DeFi for the past eight months and Sushi from its beginning.
Now, they want to bring SushiSwap on Solana to provide the community additional liquidity, fast transactions, and significantly low fees on Serum.
In the light of the cost of the Ethereum network making DeFi out of the reach of smaller users, they built Raydium. Having been worked on since last year, the AMM was launched just over this weekend.
The proposal also talks about the Raydium roadmap, which involves completing the development of liquidity pools and staking, launching mainnet along with the website and platform launch in Q1.
This AMM will work as a bridge for SushiSwap, and the protocol is already able to support Sushi’s liquidity pools for the Serum orderbook.
As a first step, Raydium will work alongside the DEX and then deploy on its testament. The next step would be the deployment of Bonsai pools and staking on the mainnet.
As an incentive, the double yield is also proposed for the first Decentralized Franchise Pool. The additional rewards will be in the form of a native RAY token, which means Sushiswap stakers on Raydium would get SUSHI rewards plus free yield from RAY.
The new project, Bonsai, is anticipated to launch on testnet within Q1 of 2021.
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.