FTX crypto-derivatives exchange has announced the launch of a decentralized exchange (DEX) Serum on the Solana blockchain. The platform will be compatible with Ethereum by using the second-level solution, Optimistic Rollup.
The initiative is supported by one of the investors Solana, Multichain Capital, as well as Kyber Network, CoinGecko, Gauntlet Network and TomoChain. The advisors are Compound founder Robert Leshner and platform strategy Director Calvin Liu.
FTX founder Sam Bankman-fried told the Block that the choice of Solana is due to the speed and cheapness of transactions on this blockchain . According to him, the launch may take place in one or two weeks.
According to the developers, during the tests, Solana showed 60,000 TPS, which is comparable to Visa, which processes 65,000 TPS. For comparison, the current bandwidth of Ethereum before switching to ETH 2.0 is only 20 TPS. The average cost of transactions in Solana at the same time was $0.00001, while in the network the second largest cryptocurrency by capitalization, according to Bitinfocharts — $0.68.
"Serum will have the speed, cost and user experience of a centralized exchange, while maintaining a non-custodial and non-trusting nature," bankman-fried promised.
Solana Creator Anatoly Yakovenko believes that Serum is able to challenge centralized exchanges.
The launch of DEX comes on the back of updating records for the turnover of decentralized exchanges at the level of $1.6 billion and the growth of the volume of blocked funds in DeFi-protocols to a new maximum of $3.5 billion.
Unlike other DEX, which try to build inter-network compatibility through price oracles or third-party services, Serum uses Optimistic Rollup, a second-level solution for Ethereum. It will be used to implement cross-chain swaps and tokenization.
FTX representatives do not rule out difficulties with the community's acceptance of the new DEX at first due to the small Solana user base and the pause before listing ERC-20 tokens.
Solana today announced the start of trading of the native SOL token on FTX in various markets, including spot, perpetual and futures.
