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In the first speech at the cloud summit, Sam Bankman-Fried (SBF), co-founder and CEO of FTX and consultant to Serum, discussed the status and future of the DeFi industry, FTX products and corporate philosophy, mainstreaming of derivatives transactions and encrypted finance, and naming Speeches at Miami Stadium, sponsoring Biden's campaign, and more.

SBF said that it has been thinking a lot about products - what kind of products do people want to use and trade? Even if these products are not yet launched on the market, derivatives occupy a huge potential market among them. FTX's goal is to create the best and most innovative products, so it launched the equity tokens that can be traded for Tesla and SPY. When it realized the huge attention and transaction demand for it the day before Airbnb went public, FTX decided to Satisfied the needs of users who "want to trade Airbnb in advance", and launched corresponding Pre-IPO products. "We had no reason not to do it, so we did," SBF said.

In addition, SBF is also trying to make FTX have a new impact on the world. At present, it is mainly realized through donations. "At the beginning of this year, we launched the "FTX Charity Foundation". 1% of FTX's net handling fees will be donated to the world's most efficient charity. But what is even more exciting is that on the FTX Charity Foundation page, users can make personal donations with one click. So far, the amount donated by FTX has exceeded 1 million US dollars, while the user end has donated 5 million US dollars. Dollar. This is unexpected, but I really appreciate the users who support us. "

SBF also stated that from its establishment to the beginning of this year, FTX has been paying all withdrawal fees for users, with a total amount of up to 20 million US dollars. Because it is hoped that the user's trading experience will be more seamless, blockchain fees should not be very high, especially new traders should not invest millions of dollars in fees. They should have a good experience with encryption technology instead of being squeezed by Gas fees.

The following is the essence of the speech content edited by Odaily, enjoy~

The following is the essence of the speech content edited by Odaily, enjoy~

I'm Sam Bankman-Fried, co-founder and CEO of FTX, and advisor to Serum. Thank you very much for the invitation to Odaily Vitality Cloud Summit.

DeFi has been a very interesting topic over the past year. I think the most interesting thing is the changes we've seen over the past few months. The past 6 months, the industry has developed very well,Liquidity mining on Ethereum is the most representative DeFi application.This is very important to the entire ecology, because it has attracted a lot of attention, capital and users,But it doesn't have the potential to scale sustainably. 

Since 2021, many earth-shaking changes have taken place. in some sense,Mainly the development of Binance Smart Chain (BSC).A few months ago, BSC started to flourish. This is due to Binance pushing it strongly and Ethereum Gas being too high. This shows that a lot of people using DeFi do care about fees and speed.A very important requirement is to build DeFi in a more economical way.But there are also many people who don't want to use BSC because they think it is not decentralized enough. I think it kicked off a kind of shift in the ecosystem and made us figure out one thing, something was going to happen, had to enable the ecosystem to scale. I think this approach has opened a door for many projects, which is actually good for Serum.

Serum is a decentralized ecosystem built on the Solana public chain. Solana has many cool things, one of the core is,They are thinking hard about scalability, how to get the highest possible throughput with the lowest possible latency and low gas fees.Now Solana supports about 50,000 transactions a second, each transaction costs about a hundredth of a cent, and is settled every second, so it can become as fast and efficient as a mobile application. This is already a huge improvement, which means you can have a great user experience on it that feels natural and doesn't wait forever for the next block. Its core method is to realize simultaneous writing of different programs through a basic memory storage, and the user only needs to prepare the address.

Serum is a decentralized ecosystem. Its creation goal is to think about how to expand the DeFi market, what DeFi technology should look like, how to achieve it, and how to make DeFi truly scale. The first and largest project on Serum is Serum DEX, a fully on-chain, decentralized order book that allows users to send limit orders.

At the same time, all other applications in the Serum ecosystem can be built directly on the infrastructure that Serum has built. To give an example: Raydium is an AMM in the Serum ecosystem. The way it works is, for example, when you sell USDC, Raydium will inject these funds into Serum DEX for quotation. If you want to trade on Raydium, you don't have to go to its website, but you can trade on any website that embeds the Serum DEX GUI, you send an order on the order book, and it will automatically draw from all liquidity sources Extract liquidity, including Raydium.That is, Raydium can get all the liquidity aggregated on Serum, thus greatly improving scalability, liquidity and efficiency, while ensuring that all benefits are dispersed.

This is a cool thing for the DeFi ecosystem, and there are a lot of cool things that have been done on Serum.

Although the theme of this year is the decentralized ecosystem, many other trends have also developed recently. In the decentralized encryption world, 2021 is a year of great significance for the industry.

At FTX, we've been thinking about a few things. One of them is to expand our platform system to meet the ever-increasing demands of users and the quantity demand for products. We've been thinking a lot about the product, which is the foundation of our platform. Our goal is to build the best, most innovative product that we hope users will love as long as they use it.We think about what people want to use and what they want to trade, even if those products are not yet available in the market.

To give some examples,We Launch Equity Tokens on FTX, users can trade as many as dozens of equity tokens such as Tesla and SPY. Another product that people want to trade most is the Pre-IPO product. For example, before Airbnb goes public, people have the demand to trade it, and everyone is paying attention to this upcoming IPO. When we realized that people wanted to trade Airbnb in advance, we thought: can we do it? When we realize we can do it, we do it, even if it doesn't exist on any trading platform yet. We found a way to build it, so we launched Airbnb's Pre-IPO product before Airbnb went public, allowing users to start price discovery earlier, start building liquidity.

another thing isOur MOVE contract, there have been many attempts at options and other volatility products. The MOVE contract is a product that takes advantage of daily BTC price movements. You can buy the rise and fall of BTC price tomorrow. If it rises by $100 or falls by $100, the MOVE contract will expire. This is a very suitable product for the average trader as it is easy to understand. Volatility contracts allow users to predict how much Bitcoin will fluctuate every day, and it is easy for everyone to understand what it represents. It’s also pretty cool for quant traders because it’s a futures on volatility, a hedge against downside risk.

In general, our goal is to ship whatever we can think of, whether it's been done before, or something we have to design ourselves. We saw no reason not to, so we did.

Let's see what the future holds.

In the future, many players will join the team of trading encrypted derivatives. This field is constantly expanding, and the trading volume is also increasing.I think the options trading market will definitely increase in the future. It's a small market right now, but it will eventually become a bigger market, which is happening.

FTX will have a lot of cool derivatives launching in the second half of this year. We will see derivatives of many different products, encrypted assets, non-encrypted assets, and DeFi derivatives. This trend is obvious.

In addition, we have also tried hard to think about what FTX represents and means, whether it is in our relationship with users, or our relationship with the world. We try to make FTX a new impact on the world, currently through donations.

I spend a lot of time thinking about how and where to donate. We also want to involve the community, the committee. We launched the "FTX Charity Foundation" last year, and 1% of FTX's net handling fees will be donated to the most efficient charities in the world. But what is even more exciting is that on the FTX Charity Foundation page, users can make personal donations with one click. So far, the amount donated by FTX has exceeded 1 million US dollars, while the user end has donated 5 million US dollars. Dollar. This is unexpected, but I really appreciate the users who support us.

I hope this pushes the industry to think about how we can give back to society, especially as encryption technology gets better and better, what impact can we have on the world, and what should be done for users to create a better user experience.

From its establishment to the beginning of this year, FTX has been paying all withdrawal fees for users, with a total amount of up to 20 million US dollars. Because we want the experience to be more seamless, blockchain fees shouldn't be high, especially new traders shouldn't be investing millions of dollars in fees. They should have a good experience with encryption technology instead of being squeezed by Gas fees.

Because Ethereum is too expensive, FTX has now adjusted: if you pledge FTT, you can get a certain amount of free withdrawals on the Ethereum network. We hope to continue doing this to allow new users to try out crypto assets.

Next, let me reply to the questions you are interested in collected by Odaily.

First, you have always been a role model in this industry and an idol to many people (SBF: Thank you for saying that), what innovations and products are you most interested in recently? 

I have been thinking about what is the most friendly crypto investment experience for general traders (retail investors).I spent a lot of time thinking about how to design margin systems for derivatives contracts, among many other things. I think these things are very important for the expansion of high-capacity, liquid, stable, and large-scale derivatives. But at the same time, there are many newcomers who have entered into crypto trading, and there are more demands from retail investors. We can provide more ambitious products and make it great to experience crypto finance for the first time.

For example, we have added many functions to Blockfolio (acquired by FTX) to give everyone a more convenient mobile trading experience. You can use it to trade, invest in encrypted assets and stocks. In the US, we now have debit cards linked to your Blockforlio account, which means that US users can spend on Amazon, Walmart, and withdraw their balance directly from Blockforlio.

We will solve the pain point of separation between banks and encrypted accounts, optimize the functions of Blockfolio, and avoid the pain and trouble of repeated interactions between the encrypted world and bank accounts. We have also established a unified service experience where users can aggregate and utilize funds. It's been a great experience, a big step from a mobile crypto trading app to a mobile crypto based bank.

The next question that everyone is interested in is: Everyone knows that we advocate effective altruism and made a lot of donations for the Biden campaign. You are curious why I am keen on donations and what is the ultimate goal.

I think my ultimate goal is to figure out how I can be the best. There are a lot of people doing really amazing things for the world, working directly for some pretty impressive causes or charities, and I might not be able to do as well as some of them. But one thing you can do is know where you can put your money to good use.One of the things I think about the most is how can I do my best for charity, what is the most effective place and method, what can I do, what is the best.

The last question is that everyone is very curious about the reason why we named the Miami Heat Arena for 19 years. 

I think the basic answer is that, personally for me, there's a lot of excitement about partnerships. Miami is a growing hub for cryptocurrency businesses, and the high-profile deal could attract a new class of users who have never touched cryptocurrencies. Including the exciting moves that Miami has been doing recently regarding cryptocurrencies, and the great talks we had with regulators. I think they're really committed to doing more things that the world will notice.

But one thing I didn't do well, I didn't start a cryptocurrency exchange in 2012, I was busy playing League of Legends in 2012... This indirectly affected the popularity of FTX. But we will make our products better and hope to let our products speak for themselves.

Finally, I would like to thank all users for their questions and for letting me speak. We'll be talking together again soon and hopefully the industry will head into an even better year!