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Serum's union with SushiSwap has long been dreamed of, and SBF has now voluntarily revealed the details: launching a Solana version.

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On September 1, it was reported that Larry Cermak, Research Director at The Block, speculated on FTX's launch of SushiSwap spot and perpetual contract trading. Larry Cermak believed he had figured something out, stating that FTX founder Sam was playing a very complex game. He first farmed a bunch of SUSHI garbage coins, then suppressed the price below a certain threshold, farming and restraining himself from dumping coins. After letting the price soar more than seven times, he allowed people to jump in. Furthermore, by listing perpetual contracts of SUSHI, he hedged a large position without losing governance rights. Lastly, through governance power, he brought SRM, SOL, and FTT into the SushiSwap pool. On the morning of the 4th, FTX founder Sam Bankman-Fried personally tweeted that he would propose to the Sushi community to launch a Solana blockchain version of SushiSwap.

SBF: Should We Create a Solana Version?

Let's take a look at the details:

I Am Not a Sushi Developer

At the beginning of SBF's proposal, he introduced what Solana and Serum are to the community, along with disclosing his identity. Interestingly, SBF mentioned that this proposal does not represent FTX, and he is not involved with Sushi's development. Instead, he is representing Serum's node EcoSerum and acknowledges holding SRM and Sushi.

Proposal Details

  1. Support for building SushiSwap on Solana
  2. SUSHI rewards will be simultaneously paid out to both Ethereum and Solana/Serum versions of SushiSwap: based on the locked value ratio or fixed ratio per pool.
  3. Integration with Serum's order book: 1) Each pool will have its price curve, currently using constant product 2) Each pool will send buy/sell quotes to Serum's order book, activating that price curve 3) This will enable Sushi to act as automated market makers sharing liquidity and trading volume with the order book.
  4. FTX can convert SUSHI between ERC20 and SPL (Solana Token Standard), also available on Solana wallet sollet.io.
  5. Sushi will integrate with lending protocols on Serum, allowing these pools to have margin trading in the future.

What Are the Incentives?

SBF proposed that Serum's node EcoSerum will reward the Sushi community. Helping to achieve the above points could earn anywhere from 10,000 to 50,000 SRM.

When Will It Start?

SBF mentioned that he hopes to start these efforts within a month and complete them by the end of 2020. However, the condition is that SushiSwap must successfully siphon off liquidity from Uniswap.

Furthermore, SBF has had a good interaction with Larry Cermak, so dreaming up his plans may just be a coincidence.