Connect with us

Hot Projects

DeFiRev.com Exclusive: Inside the Mind of Sam Bankman-Fried, the genius behind FTX & Alameda Research.

rss

This Week DeFiRev.com caught up with one of the most talented young individuals in the space: Sam Bankman-Fried!

sam bankman-fried

Sam congrats on all your success thus far!  Tell us about your origin story.

Sam Bankman-Fried: I went to MIT, and worked as a trader at Jane Street after that.  In 2017 I started up Alameda Research, a crypto quant trading firm; in 2019 I started FTX; and now there’s also Serum.  My goal, in the end, is to be able to help the world however I can, and for now that means finding ways to donate as much as I can to the world’s most effective charities (earning to give).

You graduated with a degree in Physics from MIT, what was school like for you there? 

Massachusetts Institute of Technology logo vector - Logo MIT vector

Sam Bankman-Fried: I had a lot of fun getting to know myself and making a lot of really important friends and connects (including Gary, my eventual co-founder).  I guess I realized that I probably wasn’t really meant for academic research, though, which made the classes less exciting.

One thing that always fascinated me is that out of the four fundamental forces, we can link together the electromagnetic force,  the strong nuclear force, and the weak nuclear force, but not gravity. Why? For as much as we say we understand gravity, it seems there is so much about it we still don’t understand. What’s your take?

Sam Bankman-Fried: Honestly I’m not the best person to answer that 🙂 .  But coming up with a real TOE has been one of the main goals of physics over the last few decades.

How did you first get into quant trading? I read that you interned as a quantitative trader at Jane Street Capital. What was that like and what did you learn?

Sam Bankman-Fried: I had some friends who had interned at JS and liked it, so I decided to; it also seemed like a good place to earn to give.  I ended up really liking it–it was a great place to push myself, learn a lot about acting and thinking under time pressure, building longer-term projects, and communicating with people on a team.

Tell us about Alameda Research and how it started.

Sam Bankman-Fried: Alameda Research started up in late 2017 in light of the huge arbitrage opportunities on exchanges then–many sometimes many percent even just between different US exchanges.  We scaled up over the end of 2017 and start of 2018 to be able to do arbs, provide liquidity, and generally trade across the majority of the world’s crypto exchanges.  Over the years it’s grown to trade ~$1b/day globally.

sam bankman-fried

What made you decide to move to Hong Kong?

Sam Bankman-Fried: I came out to Macao for a conference in late 2018 and quickly found that there were more business meetings and opportunities here than I had anticipated.  So I canceled my flight back and rented out a WeWork in Causeway Bay.  It’s ended up being a really good place to be able to connect to the majority of the world’s crypto trading population!

When did you first decide that you wanted to build FTX?

Sam Bankman-Fried:  Around the same time as I moved to Hong Kong it was becoming clear that there was a lot of work to do on the major crypto derivatives exchanges.  And eventually there was sort of this “fuck it, we can do this better” attitude, so we start building.

File:FTX log.png - Wikipedia

Binance purchased shares in FTX in December 2019, tell us the backstory on how that came to fruition.

Sam Bankman-Fried:  It was a long time coming; we’d worked with them on a number of initiatives over the last few years including liquidity, OTC, etc.  But we eventually really started talking about ways we could work together; CZ and I both wanted to get a deal done here, so we made it work.

You guys are growing fast and have about 35 employees, what do you expect the growth to be like in the next year?

Sam Bankman-Fried:  It’s hard to tell!  And in fact since that last 35 employee figure came out we’ve grown a bit more.  I’d guess our doubling time is around 1 year now in most respects, which is a lot.

What are some of your favorite books that you have read?  Favorite films?

Sam Bankman-Fried:  I really like Marvel TV shows and some Christopher Nolan films (Dark Night, Inception, etc).  I also watch way too much TV — Bojack, Elementary, The Magicians, etc.

defirev.com
We’re looking forward to Tenet!

You have written some really good tweet threads lately about DeFi, tell us what potential you see in the rapidly emerging DeFi space. ( Obviously, we’re biased too, we love DeFi!)

Sam Bankman-Fried: I think that DeFi has the potential to rebuild a lot of the world’s financial infrastructure on totally open systems, which would be super exciting!  It has to keep focused on building good products, though, instead of getting lost in the weeds of hyperinflating yield.

Do you have hobbies that you love that would surprise people?

Sam Bankman-Fried: I watch a decent amount of sports–baseball, football, and basketball mostly (yeah, pretty boring).  I also play some Magic: The Gathering online when I’m bored (or during phone calls sometimes–they’re often sloooooooooow).

defirev.com
We at DeFiRev.com had some killer decks too!

As someone who is extremely well versed in pattern recognition what trends and microtrends do you anticipate next in the DeFi space?

Sam Bankman-Fried: At some point Yield Farming will die down and I think people will start to focus more on the products there’s long term demand for–and I think that product design and usability and power will start to become really important.

Some say being in the right place at the right time is a key to success.  Undoubtedly, you are immensely talented.  How much do you attribute the Bitmex Leaderboard to the eventual success of FTX?  Tell our viewers about that experience.

sam bankman-fried

Sam Bankman-Fried: That definitely helped!  But more generally we did a pretty concerted campaign around early 2019 to build up our brand, including a lot of OTC trading.  It’s really helped get us some recognition.

What future plans or new developments and features are you looking forward to rolling out for FTX?  Any projects you are particularly excited about?

Sam Bankman-Fried: I’m really excited to see additions to the Quant Zone, improvements to our options UI, and much more over the rest of the year.

yearnfinance
FTX recently listed $YFI (Yearn.Finance)

As someone who is very successful under the age of 30, what advice do you have for the younger generations in terms of becoming successful, building things, and doing what they love?

Sam Bankman-Fried: I guess–find a way of working and living that works for you.  And when you find that, really push it as much as you can–a lot of the EV is in the tails.

Where do you see the DeFi and Blockchain landscape in 5 years? What do you think will surprise us?

Sam Bankman-Fried: Really hard to know!  But I think that if everything goes well DeFi in particular could really explode.


Thanks Sam! DeFiRev.com is really looking forward to seeing what you and FTX come up with next! You guys are always trailblazing. Until next time!

-The DeFiRev Team

defirev.com

DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch


Facebooktwitterredditlinkedinmail
rss
Continue Reading
1 Comment

1 Comment

  1. Pingback: DeFiRev Exclusive Interview : Inside the Mind of Sam Bankman-Fried, the genius behind FTX & Alameda Research. - Crypto: News, Games and more stuff

Leave a Reply

Your email address will not be published. Required fields are marked *

Hot Projects

Visor Finance (VISR): The YFI for NFT’s?

visor finance
rss

Visor Finance: A smart user-controlled platform to interact with DeFi protocols

Within the realms of liquidity mining in the decentralized Finance sector, there are several issues that need to be supervised. Right from discoverability and reputation to programmability to the security of liquidity, the issues are hard to deal with. 

Visor Finance is a truly ground-breaking protocol that overcomes this issue and works towards building the liquidity mining protocol. Its solution aims to mint and interacts with NFT Smart vaults where users will have the ability to interact with the existing DeFi protocols but with their VIsor NFT’s. The team put up a great FAQ for beginners here.

This implies that in a Liquidity rewarding program, rather than depositing tokens in the project’s smart contract, the users lock them to their NFT and will still be eligible for rewards. 

Key aspects of Visor NFT

NFT’s or non-fungible tokens are everywhere. It was once just an obscure part of the blockchain technology world but its boom has led to a sudden embrace in its entirety. NFTs are usually associated with digital art or in-game assets but Visor Finance has implemented an NFT for a use case that is not related to art or game but it has been designed to interact with multiple DeFi protocols. 

Let’s take a look at some key aspects:

  • Visor NFT will act as the key interface between the user’s funds in custody and DeFi protocols to which they interact with. Every single Visor is easily identifiable by its singular string of digits which also is a complaint ERC721 id. 
  • During its liquidity mining program, the user funds are immediately unlocked without any counterparty risk during the mining program if needed.
  • Assets can also be assigned to diverse liquidity mining programs. This can be done without the need for the assets to leave user custody and attaching it to the required endpoints. 
  • The best part is that the user funds are quickly discoverable by liquidity mining programs. The platform users can then authorize staking and unstaking to their Visor NFT for reward distribution. 

Benefits of the platform

VisorNFT allows users to lock assets into several concurrent liquidity mining reward programs. The users will have the ability to sign ahead in time permissions for top DeFi platforms at the protocol level. The owner of the vault can submit a signature for assets in the vault to become collateralized. The user-controlled contract vault also has something called the Visor’s factory which will allow for the introduction of updates and extensions to the Visor NFT without breaking compatibility across reward platforms. There are several contract templates which the users can choose for minting new versions of the Visor NFT. 

Visor also aims to keep the NFT with its unique ID and immutability with several paths for upgrades and extensions. The purpose of the upgrades will be for easy migration of assets through the web user interface.

How do the upgrades take place?

The Visor smart vault factory boasts an ownable admin. The admin will be able to introduce new templates for upgrades and extensions to the Visor smart vault. They will also set the default behavior for active templates. Visor Finance strives to pass on these rights to the community and with more developments, it intends to make it their top priority. 

The Visor Factory will also have a default active template which will also double up as the stable release of the Visor Smart vault. Users will have the go-to choose alternative templates to mint for different reasons. The canonical release will be considered the default and will be put under upgradation consideration only after it has been discussed with top industry leaders.

visor finance

Liquidity Bootstrapping pool

The Visor community participated in the liquidity Bootstrapping pool with full zest and enthusiasm. The event in association with Balancer Labs was a huge success and marked the successful launch for Visor Fiance. More than 900 addresses participated in the Pool event.  450 people also went through the NFT minting process through the web UI and now own their Visor NFT smart vault. 

It also has brought about two governance proposals which were suggested by the Visor community members. Based on their suggestions and inputs, the team has adjusted the rewards program as given below:

Proposal 1: Additional communities for Phase 1 consideration

Proposal 2: Very active participants in DeFi, why not adding INV and RULER

The whitelist rewards will be extended to many other active DeFi communities which have active snapshots and run liquidity mining programs. It will also extend to those communities which run yield farms that will align with the use-case of Visor. The proposals at the end will allow for greater participation in phase one of the rewards program but will also accelerate the overall use of the Visor NFT. 

Hence, in essence, Visor NFT is a user-controlled systematic, hassle-free vault that holds assets, and provides safe exposure to DeFi protocols without giving up on custody. The Visor NFT is not about those properties that are manifested in the art of in-game assets.

They go a step ahead to utilize and assist in accelerating NFT’s capacity for being singular, unique for different purposes. For the user, this is a golden opportunity to expose their vault’s history of past interactions with DeFi protocols with Merkle roots of hoards of permissioned addresses, enhanced liquidity visibility more so at a network level.

The users are at liberty to choose their own strategy but they will never have to relinquish their assets. The community per se values being given the autonomy to choose and since the Visor NFT platform is all about user-control it will help in the wider and higher participation in future developments. The platform is now looking to integrate with projects to implement their rewards program in order to be compatible with the UniversalVault standard that the Visor NFT uses. 

Rewards go live Monday, more details can be found here.

visr

Visor Finance CoinGecko: https://www.coingecko.com/en/coins/visor

Visor Finance Vault: https://vault.visor.finance

Visor Finance Twitter: https://twitter.com/VisorFinance


DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Thanks for reading about Visor Finance!

Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.



DeFiRev.com – DeFi Market Watch

Facebooktwitterredditlinkedinmail
rss
Continue Reading

Hot Projects

BAO FINANCE CRYPTO: WHAT IS IT?

bao finance crypto
rss

BAO FINANCE CRYPO TAKING OFF! WHAT IS IT?

Bao Finance crypto token has exploded recently with unprecedented growth due to its numerous unique features. Bao Finance focuses clearly on providing a fair and equitable distribution and the creation of synthetic assets. It is an innovative second layer for synthetic assets that have been built on top of Uniswap, SushiSwap, and Balancer.

Bao Finance will use an upgraded version of the SushiSwap farming infrastructure and intends on capitalizing on the yield farming distribution model. However, at present, the APY is very attractive to farmers.

The BAO Finance crypto token acts as the governance token for the community-run project. It also is backed by an insurance fund where all the BAO fees get accumulated. 

Bao Finance crypto
Sample Menu

BAO creates a second-layer protocol and the users will utilize the assets from Uniswap, SushiSwap & Balancer to take part in the BAO ecosystem. BAO finance can also be seen as the first L2 DeFi that aims to add its protocol’s features to existing infrastructure. Users will be able to generate synthetic assets by using their LP tokens from other protocols. This has many benefits as users will be able to:

Earn fees and yield rewards by being a Liquidity provider in Uniswap, SushiSwap, and Balancer.

They will also be able to earn rewards in $BAO by staking their LP tokens as collateral. They also can issue furthermore, synthetic assets to invest in other assets. Essentially speaking BAO finance focuses on early distributive equity and the generation of synthetic assets. 

Yesterday, February 4, Hotbit launched BAO Finance on its global section. The deposit function was launched yesterday at 9.00 AM UTC and the trading function was launched at the same time yesterday. The launch comes with the unraveling of 2 trading pairs – BAOFI/USDT, BAOFI/ETH for the same. Hotbit cryptocurrency exchange is also a cryptocurrency trading platform that integrates different forms of solutions like spot trading, financial derivatives, and DAPP also integrated into one platform. 

The most interesting thing about yield farming here is that there are several hundreds of LP pairs available to yield farms. Though users will only get 5% of the BAO token which they farm the remaining period will be the vesting period of over 3 years with a 1-year cliff!

bao finance crypto

DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch

Facebooktwitterredditlinkedinmail
rss
Continue Reading

Hot Projects

AAVE CRYPTO ASSET SOARING

aave
rss

AAVE SOARING TO NEW HEIGHTS AS IT BREAKS $500 USD

AAVE is on fire reaching new all-time highs in rapid succession. As of today, February 4th, 2021, an earth-shattering volume of nearly 3 billion dollars of AAVE was traded in the past 24 hours.

Aave clocks in a new ATH ever since the v2 migration tool launch

Aave (AAVE) has been going strong ever since February began. In just 5 days, AAVE has increased by 76% and today the token hit a new all-time high of $520. The protocol to date has successfully captured users and has done well against its competition. The latest rally for Aave started on Jan 28 when the protocol announced the v2 migration tool. The tool allowed users to easily migrate all account information including the borrowed positions and staked tokens. 

The new tool also facilitates easy migration of user information to the updated protocol. Recently on the 1’st of February, the team from Aave protocol posted an update about the same:

“Today is the last day to vote on the AIP to add $BAL on Aave V2.”

A day following the announcement the proposal was passed by the community. The Balancer (BAL) was added on Aave 2 and it was around that time that AAVE rallied from $284 to $300.

The DeFi platform of AAVE is also rejoicing since the platform is undergoing immense upgrades. As per DeFi pulse, the total value locked in the DeFi protocol is now at $4.96 billion ranked second after Maker which has $5.16 billion in total value locked. 

AAVE, which is the 15th largest coin in terms of market cap, also recorded a staggering 24-hour trading period. Its trading volume in the last 24-hours touched $2.4 billion! Treyce Dahlem who is a research analyst believes that the recent surge in AAVE price has been fuelled by the big players and institutions who are becoming increasingly interested in DeFi.

He added, “Billionaire Mark Cuban recently spoke about the “unlimited upside” of DeFi and according to a snapshot of his on-chain portfolio, he is an AAVE whale holding more than $150,000 worth of the token. Grayscale recently filed more than a dozen altcoin trusts with Delaware’s corporate registry, one of those altcoins being AAVE. Additionally, Bitwise added AAVE to their Bitwise 10 Large Cap Crypto Index. These announcements have caused investor sentiment to reach a new YTD high of 83.5 (very high).”

aave crypto
https://www.coingecko.com/en/coins/aave

AAVE is quickly becoming a household name in DeFi for its revolutionary approach to decentralized lending, and our analysts believe that with the stellar leadership of Stani Kulechov, the Founder and CEO of AAVE, we predict AAVE will move into the top 10 digital assets quite quickly.

It seems apparent that AAVE is the de facto industry leader in its sector, and we surmise that it will be the perfect way for the everyday individual to get their feet wet with DeFi.

Recently, the migration tool from V1 to V2 was made available:


aave

DeFiRev.com is #1 in DeFi News. Check back in soon to find out the latest in DeFi News.


Make sure to check out more DeFiRev articles and sign up for our exclusive newsletter + get access to VIP DeFi Networking here.


DeFiRev.com – HOME
DeFiRev.com – DeFi Market Watch

Facebooktwitterredditlinkedinmail
rss
Continue Reading
bitcoin
Bitcoin (BTC) $ 36,311.00
ethereum
Ethereum (ETH) $ 2,259.85
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 342.97
cardano
Cardano (ADA) $ 1.43
dogecoin
Dogecoin (DOGE) $ 0.294397
xrp
XRP (XRP) $ 0.797925
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 21.27
bitcoin-cash
Bitcoin Cash (BCH) $ 578.18
uniswap
Uniswap (UNI) $ 20.71
litecoin
Litecoin (LTC) $ 159.15
solana
Solana (SOL) $ 36.45
binance-usd
Binance USD (BUSD) $ 1.01
chainlink
Chainlink (LINK) $ 21.64
theta-token
Theta Network (THETA) $ 9.09
matic-network
Polygon (MATIC) $ 1.42
internet-computer
Internet Computer (ICP) $ 53.80
stellar
Stellar (XLM) $ 0.305154
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 36,422.00
ethereum-classic
Ethereum Classic (ETC) $ 52.71
vechain
VeChain (VET) $ 0.101605
filecoin
Filecoin (FIL) $ 66.71
dai
Dai (DAI) $ 1.01
tron
TRON (TRX) $ 0.070158
monero
Monero (XMR) $ 275.67
eos
EOS (EOS) $ 4.66
amp-token
Amp (AMP) $ 0.084152
shiba-inu
Shiba Inu (SHIB) $ 0.000008
cdai
cDAI (CDAI) $ 0.021593
aave
Aave (AAVE) $ 267.51
okb
OKB (OKB) $ 12.95
compound-usd-coin
cUSDC (CUSDC) $ 0.022145
neo
NEO (NEO) $ 46.33
theta-fuel
Theta Fuel (TFUEL) $ 0.609375
algorand
Algorand (ALGO) $ 0.966798
bitcoin-sv
Bitcoin SV (BSV) $ 158.53
cosmos
Cosmos (ATOM) $ 12.47
pancakeswap-token
PancakeSwap (CAKE) $ 15.78
crypto-com-chain
Crypto.com Coin (CRO) $ 0.111815
kusama
Kusama (KSM) $ 313.65
iota
IOTA (MIOTA) $ 1.01
celsius-degree-token
Celsius Network (CEL) $ 6.43
ftx-token
FTX Token (FTT) $ 30.36
tezos
Tezos (XTZ) $ 3.16
compound-ether
cETH (CETH) $ 45.29
klay-token
Klaytn (KLAY) $ 1.04
leo-token
LEO Token (LEO) $ 2.60
terra-luna
Terra (LUNA) $ 5.89
maker
Maker (MKR) $ 2,698.39