There's a new DEX in town.
https://serai.exchange/
I'm part of a small degenerate gambling club here on Hive. It's basically just a little group we have going in which various members will talk about any shiny new thing that has piqued their interest. To be honest I'm the least degenerate one in the entire bunch. Perhaps I don't belong!
Queue imposter syndrome.
I very rarely listen to my fellow degen peers... and most of the time I wind up regretting it... like when they tell me to buy RUNE at 60 cents (now $7+) or CACAO at 10 cents (now $1+) and I just completely ignore them because I don't want to get involved in some crazy new thing. I very much like my BTC and Hive bags right where they are, thanks, but no thanks.
But Serai DEX is one I just can't ignore.
Not only can I not ignore it but I am also compelled to write this post just in case any of my followers want to participate in something brand new on the ground floor; something important.
Obviously getting involved with a brand new project is risky and that needs to be taken into consideration, but the potential reward (and contribution) on this one is far too great to ignore. We may find ourselves honor-bound to help something like this get off the ground because of how much value it provides to the greater ecosystem as a whole.
Soooo... what is it?
Like Maya DEX (CACAO token), Serai is pretty much a clone of Thorchain (RUNE token). The big big BIG difference here is that Serai is going to be listing the world's biggest privacy coin: Monero's XMR. In combination with Maya's planned listing of zCash this is turning into a very big deal. Privacy is a key component of any fungible and free-market ecosystem.
All three will be loosely linked together.
Thorchain already has a very strong listing and bridge into Maya. Maya will then create their own strong bridge into Serai. Using a good wallet like XDEFI combined with the proper frontend it will be trivially easy to bounce around any of these networks in a completely permissionless and borderless way.
Why is this important?
A while back Thorchain's most popular frontend came under a lot of fire from both sides when it acted as the middleman on the FTX hack that drained all the Ethereum from their coffers. This occurred AFTER the bankruptcy and shutdown of the entire platform, leading many to believe that it was an inside job (Sam Trabucco?) or North Korean hacker group Lazarus.
How FTX hacker’s $131m ‘laundering’ spree caused DeFi exchange to shut off
- THORSwap disables website interface after FTX hacker used exchange to swap stolen funds.
- The decentralised exchange says it took action after consulting with law enforcement.
- THORSwap contributor says exchange would be “open to referencing what other DEX interfaces in the industry have implemented,” to ensure compliance.
The interesting thing here is that so much scrutiny was being placed on a frontend called Thorswap rather than the Thorchain network itself.
Although this effectively prevents everyday users from interacting with THORSwap, those with sufficient technical ability can still use THORSwap by interacting directly with its smart contracts.
Yeah... or we can just build another frontend and host it in a part of the world that respects free-markets and the Wild West ecosystem.
Code is law?
Since the hacker started moving funds on September 30, they have sent around $131 million worth of Ether to Thorswap and privacy protocol Railgun
Others called the decision “disappointing” and questioned THORSwap’s commitment to creating an open and permissionless platform.
It's a good thing people are so ignorant.
Even people in crypto don't seem to understand the difference between Thorchain and Thorswap; habitually conflating them as the exact same entity. It's the equivalent difference between Hive and peakd/inleo/hive.blog/liketu/ecency/etc. Frontends are a single node controlled by a single entity (so far). The backend is where the real magic happens. It's good that the regulators do not understand this yet. How could they? Most crypto enthusiasts don't even understand it.
Circling back to Serai DEX
Allowing XMR to be traded on Serai is going to allow anyone on any platform even remotely connected to Serai to wash their money through a pretty much untraceable privacy coin. The best part? It won't even be happening on Thorchain.
Thorchain has stayed away from privacy listings for a reason (although they have considered it multiple times). By simply having a connection to Maya and Maya having a bridge into Serai it creates privacy, fungibility, and free-market design by proxy in a 3rd party capacity.
These Thorchain clones have an extremely easy time connecting to each other because the code is already built in to make it happen. In theory what happens on Serai is not the responsibility of Thorswap or Thorchain: go take it up with the Serai team directly.
The worst that can happen here is that a frontend like Thorswap will be forced to delist their connection to Maya or Serai due to the underground nature of the privacy listings. Again... that's fine... as the listing will still exist on the backend and can still be accessed in other ways. If there is demand to use those bridges people are going to figure it out real quick.
The worst thing about Monero XMR is that it works.
Many have claimed that XMR transactions can be traced... but the actions that regulators have taken against the coin scream differently. The reason why XMR gets delisted from every centralized exchange is obvious: it works. The reason why every three letter agency has talked about it is that it does exactly what it is supposed to do. Full stop.
Anyone who wants to participate with the launch of Serai without taking any underlying contract risks only has to do one thing and one thing only: buy Monero. I've been talking about the need for XMR to get a listing on a DEX like this for years, and it's finally happening. For the first time ever I will hold an XMR bag out of sheer principal.
But how to participate in the Serai airdrop?
I will have more information on this later in the month... but basically how it works is that we degenerates take our collateral and lock it into a contract that later becomes an LP. In my case I will "donate" something in the range of $1000-$5000 BTC to one of these contracts.
Then when the DEX launches they will match my contribution to the LP contract with some number of Serai tokens to create an LP. So if I put $5000 in the contract they'll match the other side with $5000 worth of Serai. There are rules in place that prevent me from taking my money out of the LP within a given timeframe.
These rules depend on how they are programmed. Maybe I have to hold the LP tokens for a year before I unstake them. Maybe if I want to unstake them early there is a penalty incurred. I have no idea what the specifics are yet, so stay tuned.
Obviously the risk here is that there's some kind of hack, exploit, or rugpull that results in infinity Serai tokens being minted and the complete loss of my BTC in the LP. Yes, that is a risk, which is why whatever I decide to put in this contract I'll be putting just as much or more into XMR itself without being exposed directly to this kind of attack vector.
Conclusion
Serai DEX was announced on Reddit on July 8th, 2022. From what I can tell so far it's a very serious project bringing a very serious need into the cryptosphere (decentralized high liquidity privacy token listings).
XMR has suffered and underperformed for years because the legacy system attacks it at every opportunity. This could finally be the XMR community's big break to bust out of the prison they've been in for all this time and offer their gift to the rest of the ecosystem. Serai DEX seems committed to making this happen.
The emergent DEX ecosystem is the ultimate dark-horse bull market narrative. While all these other degenerates are chasing memecoins and the empty promises of AI: a real foundation is being built right under everyone's noses. Anyone who want to be a part of this revolution at the ground floor should take note. More to come.
The liquidity auction is such a good way to launch. I was in the Maya launch. Hindsight is 20/20 and I wish I put in way more... but the risk is too high not knowing the outcome. I am excited for this one.
Happy to find people who also finds AI as an useless statistic toy under a lot of marketing
That is a risk. There are others, such as the ~98% of countries that have introduced some form of CBDC mandate their use, in which an investment in XMR will be no hedge. I realize you consider my caution insuperable, but I am as cautious as I am for very real reasons I have undertaken to explain at painful length, in the hope others can learn from my mistakes and preserve their capital as I did not.
There is a reason BTC crabwalks and gold continues to hit new highs, and my guts all but scream in behest of understanding why. The value of gold does not depend at all on the internet, in fact is almost infinitely increased if competing forms of money are destroyed, and accredited investors know things that enable them to benefit from events that devour the capital of retail investors.
Hedge fundamentally, not superficially. Every hedge I had failed to preserve my capital as everyone I trusted was untrustworthy, while anonymity would have insulated some of it. That is the reason I have valued your trustworthiness higher than almost any other metric. As much as FOMO leads fundamental hedging to appear to waste opportunities, capital preservation in cataclysm is extraordinary, and requires equally extraordinary caution, or foreknowledge. The infamous aphorism 'Buy when there's blood in the streets...' presupposes retention of capital during cataclysm in order to have the ability to buy at such moments. Cataclysm can appear out of nowhere, but sometimes there are clues, such as multiple states declaring states of emergency over a silly eclipse.
That caution is what creates generational wealth.
Thanks!
Bitcoin is up more than double gold since this rally started in late February.
To say that Bitcoin is crabwalking and gold isn't seems like a very strange thing to say.
Do we just pick the timeline that suits the narrative being presented?
Then again gold being up anything at all is a big deal... because it has a history of jack shit.
Whereas Bitcoin has a history of exponential gains.
I don't think gold has any value in a future where the Internet doesn't work.
At least not in the short term.
Not unless there are communities that can function where the Internet doesn't work.
I don't personally know of any nearby Amish settlements.
Maybe I should.
The gold market massively outweighs BTC, well over $15T. Every $1 the price rises is ~$10B in capital. Gold isn't a speculative investment, but reliable capital preservation. Neither am I recommending investing in gold (nor against it). I am pointing to accredited investors seeking capital preservation.
It's a signal.
That's what you've posted in recent days.
In terms of day-trading my ass off using hourly candles yes, it's crabwalking.
In relation to gold within the current context we are talking about not so much.
This is an extremely reductive statement.
Market cap and actual liquidity are only loosely connected.
It is a big (and wrong) assumption to say that once BTC gets to $15T it's going to calm down like gold did.
BTC doesn't give a fuck: it will be more volatile than ever at $15T.
In fact we're all about to find that out the hard way in less than 2 years during the current cycle we are in.
Well if you pool with BTC on one side and they put their primary token to the other side. Question would be the initial price target at the 50/50 point obviously.
This is going to be an interesting one for sure. I've never checked how many DEXs actually handle XRP or how they are piped.
What's XRP? 🤑
Been twiddling my thumbs on XMR for too long. I feel my inner ape arising. Must supress...but should I really??
🤑
Whenever I get that feeling I just buy a tiny amount.
Like if I wanted to buy 10 XMR I'd just get 1 instead and wait a bit.
It's a good test of discipline.
Also if XMR starts spiking 99% of people are going to be asking "why".
We already know why so we can confidently buy into the spike knowing it should spike more when everyone figures it out.
Now there's something I haven't heard in a while...XMR. Sounds sweet!
Also you mentioned something about XRP and DEX? More information when you can, please.
What's XRP? 🤑
XMR is Monero.
I should get me some of that Monero! I wanted to back a couple of years but never did
This bull market keeps getting more amazing in terms of achievements every day. Bravo.
This looks like Thorchain eco is making alliance to stand all together for all situations... Interesting, XMR feels like underrated At the moment and sooner or later it'll have the narrative again.
Though where do I need to sign up to get in the degen club you're in?
That's a pretty interesting way to do an airdrop. I don't know as though I have heard of one being done like that before. I like the plan they have to instantly add liquidity even if some people just pull everything out.
Seems like a big deal.. thanks for the heads up
Just like that, some people are talking wrong about AI technology and this technology is not helping at all because the way we all work, we are harmed by this technology.