Ethena’s Seraphim Czecker says “Ethereum is Dead” and Outlined Plans to Bring $10B TVL
Seraphim, who beforehand served as Progress Lead at each Lido Finance and Ethena, has formally joined the Solana Basis in a task targeted on threat and particular conditions. His arrival comes with an enormous goal, a pointy tongue, and no scarcity of confidence.
The Mission: $10 Billion in TVL
In his new function, Seraphim says his mandate is to shut “mega offers that can drive max worth” to the Solana ecosystem. His headline aim is bringing $10 billion in complete worth locked to Solana, a major step up from the $1 to $2 billion in offers he says he has brokered beforehand. He’s already reaching out to giant TVL suppliers, pointing to “tremendous scalable fastened yield merchandise at 7 to eight % in a tradfi setup.”
He’s additionally setting his sights on rising real-world asset perpetuals on Solana, constructing on what Hyperliquid has already executed with oil, gold, and Nasdaq-linked merchandise. His message to critical crypto and tradfi market makers is easy: “We have now the distribution and are open to offers.”
Why Solana, Why Now
Seraphim was direct about what drew him to the function. He described Solana as having “essentially the most engaged consumer base in crypto with the very best take fee per quantity,” rating it above main exchanges like Coinbase and Binance. He additionally praised the Solana Basis as “very lean and stuffed with killers.”
He went additional, suggesting that Solana might overtake Ethereum in stablecoin provide inside a yr. “All it takes is for one Chinese language megawhale emigrate their USDT and USDC from EVM to Solana lending markets,” he wrote. “As soon as they realise Solana is censorship resistant and decentralised, they’ll keep and convey others.”
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The Ethereum Dig
Seraphim didn’t maintain again on his former stomping floor. He declared “Ethereum is lifeless,” describing it as “caught in communism,” a pointed jab at what he sees as Ethereum’s gradual, committee-driven method to improvement. “
Different chains don’t want me,” he stated. It’s a hanging assertion from somebody who spent years serving to construct two of Ethereum’s most outstanding DeFi protocols.
Candid About His Personal Motivations
Refreshingly, Seraphim was unusually sincere about what he personally needs from the transfer. “I’m doing this for glory,” he stated plainly, including that he needs to be “instrumental in rising buying and selling exercise and onchain TVL.” He additionally admitted: “I wish to be related once more. I miss pissing folks off whereas being unavoidable. It’s enjoyable.”
He added that studying construct actual buying and selling distribution is a core private aim, noting that “virtually nobody in crypto is aware of do it, however that’s the place billion greenback alternatives lie.”
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