Mr. Seraphim, who previously served as growth leader at both Lido Finance and Ethena, has officially joined Solana Foundation in a role focused on risk and special situations. He arrived with big goals, a venomous tone, and brimming with confidence.
Mission: $10 billion in TVL
In his new role, Seraphim said his mission is to close “mega-deals that deliver the most value” to the Solana ecosystem. His biggest goal is to bring a total value of $10 billion to Solana, a significant increase from the $1 billion to $2 billion in deals he says he has brokered in the past. He has already been in contact with major TVL providers, pointing to “highly scalable fixed-yield products of 7-8% in a tradfi setting.”
He also has his sights set on growing real-world perpetual assets on Solana, building on what HyperLiquid has already done with oil, gold and Nasdaq related products. His message to serious crypto and trade market makers is simple: “We have distribution and we are open to trading.”
Why Solana and why now?
Seraphim spoke candidly about what attracted him to the role. He described Solana as having “the most engaged user base in crypto and the highest take rate per volume,” ranking it higher than major exchanges like Coinbase and Binance. He also praised the Solana Foundation for being “very lean and full of killers.”
He went further and suggested that Solana could overtake Ethereum in stablecoin supply within a year. “All it takes is one Chinese giant whale to move USDT and USDC from EVM to the Solana lending market,” he wrote. “If they see that Solana is censorship-resistant and decentralized, they will stay there and bring others.”
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Ethereum excavation
Seraphim did not shy away from his former stomping ground. He declared that “Ethereum is dead,” described Ethereum as “stuck in communism,” and sharply criticized the slow, committee-driven approach to Ethereum’s development. “
Other chains don’t need me,” he said This is a striking statement from someone who spent years building two of Ethereum’s most prominent DeFi protocols.
Be open about your motives
Refreshingly, Seraphim was uncharacteristically honest about what he personally wanted out of the move. “I am doing this for the glory,” he stated clearly, adding, “I want to contribute to the growth of trading activity and on-chain TVL.” He also admitted, “I want to be relevant again. I miss pissing people off over the inevitable. It’s fun.”
He added that learning how to build a real trading distribution is a core personal goal, noting that “few people in the crypto industry know how to do it, but there lies a multi-billion dollar opportunity.”
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