Crypto Cook 🍳

After many discussions and future planning over the last few weeks, I'm happy to announce that the Lofi team will be creating a new Sui DEX in Q4. We've entered into a verbal agreement with the Full Sail team to acquire their codebase, all correlated audits, and retain the development team's guidance. In addition to this, we will be working with tenured Sui developers who we know and trust as we launch the newest DEX on @SuiNetwork. We have no plans for this DEX to integrate lending, borrowing, or perps markets that can open up a can of worms and expose many attack vectors for hackers. We're cognizant of recent and past events within Sui's ecosystem on the security front. As the founder of a project that lost nearly $2M in LP position when Cetus was hacked, I truly understand how crucial it is to have a secure protocol, app, or product. For this reason, we are being very intentional with our decision to remain purely a DEX—one focused on being the best version of itself and a highly capital-efficient DAMM. We have no plans to launch a token either. Fees from the DEX will go back towards buying lofi-2:native, supporting the ecosystem, and increasing liquidity depth across different pairs. This move is forward-thinking and it also prioritizes our community and Sui's ecosystem. My #1 goal is to make this DEX the most trusted and secure place to swap assets on Sui Network. If we reach a big TVL one day, that will be great, but for now our focus will be working alongside partners who understand our core business and want to bring liquidity to the best DEX on Sui Network. From our due diligence, we learned Full Sail's exploit was related to a bad oracle price that created a cascade effect on DeFi positions, but the core DEX itself was unaffected. We also learned that Full Sail's DEX audits by Asymptotic are verifiably solid and were reviewed by Mysten Labs at the time. Additional audits will be evaluated and conducted as necessary. We are taking steps in the right direction to continue making Lofi a pillar of trust and optimism on Sui Network. Thank you for your support thus far and see you at Basecamp! 🥶