Only after CZ turned him down did Sam decide to create an exchange himself. The idea was simple: the first crypto futures exchange that was well enough designed that it would serve the needs not just of crypto people but also of big professional traders, like Jane Street. Still, Sam was deeply uneasy about it. “We were going to build a product that

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Overall this feels quite similar to the Uniswap vs. Sushiswap dichotomy. One is VC-funded and the other is not. Suits vs community.