Sam Bankman-Fried announces efficiency updates to FTX
FTX CEO Sam Bankman-Fried announced in a series of tweets that, over the next month, the exchange is expected to roll out various improvements to its matching engine.
3) We'll be rolling out a whole new order matcher, lower latency API pathways, and a whole slew of other features.These have been in the works for most of the year.They're almost ready to release.
— SBF (@SBF_FTX) October 10, 2022According to the CEO, the exchange will roll out “a new order matcher, lower latency API, and a whole slew of other features” that have been in the works for almost a year now. The platform is expected to “double the order throughput” and “half the order of latency,” he said.
Doubling the order of throughput will essentially reduce the processing time of trade orders while halving the order of latency will reduce the time delays between when an order is placed and when the transaction is executed. This will effectively increase transactional speed on the platform and increase the possibility of placing an order at the displayed price before it changes — a potential benefit for traders.
The CEO shared that the exchange plans to roll out some of these features over the course of the next month, with major updates coming out on Nov, 21. He also urged API traders to keep in touch over the next month, as the exchange plans to preview some of its new features to be rolled out.
The CEO’s announcement was met with a lukewarm reception on Crypto Twitter as many community members seemed indifferent about his proposed updates. One user, PliBMind, called on the platform to improve its interface.
Improve the interface bc it’s eehhhh
— P.LiB (@PliBMind) October 10, 2022Other crypto community members focused more on FTX’s successful bid to acquire Voyager Digital’s assets for $1.4 billion. Twitter user RubesSells responded to the CEO’s announcement by saying: “No direct disrespect to you but I really hope enough of us Voyagers vote no on the deal from the auction. As a voyager shareholder and as a client in crypto, none of this is in our best interest.”
No direct disrespect to you but I really hope enough of us Voyagers vote no on the deal from the auction. As a voyager shareholder and as a client in crypto, none of this is in our best interest.
— Ruben Hurtado (@RubesSells) October 10, 2022Related: Sam Bankman-Fried sheds light on how FTX would approach a Celsius bid
In addition to being one of the largest crypto derivatives exchanges, FTX has made considerable inroads in the traditional payments space. On Oct. 7, Cointelegraph reported that FTX had partnered with payments giant Visa to roll out debit cards in 40 countries worldwide. The partnership would allow FTX users to pay for goods and services with cryptocurrency using debit cards that boast “zero fees.”