Infinex, a Synthetix front-end designed to rival centralized exchanges, was announced on July 14th by its founder Kain Warwick.
Infinex will act as a front-end to the existing derivatives liquidity protocol Synthetix, which runs partially on Optimism’s OP Mainnet. His new Infinex interface aims to address her three main obstacles: moving users to her Optimism, acquiring the sUSD stablecoin, and resolving the need to sign all actions. .
Infinex aims to improve user experience
More broadly, Infinex aims to streamline the DeFi experience for users while addressing the salient issues of the decentralized exchange (DEX) market. Warwick said Infinex’s approach is simple: “Nothing is sacred except the user’s experience.”
Warwick said while many are optimistic that DEXs are outperforming centralized exchanges, DEXs still face challenges in competing with centralized exchanges. So, rather than waiting for his cryptocurrency UX to improve or for users to worry about counterparty risk, Infinex plans to replicate the centralized exchange experience. .
Infinex features two interfaces: Simple mode for novice traders and Pro mode for experienced users. Generates revenue through incremental trading fees, integration fees through the Synthetix Integrators program, and fees from his SNX role as a Liquidity Provider (LP). All proceeds will be used to accumulate additional SNX, enhancing his SNX LP position on Infinex as Infinex’s trading volume increases.
The platform also aims to demonstrate that Synthetix Perps can compete with centralized exchanges based on past performance. Following its development in 2022, Synthetix will introduce perpetual futures in 2023 to mitigate key DEX friction points such as high slippage, low liquidity, high fees and liquidity provider (LP) market risk. It has started.
From a governance perspective, the account relay layer operated by Infinex Governance acts like an L2 sequencer by processing all transactions and ensuring each transaction is signed before execution. The platform will not launch new tokens for this purpose. Instead, Infinex will use his existing SNX token for governance.
Infinex has opened a waiting list for beta testing. Selected traders with margin caps can use the platform on a first-come, first-served basis, and a referral program is also offered.
The relationship between Infinex and Synthetix is worth noting
Infinex was created by Kain Warwick, also the founder of Synthetix. Synthetix itself recognizes new projects as: write in: “Welcome Infinex, the newest Perps integrator to the Synthetix ecosystem” on Twitter.
Sythenetix is the 21st largest DeFi platform by total value locked (TVL), with $531.4 million currently locked. The platform’s native cryptocurrency, SNX, is currently among the top 60 cryptocurrencies with a reported market cap of $754 million.
As such, the launch of Infinex could provide a new way to access mid-sized decentralized exchanges and revitalize the notable DeFi platform.