Synthetix Launches Infinex, Sparking a New DEX Era
Infinex aims to redefine the decentralized exchange space by offering a noncustodial derivative DEX front-end
May 2, 2024 08:29 AM
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TL;DR Synthetix founder Kain Warwick has announced the highly anticipated launch date of Infinex, the decentralized exchange’s front-end, for May 13. After a delay and a security breach, the platform aims to revolutionize the DeFi experience with a seamless, user-friendly interface and self-custodial accounts accessible via Web2 applications.
After months of anticipation and a series of delays, Synthetix founder Kain Warwick has finally announced Infinex's official launch date.
The announcement was scheduled to go live on May 13 at the ETH Global conference in Sydney, Australia. Infinex aims to redefine the decentralized exchange space by offering a noncustodial derivative DEX front-end that promises a centralized exchange user experience.
A Seamless Transition to Web3
Warwick explained that Infinex would utilize social passkeys, enabling users to log in via Web2 applications such as Google accounts. This approach aims to reduce the friction associated with traditional Web3 platforms significantly.
"The core component is you will have an account that you will own -- it's self-custodial -- but you will be able to effectively login to that account via Web2," Warwick stated, highlighting the platform's emphasis on user accessibility and ownership.
Security at the Forefront
In March, Infinex experienced a security breach due to a social engineering attack. This incident led to Warwick taking over the project's working group and a comprehensive overhaul of the platform's security measures.
"I came in, and I brought a couple of other people in, and we burned all of the systems to the ground and rebuilt everything from scratch. It's now one of the most secure environments I've ever worked in," Warwick reassured.
"If we have 5,000 to 10,000 people and 50 million of TVL -- I feel like we've done something right."
Looking Ahead
Warwick shared his aspirations for Infinex post-launch, aiming for $50 million in total value locked and 10,000 genuine users within the first 30 days. Despite significant sign-ups, Warwick acknowledges the presence of sybils, airdrop farmers, and bots but remains optimistic about the platform's genuine user base.
The launch date is still pending approval from the Synthetix protocol's governing DAO, the Spartan Council, though Warwick is confident in their support.
Infinex's launch represents a milestone for Synthetix and a potential shift in the decentralized finance landscape.
By marrying the ease of use of Web2 with the security and self-custody of Web3, Infinex could pave the way for broader adoption of DeFi services.
