- Kain Warwick, founder of the Ethereum-based DeFi protocol Synthetix, announces the creation of a new exchange designed to rival conventional centralized exchanges (CEXs).
- Warwick proposes Infinex, a user-friendly, Synthetix-powered exchange accessible with just a username, email, and password.
Taking a daring stride into the digital asset exchange landscape, Kain Warwick, the mastermind behind the Ethereum-centric DeFi protocol Synthetix (SNX), has revealed plans for a pioneering project. In a recent blog post, Warwick outlined his initiative to carve out a competitive position against traditional centralized exchanges (CEXs) with an innovative new platform.
A Revolutionary Approach to Crypto Exchange
Despite Synthetix’s already impressive range of offerings, including Kwenta, a decentralized exchange (DEX) renowned for providing synthetic perpetual futures with zero slippage across cryptocurrencies, forex, and commodities, Warwick is not content to rest on his laurels.
Warwick, a steadfast advocate of Ethereum’s layer-2 Optimism (OP), believes there is untapped potential for capturing additional value by devising an exchange that allows users to engage without getting entangled in the intricate blockchain and DeFi intricacies. He acknowledges the necessity for some compromises in this ambition to directly compete with established CEXs.
In his words,
“It is time to transition to user acquisition mode,”
Warwick asserts, pointing to the promise of advanced infrastructure. His vision is to construct an easily accessible platform that doesn’t necessitate an arduous journey through the blockchain landscape.
The proposed platform, potentially christened “Infinex,” presents a departure from traditional exchange sign-up procedures. Warwick suggests a streamlined process where traders can register using only a username, email, and password.
Infinex’s key novelty lies in its operational design. Upon sign-up, the platform generates a new public-private key pair stored client-side in the browser for each user. This key, however, lacks the ability to withdraw funds and is solely utilized to sign trades relayed to the Account Relayer on Optimism.
Deposit procedures are similarly straightforward. A unique deposit address is assigned to each trader upon clicking the deposit button, allowing them to send USDT, USDC, or sUSD to this address. These funds are then transferred into the margin pool, subject to governance control.
With this innovative approach, Warwick is shaking up the traditional exchange landscape, paving the way for user-friendly, secure, and more accessible platforms in the crypto ecosystem.