Kain Warwick, the founder of Synthetix, introduced Infinex on July 14th, offering an innovative user interface aimed at competing with centralized exchanges. Infinex functions as a user interface for the existing derivative liquidity protocol, Synthetix, and operates on Optimism's OP Mainnet. #Infinex #Synthetix $SNX #optimism #OP $OP
The primary goal of the new Infinex interface is to facilitate users' migration to Optimism, acquire sUSD stablecoin, and execute transactions without the need for every transaction to be signed. Emphasizing the importance of user experience, Warwick highlights Infinex's aim to enhance the DeFi experience while addressing common issues in the decentralized exchange (DEX) market. #DEXs
Interface Options:
The Infinex platform will provide two different interfaces: a simple mode for novice users and a professional mode for experienced users. Revenue will be generated through increased transaction fees, integration fees via the Synthetix Integrators program, and fees obtained from the SNX liquidity provider (LP) role. All generated revenue will be utilized to increase Infinex's SNX LP position as the trading volume on the platform grows.
Perpetual Futures and Innovations:
By leveraging Synthetix's past achievements, the platform aims to demonstrate the effective competition of Synthetix Perps with centralized exchanges. Synthetix has addressed major friction points in DEXs, such as high slippage, low liquidity, high fees, and market risk for liquidity providers, by launching Perpetual Futures in 2023.
Governance: Infinex Governance will manage the Account Keeper, which acts as a Layer 2 (L2) sequencer and ensures the signing and processing of all transactions before their execution. Infinex will not introduce a new token for governance purposes; instead, it will utilize the existing SNX token.
Beta Testing and Waiting List:
Infinex has initiated a waiting list for beta testing and offers the opportunity for specific traders with margin limits to be among the first users of the platform. Additionally, a referral program is available. Synthetix has endorsed the new project on Twitter, welcoming Infinex as the newest perps integrator in the Synthetix ecosystem.
In Summary:
Synthetix currently ranks as the 21st largest DeFi platform in terms of Total Value Locked (TVL), with $531.4 million locked in its protocol. Its native cryptocurrency, SNX, is among the top 60 cryptocurrencies with a market capitalization of $754 million.
The launch of Infinex provides users with a fresh approach to access a medium-scale decentralized exchange and has the potential to revitalize the leading DeFi platform.