According to PANews, on October 11 (UTC+8), Synthetix founder Kain Warwick and Bankless founder David Hoffman engaged in a live combat match in Salt Lake City, Utah. The event was co-hosted by Permissionless and Karate Combat, with Permissionless being a cryptocurrency-themed conference organized by Bankless and Blockworks. Attendees of the conference received free tickets to the fight.

The match drew significant attention from the cryptocurrency community, with many tuning in to support the fighters. The fight was also a result of a $500,000 bet between Kain and David regarding the sponsorship of Kain's new project, Infinex. The fight began around 10:40 AM (UTC+8), with Kain appearing physically larger but David having more fan support.

The match consisted of two rounds and lasted less than eight minutes, concluding at 10:52 AM (UTC+8). In the first round, Kain, who wore white shorts, initially had the upper hand, overpowering David, who wore black shorts. However, in the second round, David's endurance and technique allowed him to turn the tide, ultimately securing victory by knocking down Kain twice.

The fight garnered widespread attention, with many community members cheering for the fighters in unique ways. Prediction market Polymarket had opened a betting pool for the match on September 24, which saw nearly $60,000 in trading volume by the time of the fight. Historically, Kain had been favored to win, with his odds consistently above 60%.

Kain had previously challenged his long-time rival Su Zhu to a fight in August, but Su Zhu declined. Before the match, Kain posted a photo of his physique, indicating his readiness to fight, which boosted the morale of his supporters on Polymarket. In contrast, David, who did not share any photos, emphasized his extensive combat experience and training on social media.

David's victory proved his claims, and his supporters on Polymarket celebrated their unexpected win. After the match, David expressed his gratitude and announced plans to review the fight the following Monday, suggesting he now has a story to tell for a long time.