Synthetix founder Kain Warwick awoke one morning in May last year with a realization: “Something’s wrong here. We’re approaching this in the wrong way.”
After launching Synthetix Perps v2 in late 2022, Synthetix founder Kain Warwick expected the new decentralized perpetual futures exchange would take a massive bite out of the Binance-dominated derivatives market.
Six months later, Warwick woke up one morning to the realization that wasn’t going to happen for two reasons: 1) Most traders still don’t want to use DeFi, and 2) The “build it, they will come” mantra is stupid.
“If you’re doing something the same way and expecting different results — that’s insane. That’s the definition of insanity. And so, my view was we need to change this up,” recalls Warwick.
Warwick has made the news for being a Bitcoin entrepreneur and luxury property investor. (Domain)
Synthetix Perps v2 — launched just days before Christmas in 2022 — was created to take on centralized perp platforms. It introduced a “first-of-its-kind” off-chain oracle system that minimized the risk of frontrunning attacks and significantly reduced trading fees. The exchange also touted deep liquidity, one of the bigger friction points for DeFi.
“The volume was really good, the execution was great, and people were getting good fills,” says Warwick, but “the volume of Binance versus DeFi perps was still 95 to 5.”
“I actually woke up one morning in May, and I was like, ‘What’s going on here?’”
This line of thinking eventually led to his latest crypto project, Infinex, a front-end wrapper he hopes will gloss over the awkwardness that comes with DeFi with all the benefits of self-custody and control.
Introducing the ⚔️Infinex Account⚔️
The Infinex Account makes it possible for every person on the planet to have a smart contract tied to their identity 🪪
This will start with the way a user interacts with Infinex for the first time……
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