HomeEthereumSynthetix (SNX) founder announces new project to compete with centralized exchanges

Synthetix (SNX) founder announces new project to compete with centralized exchanges


The founder of Ethereum (ETH)-based decentralized finance (DeFi) protocol Synthetix (SNX) has announced the launch of a new project that he says aims to compete with centralized exchanges (CEXs).

In a new blog post, Kain Warwick explains why he wants to launch an exchange when the Synthetix ecosystem already has Kwenta, a DEX that aims to provide zero slippage trading for cryptocurrency, currency or commodity synthetic perpetual futures.

Synthetix has been using Ethereum Layer-2 Optimism (OP), but Warwick says further value capture could be achieved by creating an exchange that users can access without needing to navigate directly through the blockchain and DeFi.

“I’m sure you’re wondering, ‘Why the hell do we need another interface? We already have [Kwenta]?’ I think it’s time to compete directly with the CEX. But that means making some compromises. The infrastructure is ready. It’s time to transition into user acquisition mode.

Despite being dragged on broken glass for years while waiting for it, I still love the Optimism. But optimism remains an isolated island, far removed from reality. [Ethereum] continent. Not everyone is ready to embark on a seven-day journey to reach this island, no matter how stunning the beaches. Do we wait for these sloths to come to their senses? I tried that. It didn’t work out as well as I expected.”

The DeFi veteran proposes “Infinex,” the potential name for a Synthetix-powered centralized exchange that users can access simply with a username, email, and password.

“The merchant registers with a username, password and email; that is all that is required.

Username and password what do you say?

To maximize the user experience, Infinex generates a new public/private key pair for each user and stores it client-side in the browser. However, this key cannot withdraw funds. It is only used to sign transactions sent to the Account Relayer in Optimism…

When the merchant clicks deposit, a unique deposit address is generated for them. They can send USDT, USDC or sUSD to this deposit address. These funds are swept up in the margin pool, controlled through governance.”

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