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Synthetix, the innovative decentralized finance (DeFi) protocol, is poised to usher in a new era as it lays the groundwork for an expanded product suite. Kain Warwick, the founder of Synthetix, has revealed ambitious plans for Infinex, a groundbreaking derivatives trading platform designed to enhance the decentralized trading architecture championed by Synthetix.
Infinex aims to cater to a wide range of traders, from novices to experienced professionals, incorporating features reminiscent of centralized exchanges (CEXs). Setting itself apart from its predecessors, the platform will feature a noncustodial central limit order book—an eagerly sought-after trait among traders.
While Synthetix has already been operating Kwenta, a decentralized exchange (DEX) built on Optimism technology, Warwick acknowledges some operational limitations of the existing platform. For instance, traders are currently required to convert their assets into sUSD, Synthetix's stablecoin, on a layer-2 rollup before commencing trading.
The cumbersome process of wallet signatures for every trade action on Kwenta, including order placements or cancellations, often results in additional small fees for traders. Warwick's vision for Infinex is to dispel doubts about the ability of decentralized perpetuals (Perps) to compete head-to-head with their centralized counterparts.
Warwick highlights the vulnerabilities of centralized exchanges like FTX, underscoring the inherent counterparty risks they entail. One key advantage of a noncustodial DEX like Infinex, according to Warwick, is the elimination of such risks.
To attract traders accustomed to platforms like Binance, Infinex will offer easy access through a basic username and password, while maintaining a noncustodial system. Warwick assures users that Infinex will generate unique public-private key pairs for each user, stored exclusively in their browser, solely for signing trade orders and not for fund withdrawals.
The technical intricacies of Infinex's design remain undisclosed. During a Q&A session on Synthetix Discord, Warwick revealed that the specifics have been entrusted to the core development team, leaving room for anticipation and excitement surrounding this pioneering DeFi platform.
