After the unfortunate delay of its planned debut in Q4 2022, the anticipated user-friendly DEX, Infinex, will officially be launched to the public on May 13, 2024, Synthetix’s founder, Kain Warwick, revealed recently.
During his presentation at the ETH Global conference in Sydney, Australia, on May 2, Warwick happily revealed that Infinex will roll out its much-awaited Infinex Account, a set of super-smart contracts expected to simplify crypto trading.
Infinex aims to be the go-to spot for on-chain derivatives trading, offering users the same user-friendly experience on centralized exchanges but with all the perks of decentralization. Warwick revealed that the platform will also have passkey integrations, which allow users to log in using Web2 apps like their Google accounts.
The result is simple: an onchain application that you can comfortably recommend to your uncle. pic.twitter.com/PcYESINdXG
— Infinex (@infinex_app) April 29, 2024
“The core component is you will have an account that you will own — it’s self-custodial — but you will be able to effectively login to that account via Web2,”
Warwick explained.
The journey to this planned Infinex launch hasn’t been all smooth sailing. In March 2024, Infinex hit a bump in the road with a security breach, prompting Warwick to assume leadership of the project’s working group. The breach, attributed to a social engineering attack, delayed Infinex’s planned Q4 2023 launch.
We unfortunately need to announce that Infinex has recently suffered a security incident. No user, Treasury or Working Group funds were at risk. More details can be found in the announcements channel in Discord https://t.co/fcVZubgWha
— Infinex (@infinex_app) March 6, 2024
Reflecting on this incident, Warwick stated,
“I came in and I brought a couple of other people in and we burned all of the systems to the ground and rebuilt everything from scratch. It’s now one of the most secure environments I’ve ever worked in.”
According to Warwick, the proposed May 13 launch date awaits approval from Infinex’s governing DAO, the Infinex Council. The council members will organize a vote on-chain to finalize the launch.
Warwick has ambitious plans for Infinex. He aims to have hundreds of thousands of users join the platform within a year. Warwick hopes to reach a total value locked (TVL) of $50 million and attract 10,000 genuine users within the first 30 days. With a waitlist of 200,000, Warwick believes a significant number of people are eager to try the platform.
“If we have 5,000 to 10,000 people and 50 million of TVL — I feel like we’ve done something right,”
Warwick stated.
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