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Kain Warwick, the founder of the Synthetix derivatives protocol, has unveiled Infinex, a new decentralized perpetuals exchange.
The upcoming exchange will cater to novice and experienced traders by offering features similar to centralized exchanges (CEX), such as a noncustodial central limit order book.
While Synthetix already operates Kwenta, a derivatives decentralized exchange (DEX) on Optimism, Warwick highlighted key issues with the current platform. For instance, traders are required to bridge assets to the layer-2 rollup and exchange them for sUSD, Synthetix’s stablecoin used as margin collateral, before they can begin trading. Adding to the inconvenience, each order or cancellation on the existing platform necessitates the trader’s wallet signature, incurring a small fee.
To compete with the likes of Binance, Infinex is making a key change to the typical DeFi user experience — it’s eliminating the need to use a crypto wallet to sign transactions. Instead, Infinex will greet users with the near-ubiquitous flow of creating a username and password.
Warwick explained that Infinex would generate a unique public-private key pair for each user, stored locally in the browser, solely used for signing trade orders and not for fund withdrawals.
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