Synthetix, a crypto DeFi pioneer, will soon be adding new products to its product range.
Infinex, the new front end for its decentralized trading system, was announced by Kain Warwick.
New exchange will target both inexperienced traders and more advanced ones, while offering features similar to centralized exchanges. For example, it includes a central non-custodial limit order book.
Synthetix has a derivatives DEX based on Optimism called Kwenta. However, Warwick found three major problems in the current offering. For example, to get started, traders must first bridge assets to the layer-2 rollup, swap for sUSD — Synthetix’s own stablecoin, which is used as margin collateral.
For those who are used to the experience of a central exchange, it is the worst thing possible. Each order or cancellation needs to be confirmed by the trader’s wallet. This involves a small charge.
“The objective is to erase any doubts about whether decentralized Perps can compete directly with CEXs,” Warwick wrote a blog on Friday.
Warwick’s post pokes fun at the now defunct FTX as well other centralized markets for the unique risks they pose to counterparties. FTX was blown up in a spectacular fashion last fall.
“It’s become increasingly clear that the impediments to Synthetix Perps growth can be resolved, but this will require a new approach,” He was of the opinion that. “It requires Infinex.”
The DEX proposed will meet the needs of users who access Binance. Access is only possible with a username/password, and it remains non-custodial.
“Infinex generates a new public-private key pair for each user and stores it client-side in the browser,” Warwick writes that the key will only be for signing orders of trade, and not for withdrawing funds.
Details of DEX’s technical implementation were not revealed. Warwick said in an AMA posted on Synthetix Discord he left the technical implementation details to Synthetix’s core developers.
Aevo, a new upstart in the CLOB market, uses an optimist rollup that is based on OP’s stack. The market leader dYdX is currently using a Starkware StarkEx Rollup, but it will migrate soon to a Cosmos based sovereignty app chain.
Warwick announced on Discord, that Synthetix’s DEX is governed by holders SNX (the native token of Synthetix). It will not need its own token. Its revenues will go towards accumulating SNX.
“Infinex aspires to become the single largest LP in the Synthetix ecosystem,” He has written.
As at the date of this publication, SNX has risen 32%.
Synthetix perpetual futures trading software version 3, which is due to launch in the coming months, will be launching at around the time of this project. The new version of the trading system is anticipated to launch in the coming month.
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