Infinex, the “on-chain gateway” developed by Synthetix founder Kain Warwick, has finally set a launch date after experiencing several delays from its original planned release in Q4 2022. According to Warwick, Infinex is now aiming for an official launch on May 13. The announcement was made during Warwick’s speech at the ETH Global conference in Sydney, Australia, on May 2. On that day, the Infinex Account will be launched, which is described as a collection of cross-chain smart contracts that can be controlled, secured, and recovered using Web2 authentication methods like email address login.
Warwick explained that Infinex initially started as a decentralized front-end for accessing Synthetix liquidity and trading features. However, it has since evolved into a more comprehensive platform designed to address the barriers preventing people from entering the world of decentralized finance (DeFi). Despite the growing number of applications available on-chain, Warwick noted that crypto users still heavily rely on centralized exchanges (CEXs) for their crypto-related financial activities. He attributed this to the fact that many investors are hesitant to transition to DeFi following events like the collapse of the now-defunct crypto exchange FTX. Instead, they choose to migrate to competitor exchanges such as Binance and Coinbase.
Warwick believes that the obstacles preventing users from embracing DeFi are not solely due to product limitations or concerns about safety. Rather, he believes that these challenges primarily stem from issues related to user experience. Infinex aims to address this by serving as the “UX layer,” providing a more centralized exchange-like interface for users to interact with decentralized applications across various blockchain networks such as Ethereum, Base, Optimism, Polygon, Arbitrum, and Solana.
To enhance user experience, Infinex will utilize social passkeys that allow users to log in through Web2 applications like Google accounts, reducing the friction typically associated with Web3 user experiences. Warwick emphasized that users will have full ownership of their self-custodial accounts, which they can log into via Web2 authentication. He also mentioned that Infinex will feature an account-based model where users can deposit funds to earn governance points. Additionally, there will be a points-farming game available during the first month following the launch.
Infinex faced a security breach on March 13, resulting in Warwick assuming control as the head of the project’s working group. Warwick explained that the security vulnerability, which involved a social engineering attack, was one of the reasons for the delay in Infinex’s launch. Hackers gained access to a password vault, allowing them to modify Infinex’s DNS through the protocol’s DNS store. Despite the breach, no funds were at risk as the platform was not live at the time. Warwick expressed his determination to ensure such incidents do not occur again.
Warwick revealed that the May 13 launch date is subject to approval from Infinex’s governing DAO, known as the Infinex Council. The council will vote on-chain to decide whether to proceed with the launch. Warwick expressed confidence that the council would approve, but ultimately, the decision lies with them.
Following the launch, Warwick hopes to see Infinex attract 10,000 genuine users and surpass $50 million in total value locked within the first 30 days. While there are currently 200,000 people on the waitlist, Warwick acknowledged that many of them may be sybils, airdrop farmers, or bots. However, he believes there are still around 10,000 genuine users on the list. If the market remains bullish, Warwick anticipates hundreds of thousands of users joining Infinex within a year of its launch.
(Note: This article has been updated to include additional details about the Infinex platform.)