Podcast Summary
In this podcast, Kain Warwick, the founder of Synthetix, discusses the evolution of his project from a stablecoin to a perpetuals protocol. He introduces his new protocol, Infinex, which aims to improve the user experience of decentralized exchanges and attract more users from centralized exchanges. The podcast also covers the launch phase of Infinex, its governance system, and future plans.
Key Takeaways
Infinex’s Launch and User Engagement
- Successful Launch: Infinex’s launch phase included a waitlist jump, attracting 10,000 accounts and reaching 100 million TVL (Total Value Locked) in the first 10 days.
- User Engagement: Infinex implemented pass keys for onboarding, making it resistant to bots and ensuring genuine user engagement. The launch process was designed to be fun and engaging, with complex and interesting incentive schemes.
Infinex’s Governance System and Token Sale
- Governance System: The governance system of Infinex is based on NFTs, aiming for a broad distribution of governance power across different networks and communities.
- Token Sale: Infinex plans to conduct a token sale, gating it to engaged users who participate in the game and farm access to it. The decision to make the governance token an NFT was to ensure a purely governance-related focus and prevent it from becoming a speculative instrument.
Infinex’s Vision and Goals
- Platform Equality: The overall goal of Infinex is to create a platform that treats protocols on different networks equally and encourages participation from a wide range of communities.
- Competing with Centralized Exchanges: Infinex aims to compete with centralized exchanges by offering a user-friendly and secure on-ramp to crypto, abstracting away the complexities of gas fees and seed phrases.
Future Plans for Infinex
- Rolling Out Integrations: After the token sale, the team will start rolling out various integrations and functionalities, such as spot trading, staking, lending, and margin trading.
- Onboarding New Users: The goal is to onboard new users and provide them with self-custody and security, ensuring they won’t make mistakes that result in losing their funds.
Challenges and Opportunities in Crypto UX
- Importance of UX: The podcast emphasizes the importance of focusing on user experience (UX) in crypto and how it can drive mainstream adoption.
- Challenges in Onboarding: The speaker emphasizes the importance of solving the onboarding and UX challenges for existing crypto users before targeting retail users who are not yet part of the crypto ecosystem.
Sentiment Analysis
- Bullish: The overall sentiment of the podcast is bullish. The speaker expresses optimism about the potential of Infinex to improve the user experience of decentralized exchanges and attract more users from centralized exchanges. The successful launch of Infinex and the plans for future integrations and functionalities also contribute to the bullish sentiment.
- Neutral: While the speaker acknowledges the challenges in onboarding and UX for crypto users, they believe that these challenges can be addressed and that the incentive to solve these challenges will increase as more people start using Infinex.
