Kain Warwick, the founder of Synthetix, has announced a new launch date for Infinex, the “on-chain gateway” that has faced multiple delays. Warwick shared at the ETH Global conference in Sydney, Australia, on May 2 that Infinex is now targeting an official launch on May 13. This launch will introduce the Infinex Account, which consists of cross-chain smart contracts that can be controlled, secured, and recovered using Web2 authentication methods like email address logins.
Infinex initially started as a decentralized front-end for accessing Synthetix liquidity and trading features. However, it has now evolved into a broader platform aimed at addressing the barriers that have hindered the adoption of decentralized finance (DeFi). Despite the growing number of on-chain applications, crypto users still heavily rely on centralized exchanges (CEXs) for their financial activities. Even after incidents like the collapse of FTX, users have been hesitant to switch to DeFi and instead choose competitor exchanges like Binance and Coinbase.
Warwick believes that the main obstacles to DeFi adoption are related to user experience rather than product flaws or safety concerns. Infinex aims to serve as the “UX layer” by providing a more centralized exchange-like interface for interacting with decentralized applications on various blockchain networks, including Ethereum, Base, Optimism, Polygon, Arbitrum, and Solana. To enhance user experience, Infinex will utilize social passkeys, allowing users to log in through Web2 applications such as Google accounts and reducing the typical friction associated with Web3 experiences.
Warwick stated that users will have self-custodial accounts, which can be accessed through Web2 login methods. He also mentioned that after the launch, users can deposit funds into their accounts to earn governance points. Additionally, there will be a points-farming game running for a month following the launch.
Infinex faced a security breach on March 13, which resulted in Warwick taking over as the head of the project’s working group. Warwick stated that the security vulnerability was one of the reasons for the delay in Infinex’s launch. The breach was a social engineering attack that allowed hackers to gain access to a password vault and modify Infinex’s DNS. Warwick assured that no funds were at risk during the breach.
The May 13 launch date proposed by Warwick is subject to approval by Infinex’s governing DAO, the Infinex Council. Warwick expressed confidence that the council would approve the launch, but the final decision lies with them. After the launch, Warwick hopes to see Infinex reach $50 million in total value locked and attract 10,000 genuine users within the first 30 days. He also anticipates that if the market remains bullish, Infinex could attract “hundreds of thousands” of users within a year.