As an analyst with a background in blockchain technology and cybersecurity, I’m closely following the developments at Synethix and their decentralized exchange (DEX) front-end Infinex. Kain Warwick, the founder of Synethix, has recently announced that Infinex is targeting an official launch on May 13. This comes after several delays from its expected Q4 2022 launch due to a security breach in March.
“Kain Warwick, founder of Synethix, has provided a date for the launch of their decentralized exchange front-end Infinex following several setbacks from its anticipated Q4 2022 debut.”)
As a researcher, I’ve come across information that Infinex is planning to officially debut their product on May 13th. This was shared by Warwick during his speech at the ETH Global conference held in Sydney, Australia on May 2nd.
On May 13, Warwick announced that Infinex users would be able to begin using their self-custodial accounts on the platform.
Infinex positions itself as a user-friendly derivatives Decentralized Exchange (DEX) with a centralized exchange experience, allowing non-custodial trading.
Warwick revealed that Infinex intends to adopt social sign-ins using platforms like Google accounts for seamless access to Web2 applications. This approach aims to minimize the usual hassle encountered during Web3 user authentication processes.
“You’ll have complete ownership of the main part, which is your account, but you’ll also be able to access it through Web2 for convenient logging in,” Warwick explained.
As a researcher examining Infinex, I’d describe it this way: “To get started with Infinex, you need to open an account first. Once you have your account, you can make deposits into it to accumulate governance points.” Additionally, there will be a month-long ‘points farming game’ initiated after the launch.
On March 13, a security breach occurred at Infinex, resulting in Warwick assuming leadership of the project’s working group in a swift transition.
I discussed with CryptoMoon Warwick that the identified security vulnerability contributed to the postponement of Infinex’s initial launch plan, which originally aimed for Q4 2023.
As a researcher, I’ve discovered that the security issue we encountered was a social engineering attack. An external security consultant managed to infiltrate our password vault, granting them access. With this newfound leverage, they navigated their way into our protocol’s DNS store and successfully modified Infinex’s DNS settings.
“During the pre-live stage, there was no real danger of losing funds due to the incident. It was more of a lesson we should have learned before going live, that such occurrences should ideally be prevented,” he explained.
“I came in and I brought a couple of other people in and we burned all of the systems to the ground and rebuilt everything from scratch. It’s now one of the most secure environments I’ve ever worked in.”
The proposed launch date for Synthetix protocol’s upcoming event is May 13th. However, this is subject to approval from the Spartan Council, the governing DAO of Synthetix, through an on-chain vote.
The council’s approval was something he was certain of, yet ultimately, the power to make the final decision resided with the council itself.
As a market analyst, I anticipate that following Infinex’s launch, we could witness its total value locked surpassing the $50 million mark and drawing in approximately 10,000 authentic users within the initial 30-day period.
“Approximately 200,000 individuals have signed up for our waitlist, but it’s important to note that a significant number of them are not genuine users. This group includes sybils, airdrop farmers, and bots. However, we estimate that around 10,000 authentic users are among this list.”
“If we have 5,000 to 10,000 people and 50 million of TVL — I feel like we’ve done something right.”
If the ongoing market trend continues to be bullish, Warwick anticipates that over 400,000 new users will sign up for Infinex within a year following its debut.
Additional reporting by Felix Ng.
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2024-05-02 10:02