- Synthetix has announced its plans to launch “Infinex” to “compete directly with CEXs.”
- The launch will be accompanied by the release of its Perps V3.
In a blog post published on 14 July, the founder of Synthetix [SNX], Kain Warwick, announced the protocol’s plans to launch “Infinex,” perpetual contracts (Perps) trading platform.
According to Warwick, the decision to launch Infinex came from the need to address the user experience challenges associated with trading Synthetix Perps and to directly compete with centralized exchanges (CEXs).
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Warwick noted in the blog post,
“I’m sure you’re asking, “Why do we need another front end? We already have KwEtnA powered by Samantha?” I believe it is time to compete directly with CEXs.”
Per the publication, Infinex will seek to resolve the remaining obstacles faced by Synthetix Perps, such as,
“Getting to Optimism, acquiring synthetic USD [sUSD], the need to sign every action.”
Additionally, Infinex will address issues encountered with CEXs, including security concerns, conversion to fiat currency, and the potential influence of politicians on the crypto industry.
More Perps trading in the coming months?
While the release date for Infinex was not made known in the blog post, Warwick noted that it would be launched alongside Perps V3. This is expected to facilitate further growth in the daily volume of Perps traded on the platform.
According to data from Dune Analytics, after a momentary decline in Synthetix Perps trading in June, the month so far has been marked by an uptick in daily trading volume. As of 14 July, the total trading volume across the protocol was $170.98 million.
As daily trading volume rallied, daily network fees also embarked on an uptrend. On a 30-day moving average, daily fees on Synthetix have gone up by 30% since the beginning of July. As of 14 July, this was $70,417.
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As expected, the surge in network fees also resulted in revenue growth as well, data from Token Terminal revealed. According to the data provider, Synthetix’s revenue climbed by 48% in the last month, 10% in the last 180 days, and by 5% in the last year.
Lastly, regarding the protocol’s total value locked (TVL), growth was also recorded. Per data from DefiLlama, Synthetix’s TVL stood at $461.89 million at press time, having grown by almost 90% in the past six months.