The founders of Ethereum (ETH)-based decentralized finance (DeFi) protocol Synthetix (SNX) have announced the launch of a new project aimed at competing with centralized exchanges (CEX).
In a new blog post, Kain Warwick notes that the Synthetix ecosystem already has Kwenta, a DEX aimed at offering zero-slippage trading in synthetic perpetual futures for cryptocurrencies, forex, and commodities. This explains why I want to launch an exchange.
Synthetix uses Ethereum’s Layer 2 Optimism (OP), but could potentially capture more value by building an exchange that users can access without going through blockchain or DeFi directly. said Warwick.
“You’re probably wondering, ‘Why do I need another front end? I already have one.’ [Kwenta]?’ I believe the time has come to compete directly with CEX. But that means some compromise. The infrastructure is ready. Enter user acquisition mode.
Even after years of waiting and dragging myself over broken glass, I still love optimism. But optimism remains an island, far removed from the rest of the world. [Ethereum] main land. No matter how wonderful the beaches are, not everyone is ready to embark on his seven-day voyage to reach this island. Will we wait for these lazy people to come to their senses? I tried it. It didn’t go as well as I expected. ”
DeFi veterans have suggested “Infinex” as a potential name for a Synthetix-powered centralized exchange that users can access with just a username, email, and password.
“Traders sign up using a username, password and email – that’s all you need.
Would you like to tell me your username and password?
To maximize the user experience, Infinex generates a new public/private key pair for each user and stores it in the client-side browser. However, you cannot withdraw funds with this key. This is only used to sign transactions that are sent to Optimism’s account relay layer.
When a trader clicks on deposit, a unique deposit address is generated for the trader. To this deposit address he can send USDT, USDC, or sUSD. These funds are channeled into a margin pool and managed by governance. ”
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