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Synthetix‘s founder Kain Warwick finally made an announcement about the expected launch date of the decentralized exchange Infinex. At the ETH Global conference held in Sydney, Australia on May 2, Warwick announced that the official launch of Infinex is set for May 13.
Warwick Points to May 13 Date
Warwick described May 13 as a significant milestone for Infinex users, who will be able to access the platform with their own accounts. This date has been set as the day when users can activate their accounts on the platform and Infinex will effectively become operational.
Infinex will serve as a DEX derivative, offering a user experience similar to a centralized exchange, but without oversight. Warwick stated that Infinex aims to reduce the “intermediaries” typically associated with a standard Web3 user experience by allowing users to log in through Web2 applications like their Google accounts.
Warwick explained the matter, “The main component will be a self-custodial account that belongs to you. However, you will be able to effectively log into this account via Web2.”
Accounts Can Be Created at Launch
Warwick said, “You can create an account at the start of Infinex and later deposit money into this account to earn governance points.” Additionally, Warwick mentioned that there will be a point collection event continuing throughout the month following the launch.
As known, Infinex encountered an unexpected security breach on March 13, and Warwick quickly took over the management of the project. Warwick stated that the security flaw was “a reason” for postponing the planned launch of Infinex in the fourth quarter of 2023. The security flaw emerged due to a social engineering attack that allowed an external security consultant to access a password vault. The consultant was then able to change the protocol’s DNS repository and Infinex’s DNS as well.
Warwick stated, “There was no fund at risk because we were not active. However, even just for learning, such an event should not have occurred before we became active. I took over the management and brought in a few more people. We combed through all systems and rebuilt everything from scratch. Currently, one of the environments we are working in is one of the safest.”
Final Decision to Be Made by the Council
Warwick has already presented the launch date of May 13 to the Spartan Council, the management DAO of the Synthetix protocol. While Warwick is confident that the council will approve, he noted that the final decision will be made by the council.
With the start of Infinex, Warwick hopes that the total locked value will exceed $50 million and attract 10,000 real users within the first 30 days. Warwick noted that there is a waiting list of 200,000 people, but most of them are sybil accounts, airdrop farmers, and bots. He estimates that the number of real users is around 10,000. Warwick also expressed that if the current market cycle continues, he expects “hundreds of thousands” of users to join Infinex within a year after the launch.
This development also has the potential to reflect on the price of SNX. The SNX price at $2.5 could embark on a journey towards the peak level of $25.
