Synthetix aims to reduce the rising friction of Decentralized Finance (DeFi) and to mitigate the usage gap between CEXs and DEXs. Synthetix is the newly launched DeFi-based decentralized derivative protocol that is aimed to mitigate the usage gap between decentralized and centralized exchanges. Recently, Synthetix has disclosed that they are working on Synthetix V3 protocol to reduce the friction named Infinex.
Infinex: The Front End of the Decentralized Exchange
Kain Warwick, the founder of Synthetix shared with the media that Infinex is the front end of the decentralized exchange and has the ability to enable Optimism (OP). He assured that, once it is launched, it would attract numerous people toward decentralized finance (DeFi). He shared that it is most likely to be launched in the 4th quarter (Q4) of 2023.
For the delay of the launch, he also mentioned the reasons which he says that they have got everything they need, except a key component. They do have liquidity, target market, depth and execution time but he believes that there is something still missing upon which they are working out. Apart from that, decentralized finance (DeFi) is very close to parity with centralized finance (CeFi).
Friction Points of Decentralized Finance (DeFi)
While discussing the objectives of launching Infinex, he assured Infinex would cope with the loopholes of DeFi and reduce the resistance. For instance, DeFi users have to face sign-off for every transaction and face resistance over convoluted account controls. Basically, Infinex is the experience and features of centralized exchange backed by the decentralized infrastructure.
Sid Powell, the co-founder of Maple Finance shared his views regarding reducing the friction of DeFi in March 2023. He said that DeFi adoption at the institutional level can only be achieved by reducing friction for the institutional clients. Following that month Maple Finance launched the concept to check out the monthly interest.
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