Synthetix, a DeFi protocol that enables cryptocurrencies and non-crypto assets to transact on the blockchain, has launched a new decentralized platform today.
Running on the Ethereum blockchain, Synthetix has announced the launch of a decentralized platform, Infinex, in an effort to dispel doubts about whether decentralized exchanges (DEX) can compete with centralized exchanges (CEX).
Speaking to The Defiant, Synthetix founder Kain Warwick stated that Infinex was launched with the aim of maximizing the user experience.
Warwick also said that Infinex was set up to compete with centralized exchanges like Binance, which has reached billions of dollars in daily trading volume.
“In order to compete with leading cryptocurrency exchanges like Binance, Infinex is making a significant change to the typical DeFi user experience.
And it eliminates the need to use a crypto wallet to sign transactions. Instead, Infinex will greet users with the nearly ubiquitous stream of creating a username and password.
At this point, Infinex will not have its own cryptocurrency and Synthetix's SNX tokens will be used.”
Following the news, the price of Syntheix's native token SNX increased by 16% and SNX reached $2.89. SNX's rise has exceeded 50% since yesterday.
*Not investment advice.