- Synthetix has announced plans to launch “Infinex” to “compete directly with CEXs”.
- The launch coincides with the release of the Perps V3.
In a blog post published on July 14, the founder of Synthetix [SNX]Kain Warwick, announced the protocol’s plans to launch “Infinex”, a perpetual contract (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 compete directly with centralized exchanges (CEXs).
Read Synthetix’s [SNX] Price Forecast 2023-24
Warwick noted in the blog post,
You’re probably asking, ‘Why do we need another front-end? We already have KwEtnA powered by Samantha?” I believe it’s time to compete directly with CEXs.”
According to the publication, Infinex will try to solve the remaining obstacles facing Synthetix Perps such as,
“Achieving Optimism, Acquiring Synthetic USD [sUSD]the need to sign every action.
In addition, Infinex will address issues arising with CEXs, including security vulnerabilities, conversion to fiat currency, and the potential influence of politicians on the crypto industry.
Trading more Perps in the coming months?
While the release date for Infinex was not disclosed in the blog post, Warwick noted that it would launch alongside Perps V3. This is expected to enable further growth in the daily volume of Perps traded on the platform.
According to data from Dune analysisAfter a temporary decline in Synthetix Perps trading in June, the month has been marked by an increase in daily trading volume so far. As of July 14, the total trading volume for the protocol was $170.98 million.
Source: Dune analysis
As the daily trading volume increased, the daily network costs also started an upward trend. On a 30-day rolling average, daily costs on Synthetix are up 30% since the beginning of July. On July 14, it was $70,417.
Source: Dune analysis
How much are 1,10,100 SNXs worth today?
As expected, the rise in network rates also resulted in revenue growth, data from Token terminal revealed. According to the data provider, Synthetix’s revenue is up 48% in the past month, 10% in the past 180 days and 5% in the past year.
Source: Token Terminal
Finally, growth was also recorded with regard to the Total Value Locked (TVL) of the protocol. Per data from DefillamaAt the time of press, Synthetix’s TVL stood at $461.89 million, growing nearly 90% over the past six months.
