Decentralized exchange Infinex, spearheaded by the founder of Synthetix, is set to launch in May.

According to a report from DeFi Planet, Synthetix founder Kain Warwick revealed yesterday at Australia's ETH Global event that the long-awaited decentralized exchange Infinex will be launched in mid-May.

What is Infinex

Infinex is a new project proposed by Warwick in 2023, offering decentralized contract trading services aimed at creating a user experience similar to centralized exchanges in Web2. Warwick reiterated yesterday, "to create a blockchain application simple enough to recommend to your uncle."

Infinex will provide each user with a built-in self-custody wallet, allowing users to access the account through Web2 login methods. This account is responsible for storing user collateral and performing automatic on-chain signatures, eliminating the need for manual wallet operations by users.

Infinex is also expected to support multiple devices.

Infinex Launch in May

However, Infinex's development has not been smooth. In March of this year, the team discovered serious security vulnerabilities in the Infinex protocol, leading to a delay in the protocol's release, with Warwick taking charge of the improvement team.

As things settled down, Warwick finally announced that the product developed for nearly a year is ready to go live, scheduled for launch on 5/13, pending proposal submission and community governance decisions.

Warwick's goal is to attract ten thousand active users and $50 million TVL within a month, with approximately twenty thousand users on the waiting list.

Challenges Ahead for Infinex

Decentralized contract exchanges are already a matured field, including competitors like dYdX, Perpetual Protocol, Aevo, and KwEtnA. For users already using such services, there needs to be a clear unique use case or significantly improved user experience to successfully capture the market.

Attracting existing users of centralized exchanges poses a common challenge for all decentralized contract exchanges: the user experience cannot surpass that of existing centralized exchanges, and the only highlight of decentralization is not enough to attract the majority of users.

Therefore, the success of the long-awaited Infinex in achieving its goals ultimately depends on whether its touted user experience truly resonates with users. The performance after the product goes live is eagerly anticipated.