Synthetix Founder Starts New Venture: Infinex Wallet Project Attracts Follow

Synthetix is a derivatives protocol deployed on multiple chains such as Ethereum, OP, ARB, and BASE. As one of the earliest DeFi protocols, the project was born in 2018, two years before the DeFi Summer. At its peak, Synthetix's TVL reached 6 billion USD.

Recently, a wallet project called Infinex, initiated by the founder of Synthetix, has attracted widespread attention from the community. This is a non-custodial multi-chain wallet without private keys, allowing users to register and recover their wallets using their email, as well as utilizing Google Authenticator for two-factor authentication. This design greatly lowers the user entry barrier while ensuring decentralization, fulfilling the founder's goal of creating a user-friendly wallet aimed at ordinary users.

The reason for launching such a user-friendly Wallet is likely that the founders realized during the development of Synthetix that the barriers for ordinary users to participate in DeFi were too high. Many traditional users encounter difficulties when registering for a crypto Wallet, as the concepts of private keys and mnemonic phrases are relatively unfamiliar to them, and once lost, funds cannot be recovered. Therefore, Infinex's goal is to attract more non-cryptocurrency users into the DeFi world.

As the second startup project of the founder, Infinex has garnered support from numerous well-known institutions and individuals in the industry. Investors include leading organizations such as Bankless Ventures, Framenetwork Ventures, Wintermute, and a certain well-known public chain foundation, as well as dozens of senior figures in the cryptocurrency industry, including a well-known public chain founder, the co-founder of BeraChain, the founder of Frax, and the founder of Kaito.

Infinex's financing method is quite unique, using NFTs for fundraising, and all investors, whether institutional or individual, enjoy the same prices and liquidity, reflecting the concept of a fair launch.

Currently, Infinex offers several interesting features:

1. Vault: This is a vault feature that allows users to retrieve funds through a backup vault address when the Infinex account is inaccessible. Users can use their Google or Apple accounts as off-chain identity verification, and once verified, they can recover their account, with funds returned to the pre-set vault address. Currently, EVM and Solana addresses are supported.

2. Swidge: A convenient cross-chain exchange and trading feature that supports asset exchange and trading between mainstream EVM chains and multi-chains such as Solana. In the future, it will also support assets like BTC, DOGE, and XRP.

3. Earn: Selected and combined yield protocols on the Solana and Ethereum chains for users, allowing them to participate in multiple yields with just one click. The highest APY currently is MSOL (Stake SOL wrapped by a certain protocol), with a SOL-based annualized yield of 9.76%, a 30-day average APY of 8.35%, and a TVL of approximately 603 million USD.

4. Bullrun: This is a points game section where users can open a card once every 24 hours, with each card representing a cryptocurrency. If the corresponding cryptocurrency price increases by 1%, the user earns 100 points; conversely, they lose 100 points. To participate in the activity, the account must hold assets worth more than 50 dollars.

5. Airdrop: Infinex offers various airdrop benefits to early users, leveraging the founder's influence in the cryptocurrency field to secure airdrop opportunities for quality projects.

Infinex's financing adopts the form of "Patron NFT", where all investors participate in the investment by purchasing this NFT at the same price and unlocking method. Depending on the different unlocking methods, there are three prices for the "Patron NFT": $5000 per piece (no lock-up), $3000 per piece (12 months linear release), and $1250 per piece (12 months lock-up followed by 24 months linear release).

In the end, a total of 43,244 Patron NFTs were sold, raising approximately 67.69 million USD. Among them, 25 strategic investment institutions purchased 31,575 NFTs, 6 foundations acquired 2,071 NFTs, and 1,601 community members bought 9,598 NFTs. Holders are spread across 88 countries and regions worldwide, with the highest proportion of users from Europe and Asia, reaching 67%.

The tokenomics of Patron is as follows:

• NFT Sales: 43.24%
• Activity Incentive: 10% (5.81% released, 4.18% to be released)
• Core Working Group: 20% (TGE locked for 12 months, then released linearly over 24 months)
• Ministry of Finance: 26.75% (for ecological construction expenditure)

Ordinary users can participate in Infinex in the following ways:

1. Experience Infinex features and participate in the points game to compete for airdrop opportunities. It is recommended to deposit at least 50 dollars worth of assets for each address.
2. Purchasing Patron NFT on the secondary market is equivalent to participating in early investment.
3. Follow Infinex's activities on a certain social platform, especially suitable for KOLs or content creators.