Interpretation of Infinex: Synthetix boss starts a business again, and gets $60 million to enter the private keyless and multi-chain wallet track

Author: ABC Alpha DAO

Twitter ID: @ABCAlphaDAOCN

Friends who know DeFi must be familiar with Synthetix. This is a derivative protocol deployed in Ethereum, OP, ARB, BASE and other multi-chain. The project was born in 2018 (two years earlier than the crazy DeFi Summer). It is one of the earliest DeFi protocols, with TVL at its highest price of 6 billion US dollars. Synthetix founder @kaiynne is the absolute OG of the DeFi track.

Recently, a wallet project initiated by @kaiynne has attracted the attention of the community, that is @infinex_app, a private key-free, non-hosted multi-chain wallet. It can not only register and restore the wallet using email, but also use Google dynamic verification code for secondary verification. While greatly reducing the threshold for user use, it can also ensure decentralization, thereby achieving the goal that Kain wants to achieve - a wallet for human use.

I guess the reason why @kaiynne launched such a user-friendly wallet is most likely because when doing Synthetix, I felt that the threshold for ordinary users to participate in DeFi is too high. First of all, most traditional users will be stuck in the step of registering an encrypted wallet, with private keys and mnemonics, and once lost, the funds will never be retrieved. Therefore, Kain launched such a user-friendly wallet with the goal of attracting more non-Crypto users to enter the DeFi world.

@infinex_app As Kain's second startup project, it naturally received a large number of OG support. Infinex's investment institutions list includes leading institutions such as Bankless Ventures, Framenetwork Ventures, Wintermute, Solana Ventures, etc. Individual investors include Solana founder Anatoly Yakovenko, BeraChain Co-Founder Smokey, Frax Founder Sam Kazemian, Kaito Founder Yu Hu and other dozens of Crypto OGs. The investment lineup includes head VCs, head public chains, head DeFi protocols, etc., which can be called very luxurious and eye-catching.

In addition, infinex's financing method is quite special, which is to use NFT to raise funds. All institutions and individual investors are treated equally and use the same price and circulation method. It can be said that it is a very fair form of Launch. I will explain the specific details in the end of the article.

Currently, there are several interesting features on Infinex:

1. Valut

This is a vault feature. When users cannot retrieve assets using Infinex account, they can use the backup vault address to retrieve funds. First, use Google account or Apple account as the user's off-chain identity verification. After the verification is passed, the account can be restored and the funds will be returned to the vault address backed up by the user in advance. Currently, EVM and Solana addresses are supported.

I was using my Google account as the recovery account when I was experiencing Valut, and since I saved a portion of the SOL in, I bound an extra Solana address as the vault address. The whole experience is still very interesting. With no private keys not custodial, another insurance was given to the assets, and the sense of security suddenly increased a lot.

2. Swidge

Swidge is a convenient cross-chain redemption and trading function, and currently supports asset redemption and trading between some mainstream EVM chains and multiple chains such as Solana. In the future, Swidge will also support assets such as BTC, DOGE, XRP.

3. Earn

In the capture chain revenue sector, infinex is very considerate, basically selecting and combining the revenue protocols on the SOL and ETH chains. Users do not need complicated operations, they only need one click to participate in multiple revenues.

Currently, the highest APY is MSOL (Stake SOL encapsulated by Marinade protocol), with SOL's annualized standard reaching 9.76%, and the average APY reaches 8.35% in 30 days. Currently, TVL is US$603 million.

4. Bullrun

This is a points game section. Users can open cards every 24 hours. Each card represents a cryptocurrency. Each user can open 5 cards every day. If the cryptocurrency corresponding to the card increases by 1%, you can get 100 points. On the contrary, if the price drops by 1%, you will lose 100 points. Participating in this activity requires the account to deposit assets worth more than 50U. Interestingly, this card flip action is an on-chain action, but when experiencing it, it is completely unaware that it is on-chain.

5. Airdrop

At present, infinex is vigorously promoting the early stages of customer acquisition. Therefore, in addition to basic functions such as cross-chain, Earn, and card-playing, infinex also provides early users with various airdrop returns. With Kain's influence in the Crypto field, it is naturally not difficult to obtain various high-quality airdrops. The documentation shows that early users have received Python airdrops.

Finally, let’s talk about the special financing methods of Infinex and token economics

Infinex conducted four rounds of community financing from September 20 to September 24, 2024. The financing medium is called "Patron NFT". All strategic investment institutions, angel investors, KOLs, and community members participate in Infinex's investment at the same price and unlock method by purchasing "Patron NFT". It can be said that this is a very fair way to start the token, and institutions and retail investors stand on the same starting line.

Depending on the unlocking method, there are three prices for "Patron NFT":

As shown in the figure :

Patron with a price of US$5,000 per sheet is not locked and is directly circulated;

The Patron of 3,000 US dollars/piece starts from TGE and is released linearly in 12 months;

The Patron of 1250 USD/Bill starts with TGE, locks the position for 12 months, and then releases it linearly in 24 months.

The above three forms are for you to choose from, which can be said to be very fair and reasonable.

In the end, Patron NFT sold a total of 43,244 units, and received a total of 67.69 million US dollars (Kain's money-making ability is really strong).

Among them, 25 strategic investment institutions bought 31,575 Patron NFTs (cumulatively $45,794,750);

Six foundations bought 2,071 NFTs (six foundations, namely Solana Ventures, NEAR Foundation, Mantle Foundation, Python, Wormhole and Synthetix)

Finally, 1601 community members purchased 9598 Patron NFTs

Patron NFT holders are located in 88 countries and regions including Europe, Asia, North America, Africa, etc. It can be said that holders are all over the world, with the largest number of users being Europe and Asia, accounting for 67%.

Finally, Patron’s token economics:

The total number of Patron NFTs is 100,000:

NTF Sales: 43.24%

Activity incentive: 10%. Of these, 5.81% have been released, and 4.18% are left to be released

Core Working Group: 20% (TGE locks for 12 months, then releases linearly in 24 months)

Ministry of Finance: 26.75% (mainly used for ecological construction expenditure)

Total: 100%

How to participate in i nfinex for ordinary users :

1. Community users can get airdrop opportunities by experiencing infinex and participating in playing points games .

It is best not to place assets less than US$50 per address; the address can be opened more, but it basically requires multiple Google or Apple accounts to bind the address, so a certain batch of account opening costs are required. After opening the account, you can experience cross-chain, Earn and other functions.

Playing encrypted card games does not cost GAS, it will be played every 24 hours, and the lottery will be drawn on the same day. One million Bulls points will be distributed to the top 2,500 addresses every day. Bulls points are future token incentive vouchers. The prizes will be drawn every week and every season, which is a way to earn points at almost zero cost. https://app.infinex.xyz/play/bullrun/learn

2. Patron NFT, which has been sold out before, is currently purchased on Opensea and Blur. Bosses who are not short of money can buy it directly, but there is currently a certain premium. However, this Patron NFT is a clear token share. If the premium is not high, it can indeed be charged a little, which is equivalent to directly participating in infinex's early investment .

3. If you are KOL or are good at content, you can follow infinex's activities on Kaito.

The link is as follows: https://yaps.kaito.ai/infinex