Breaking User Barriers: A Key Challenge in the Development of the Crypto Market

The decentralized technology of blockchain and the crypto market has given rise to many innovative products, but the user base of these products remains limited to a niche group with in-depth knowledge of the industry. The main reason is that ordinary users need to master technical knowledge such as wallets, cross-chain bridges, and miner fees, which sets a high barrier to entry.

Currently, centralized exchanges serve as a stopgap measure, providing convenience for users who wish to engage with cryptocurrencies but have not yet acquired the necessary skills. However, centralized exchanges cannot fully leverage the powerful network effects of decentralized ecosystems and open networks, and their product offerings remain limited. In contrast, permissionless protocols can more quickly launch new types of meme coins, lending pools, and derivatives, and this advantage continues to grow as the network scales.

Infinex: Redefining DAPP User Experience

Currently, poor user experience (UX) is a key factor hindering the widespread adoption of blockchain technology. Although existing decentralized products are powerful, they have a high barrier to entry, resulting in a significant gap between users and the products. Infinex aims to help users enter the decentralized world more easily by simplifying the user experience.

Infinex is a comprehensive DeFi platform dedicated to integrating decentralized ecosystems and applications under a unified user experience layer, designed specifically for users familiar with Web2. In this way, users can enjoy the advantages of decentralized products without needing to understand the complexities of blockchain technology. This not only makes it easier for users to access various decentralized services but also fully leverages the powerful effects of decentralized networks, attracting more developers and users to join, driving the rapid emergence of innovative products, and accelerating the mainstream adoption of blockchain technology.

Current Progress

On May 13, Infinex opened account creation and deposit channels, announcing that it would distribute 377 million governance points (GP) to all deposit users over the next 30 days. Currently, Infinex's total locked value across networks such as Ethereum, Arbitrum, Base, Solana, Optimism, and Polygon has exceeded 110 million USD, marking its initial success and laying the foundation for future development.

Infinex's Major Innovations and Breakthroughs

Enhance User Experience

Infinex enhances the user experience by simplifying operations. It employs a referral link and trading fee rebate mechanism commonly used by centralized exchanges, generating a public and private key pair for each user and storing it in the browser for automatic signing during transactions. These improvements make operations more convenient and lower the entry barrier. For example, Infinex generates a unique deposit address for each user, supporting deposits in USDT, USDC, or sUSD, with funds being transparent and traceable, ensuring security.

Enhance liquidity and market attractiveness

Infinex plans to integrate with Synthetix Perps V3 to provide more efficient perpetual contract trading services. It supports multiple collateral types and improves capital efficiency while reducing the risk for liquidity providers by using stablecoins like USDC. For example, using USDC as collateral allows liquidity providers to achieve an annualized return of 13.6% at a 110% collateralization rate, while SNX only offers a 3% annualized return at a 500% collateralization rate.

Cross-Chain Expansion

Infinex supports multi-chain operations, allowing users to trade on multiple chains such as Ethereum, Optimism, Base, and more, expanding the user base and generating more trading volume and revenue.

Enhance Market Competitiveness

Infinex aims to compete directly with centralized exchanges by providing a similar user experience, attracting more users to switch from CEX to DEX. Its seamless experience layer design further narrows the experiential gap between CeFi and DeFi, promoting the adoption of DeFi. The highlights of Infinex's features include login with username and password, multi-factor authentication, and cross-chain deposits, making users feel as if they are using a centralized trading platform, but with the back end supported by decentralized and permissionless liquidity.

Infinex Governance Mechanism: GP and Patron NFT Analysis

As a decentralized application, Infinex has built a governance framework centered around the community. Governance Points (GP) and Patron NFTs play a key role in ensuring protocol transparency, the effectiveness of incentive mechanisms, and the fairness of fund management.

GP (Governance Points)

GP is the governance point used to reward and incentivize community members within the Infinex ecosystem. Ways to acquire GP include participating in GP Farming, being active on community platforms, attending governance meetings, holding designated NFTs, and submitting and passing proposals, among others. The main functions of GP include:

• Participate in Governance: GP holders have the right to participate in Infinex's governance voting, approving and executing various proposals.
• Exchange Rewards: GP can be used to redeem Patron NFTs, enhancing holders' status and influence within the community.
• Community Incentives: Promote the healthy development of the ecosystem by distributing GP rewards to members who actively participate in community activities.

Patron NFT

Patron NFT represents the contributor identity in Infinex and can be obtained by burning 200,000 GP. The minting fees will be allocated to the Infinex Treasury to cover operational expenses, growth, market incentives, and contributor alignment costs. The functions of Patron NFT include:

• Symbolizing Contributor Identity: Holders are regarded as sponsors of Infinex, enhancing their reputation and influence within the community.
• Participate in the incentive program: As a reward measure, encourage members to make non-financial contributions to the protocol.
• Participation in governance: Although it does not directly grant governance rights, holders have a high reputation in the community and can indirectly influence decisions and governance.

Through GP and Patron NFT, Infinex has built a decentralized, transparent, and efficient governance framework that encourages community members to actively participate and contribute to the development of the ecosystem.

Speedrun the Waitlist

Infinex launched the whitelist racing event on May 13 at 00:00 UTC, with the following main content:

• Create account and deposit: Starting from May 13, 00:00 UTC, anyone can create an account and deposit USDC.
• Governance Points (GP) allocation: During the 30-day activity period, stakers will receive 377 million GP, a portion of Patron NFT supply, and priority access to future integrations.
• The total supply of GP is capped at 630 million, used for governance of Infinex.
• The event starts on May 14 at 00:00 UTC, and deposits will be locked during the event.
• Early deposits will receive more GP, with 377 million GP being linearly distributed to stakers based on the total TVL ratio.

Discussion on the Economic Value of GP

GP, as an important review criterion for accessing the "ticket" in the official version of Infinex, has raised attention due to its potential economic value. However, it remains to be seen whether Infinex will follow the Points-Fi projects currently on the market and launch point exchange or airdrop rewards related to GP.

It is worth noting that Infinex has stated that it will not launch its own token and will allocate some governance rights to Synthetix stakers. However, the recent community veto of the proposal to allocate more GP to SNX stakers may reflect a shift in the direction of the Infinex community.

Currently, Infinex is continuously improving the supply and distribution of GP, stimulating user expectations for GP through a variety of points incentive activities. However, it still needs to be further clarified how GP can be converted into actual economic returns without issuing tokens.

Conclusion

Infinex aims to address the bottlenecks of decentralized applications in the current crypto market by enhancing user experience, increasing liquidity and market appeal, achieving cross-chain expansion, and boosting market competitiveness. Its innovation is reflected in simplifying user operations, introducing various collateral and stablecoins, supporting multi-chain operations, and providing a user experience similar to centralized exchanges.

However, the success of Infinex also requires validation of the effectiveness of its governance mechanisms and incentive measures, particularly the actual economic returns of GP and Patron NFTs. Although the GP points system provides users with opportunities to participate in governance and earn rewards, its actual value and potential still need further observation. Whether Infinex can provide users with a comprehensive and reasonable economic incentive plan will determine its long-term competitiveness and development prospects in the decentralized finance sector.