Synthetix to go head-to-head with dYdX, Aevo with new DEX proposal

Synthetix-powered exchange Infinex plans to drive revenue to SNX stakers

article-image

LorenzoPeg/Shutterstock modified by Blockworks

share

Synthetix, one of crypto’s DeFi originals, is poised to add to its affiliated product suite.

Founder Kain Warwick announced plans for a new derivatives front-end to its decentralized trading infrastructure, dubbed Infinex.

The new exchange will be aimed at inexperienced and advanced traders alike, but with features that match those found on centralized exchanges including a non-custodial central limit order book.

Synthetix already has a derivatives DEX on Optimism, called Kwenta, but Warwick identified three main problems with the existing offering. For example, to get started, traders must first bridge assets to the layer-2 rollup, swap for sUSD — Synthetix’s own stablecoin, which is used as margin collateral.

Worst of all for those used to a centralized exchange experience, each order or cancellation must be signed by the trader’s wallet, paying a small fee in the process.

“The objective is to erase any doubts about whether decentralized Perps can compete directly with CEXs,” Warwick wrote in a Friday blog post.

There are benefits to being on a non-custodial decentralized exchange, and Warwick pokes fun in the post at the now-defunct FTX and other centralized exchanges for their unique counterparty risks. FTX collapsed last fall in dramatic fashion. 

“It’s become increasingly clear that the impediments to Synthetix Perps growth can be resolved, but this will require a new approach,” he opined. “It requires Infinex.”

The proposed DEX will be tailored to meet the expectations of traders who use venues like Binance, requiring only a username and password to access, while remaining non-custodial.

“Infinex generates a new public-private key pair for each user and stores it client-side in the browser,” Warwick wrote, noting the key would only be used for signing trade orders, not to withdraw funds.

The technical implementation details of the DEX were not disclosed. Warwick indicated in an AMA on the Synthetix Discord that they were left to Synthetix’s core developers.

New upstart Aevo uses an optimistic rollup based on the OP stack for its off-chain CLOB. Market leader dYdX currently employs a Starkware StarkEx rollup but will soon migrate to a Cosmos-based sovereign app chain.

Synthetix’s new DEX will be governed by holders of Synthetix’s native token, SNX, and will not require its own token, Warwick said on Discord. But its revenues will be used to accumulate SNX.

“Infinex aspires to become the single largest LP in the Synthetix ecosystem,” he wrote.

As of the time of publication, SNX’s price has jumped 32%.

The launch of the new project is anticipated to coincide with version 3 of Synthetix’s perpetual futures trading system. That new version is expected to be launched in the coming months.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

If the president breaks the Fed, he’ll own the budget problems

article-image

Combining Franklin Templeton’s tokenization expertise with Binance’s trading infrastructure could speed crypto adoption, companies say

article-image

The firm’s upcoming filing comes as competition heats up over the USDH stablecoin

article-image

Robinhood and Coinbase are vying for user attention with new social features that could rival Twitter

article-image

Atkins backs predictable digital asset framework through Project Crypto, marking a departure from prior enforcement tactics

by Blockworks /
article-image

Following a roundtable, the startup emerges as frontrunner, despite entries from Paxos, Ethena, and others