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.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Silk Road founder Ulbricht made a triumphant return to the Bitcoin Conference, 10 years on from sentencing

article-image

A Blockworks Research report looked at who could take up some of the marketshare in the launchpad space

article-image

Business-to-business stablecoin payments are on the rise, per a report from Artemis, Dragonfly and Castle Island

article-image

Crypto continues to do its thing: incentivizing behavior

article-image

Kraken will soon offer Backed ‘xStocks’ as Solana tokens

article-image

In a unanimous decision, the US Court of International Trade has ruled that Trump’s IEEPA tariffs are unlawful