Absinthe Network
Decentralized Finance (DeFi) and Centralized Finance (CeFi) have always stood in contrast, each offering distinct advantages. DeFi provides unparalleled transparency, security, and permissionless access, empowering users with direct control over their assets without intermediaries. In contrast, CeFi attracts a much larger user base due to its ease of use and familiar, comfortable user experience.
Despite these strengths, the gap between DeFi's powerful potential and CeFi's user-friendly interface has remained a significant barrier to mass adoption. This is where Infinex comes in. By revolutionizing the user experience (UX) in the DeFi space, Infinex aims to bridge this gap, making decentralized finance as accessible and intuitive as its centralized counterpart. By blending the strengths of both decentralized and centralized finance (CeFi), Infinex addresses the key friction points that have historically hindered the broader adoption of DeFi.
Infinex is not just another decentralized exchange; it's a transformative platform that aims to provide a seamless user experience by tackling existing barriers in the DeFi space. The platform's design is rooted in the belief that DeFi can and should compete directly with CeFi by delivering an unparalleled user experience.
Infinex is closely tied to the Synthetix ecosystem. Originally developed as an alternative front-end for Synthetix's decentralized perpetual contracts, Infinex has evolved into a standalone entity that builds on the infrastructure and ethos of Synthetix. This relationship allows Infinex to leverage Synthetix’s robust decentralized protocol while addressing user experience challenges that have limited the growth of decentralized exchanges.
Infinex capitalizes on the strengths of Synthetix by integrating its liquidity and governance frameworks, but it goes beyond by offering a more accessible and user-friendly interface. It has moved to provide in-house solutions like account abstraction, chain abstraction, blockchain scaling (rollups, parallelization, sharding), gas abstraction, and decentralized orderbooks to the web3 space at large. By doing so, Infinex is poised to attract a broader audience, including those who are typically accustomed to the more intuitive experiences offered by centralized exchanges.
The primary goal of Infinex is to bridge the gap between DeFi's innovation and the ease of use typically associated with CeFi. The platform simplifies the user journey by providing features such as:
Effortless Onboarding: Users can easily sign up with a username and password, without needing to handle complex crypto transactions or manage multiple keys.
Seamless Integration: Infinex incorporates essential DeFi components like margin trading and decentralized governance, all while maintaining a familiar user experience.
Enhanced Security: By using client-side key management and secure transactions, Infinex minimizes risks typically associated with traditional DeFi platforms.
Infinex Account
The goal is to redefine the decentralized finance (DeFi) landscape by addressing several critical challenges that have historically hindered the mainstream adoption of DeFi. Issues include:
Complex User Experience: DeFi has deterred new users with its steep learning curve, characterized by complex wallets, bridges, and gas fees. Infinex addresses this challenge by providing a streamlined, intuitive interface that abstracts these technical details.
Fragmented Ecosystems: The DeFi ecosystem can be fragmented, requiring users to interact with multiple platforms and protocols. This fragmentation can be a barrier to seamless user experiences. Infinex tackles this issue by unifying various decentralized ecosystems and applications under a single, cohesive UX layer.
Accessibility Issues: DeFi platforms often require users to have prior knowledge of blockchain technology and its tools. Infinex addresses this accessibility issue by supporting multiple blockchain networks, including Ethereum, Base, Optimism, Polygon, Arbitrum, and Solana.
Cumbersome Onboarding Processes: Infinex simplifies the onboarding process by allowing users to create accounts with just a username and password.
Infinex operates through a meticulously designed organizational structure that emphasizes user governance, community involvement, and strategic alignment with the Synthetix ecosystem.
At the core of Infinex's governance model are Infinex Improvement Proposals (XIPs). These proposals allow users to suggest, debate, and vote on changes or enhancements to the platform. The process is designed to be transparent and democratic, ensuring that all stakeholders have a voice in the decision-making process. Users can submit XIPs on various aspects of the platform, from technical upgrades to new feature implementations. This participatory approach fosters a sense of ownership and responsibility among users, driving continuous improvement and innovation.
The Infinex Council plays a crucial role in overseeing the governance process and ensuring that user feedback is effectively incorporated into the platform’s development. The council is composed of elected representatives from the Infinex community, who are responsible for reviewing XIPs, coordinating with developers, and facilitating community discussions. Council members are chosen based on their expertise, contribution to the community, and commitment to the platform’s vision. This leadership structure ensures that Infinex remains user-centric while maintaining a strategic direction.
Infinex’s symbiotic relationship with Synthetix is a cornerstone of its operational framework. As a decentralized derivatives liquidity protocol, Synthetix provides the foundational infrastructure that powers Infinex. This partnership allows Infinex to leverage Synthetix’s robust and secure platform while focusing on enhancing the user experience.
No Native Token: Utilizing SNX for Governance: Infinex has made the strategic decision not to issue its own native token. Instead, it relies on $SNX, the native token of the Synthetix protocol, for governance. This approach aligns the interests of both platforms and simplifies the governance process. SNX holders can participate in Infinex’s governance by voting on XIPs and electing council members.
Infinex operates under a decentralized governance model designed to ensure that decisions about the platform’s development and operations are community-driven. This model first revolved around the SNX token holders but was later upgraded to the Governance point system, which is integral to the governance process.
The governance points system is a unique feature of Infinex designed to encourage active participation and reward users for their engagement. Initially used exclusively to facilitate the election of the Trader Seat in the Infinex Elections, it was upgraded with XIP-15 to incentivize user behavior across various categories. With XIP-21, GP became a reward system offered to partner brands to foster bonds.
Earning Governance Points (GP):
With XIP-15, Infinex aimed to distribute GP to community members who contribute in six different categories, namely; Discord Activity, Twitter Activity, Governance Call Participation, Discord Competitions & Events, Approved XIP Authors, and Farcaster Campaigns. The more active a user is and the more they contribute to the benefit of the Infinex space, the more GP they receive.
Users could also earn GP through Governance Farming. In October 2023, Infinex announced the launch of its Governance Farming app, allowing users to accumulate GP by proving trading volume or token ownership across platforms like Uniswap, Binance, Synthetix, Kraken, Bybit, Kwenta, and KuCoin.
gov.infinex.io/farming
How Governance Farming Works:
Users can earn GP by trading activities and maintaining token ownership across supported platforms. The app tracks users' activities and allocates GP based on their contributions, ensuring active participants are rewarded for their engagement.
The governance farming app also rewards point incentives in a Referral program. Where users enjoy point boosts based on their referrals and also extra benefits from their referee.
Governance Points Use Case:
Voting Power: GP can be used to cast votes on governance proposals, giving users a direct say in the platform's future. This ensures that the community’s voice is heard and that decisions are made democratically.
Redeeming NFTs: GP can be exchanged for Patron NFTs, which provide additional benefits to holders. These NFTs are tied to governance and can enhance a user’s influence within the community.
Access to Special Features: Holding a significant amount of GP may unlock access to exclusive features or beta testing opportunities, further incentivizing active participation.
Other XIPs added more use cases to the Governance Points. XIP-21 introduced airdropping additional GP to various crypto communities like Mad Lads, Pudgy Penguins, Milady NFT, etc., and linked it with the Patron NFT to create a fixed exchange rate between the two. The final iterations for the Governance Points were introduced in XIPs 24 - 26.
Infinex has leveraged innovative campaigns to engage its community and accelerate platform adoption, notably through "Speedrun the Waitlist" and "Craterun." These initiatives have significantly contributed to the growth and visibility of the Infinex brand in the DeFi space
Speedrun the Waitlist was launched on May 14, 2024, to kickstart user adoption by allowing users to create Infinex Accounts, deposit USDC, and earn Governance Points (GP). Deposits were locked for the duration of the campaign, with GP distribution starting 24 hours after account creation. Early deposits earned more GP, incentivizing prompt participation. Rewards included a significant amount of GP, a share of the Patron NFT supply, and priority access to future integrations and exclusive beta launches.
Craterun: a prize-filled yield farming campaign designed to ensure the fair distribution of governance power and prepare for the Patron NFT sale. The campaign ran from June 25, 2023, to July 30, 2023. Users were able to farm access to Patron NFTs by depositing assets into their Infinex Accounts and staking them to earn crates.
The crate earning was based on the total USD value of supported assets staked and any boosts earned from crates or the "Speedrun the Waitlist" campaign. The campaign also set the stage for the Patron NFT Community Sale, fostering anticipation and excitement among participants
Infinex is at the forefront of revolutionizing DeFi by prioritizing user experience and accessibility. By addressing the challenges that have historically hindered DeFi's mainstream adoption and integrating the strengths of both DeFi and CeFi, Infinex is poised to attract a broader audience and drive the future of decentralized finance. Its innovative governance model, symbiotic relationship with Synthetix, and engaging community campaigns are paving the way for a more inclusive and user-friendly DeFi landscape. As Infinex continues to evolve, it stands as a beacon of innovation, aiming to bring the best of both worlds to users worldwide.
Absinthe Labs is building the first incentives affiliate network, and our first product is a no-code points-as-a-service platform. In addition to rewarding on-chain actions, it makes tracking campaigns easy by aggregating points from questing platforms like Galxe and Layer3 into the project's native points. Absinthe also allows for easy allocating to communities such as token holders, stakers, NFT holders, and Discord roles. Check them out at absinthe.network.
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