Author: ABC Alpha DAO
Twitter ID: @ABCAlphaDAOCN
Friends who know DeFi must be familiar with Synthetix. It is a derivatives protocol deployed on multiple chains such as Ethereum, OP, ARB, BASE, etc. The project was born in 2018 (two years earlier than the crazy DeFi Summer). It is one of the earliest DeFi protocols, with a TVL of 6 billion US dollars at its highest. Synthetix founder @kaiynne is an absolute OG in the DeFi track.
Recently, a wallet project initiated by @kaiynne has attracted the attention of the community. That is @infinex_app, a keyless and non-custodial multi-chain wallet. Not only can you register and restore your wallet using your email address, you can also use Google's dynamic verification code for secondary verification. While greatly lowering the threshold for users to use it, it can also ensure decentralization, thereby achieving Kain's goal - a wallet for humans to use.
I guess the reason why @kaiynne launched such a user-friendly wallet is probably because when he was working on Synthetix, he felt that the threshold for ordinary users to participate in DeFi was too high. First of all, most traditional users will be stuck at the step of registering a crypto wallet, which requires private keys and mnemonics, and once lost, the funds can never be recovered. Therefore, Kain launched such a user-friendly wallet with the goal of attracting more non-Crypto users into the DeFi world.
As Kain's second entrepreneurial project, @infinex_app naturally received support from a large number of OGs. Infinex's list of investment institutions includes leading institutions such as Bankless Ventures, Framenetwork Ventures, Wintermute, Solana Ventures, and individual investors include Solana founder Anatoly Yakovenko, BeraChain Co-Founder Smokey, Frax Founder Sam Kazemian, Kaito Founder Yu Hu and dozens of other Crypto OGs. The investment lineup includes top VCs, top public chains, top DeFi protocols, etc., which can be described as very luxurious and eye-catching.
In addition, Infinex's financing method is quite special. It uses NFT for fundraising, and all institutional and individual investors are treated equally, using the same price and circulation method. It can be said to be a very fair launch form. I will explain the specific details in the last part of the article.
Currently, there are several interesting features on Infinex:
1. Valut
This is a vault feature. When users are unable to use their Infinex accounts to retrieve assets, they can use the backup vault address to retrieve funds. First, use a 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 that the user backed up in advance. Currently, EVM and Solana addresses are supported.
When I was trying Valut, I used my Google account as a recovery account. Since I had deposited some SOL, I bound an additional Solana address as a vault address. The whole experience was quite interesting. Without private keys and non-custody, the assets were insured, and the sense of security increased a lot.
2. Swidge
Swidge is a convenient cross-chain exchange and transaction function that currently supports asset exchange and transactions between some mainstream EVM chains and multiple chains such as Solana. In the future, Swidge will also support assets such as BTC, DOGE, and XRP.
3. Earn
In the area of capturing on-chain income, Infinex has done a very thoughtful job. It has basically optimized and combined the income protocols on the SOL and ETH chains. Users do not need complicated operations and can participate in multiple income with just one click.
Currently, the one with the highest APY is MSOL (Stake SOL encapsulated by the Marinade protocol), with an annualized SOL rate of 9.76% and a 30-day average APY of 8.35%. The current TVL is US$603 million.
4. Bullrun
This is a points game section. Users can open a card once 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%, 100 points can be gained. Conversely, if the price drops by 1%, 100 points will be lost. To participate in this activity, the account needs to have enough assets worth more than 50U. Interestingly, this card flipping action is an on-chain behavior, but when experiencing it, it does not feel like it is on the chain at all.
5. Airdrop
At present, infinex is vigorously promoting the early stage of customer acquisition. Therefore, in addition to basic functions such as cross-chain, Earn, and playing cards, infinex also provides various airdrops for early users. With Kain's influence in the Crypto field, it is not difficult to get various high-quality airdrops. The document shows that early users have received Pyth airdrops.
Finally, let’s talk about Infinex ’s unique financing method 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 participated in Infinex's investment by purchasing "Patron NFT" at the same price and unlocking method. It can be said that this is a very fair way to launch tokens, with institutions and retail investors standing on the same starting line.
Depending on the unlocking method, “Patron NFT” has three prices:
As shown in the figure :
Patron with a value of USD 5,000 per contract is not locked and is directly circulated;
Patrons worth USD 3,000 per unit will be released linearly over 12 months starting from TGE.
Patrons worth $1,250 per share start from TGE, are locked for 12 months, and then released linearly over 24 months.
The above three forms are available for you to choose, which can be said to be very fair and reasonable.
In the end, a total of 43,244 Patron NFTs were sold, with a total of 67.69 million US dollars received (Kain’s ability to attract money is really damn strong).
Among them, 25 strategic investment institutions bought 31,575 Patron NFTs (a total of US$45,794,750);
Six foundations bought 2,071 NFTs (Solana Ventures, NEAR Foundation, Mantle Foundation, Pyth, Wormhole and Synthetix).
Finally, 1,601 community members purchased 9,598 Patron NFTs
Patron NFT holders are spread across 88 countries and regions including Europe, Asia, North America, and Africa. It can be said that holders are spread all over the world, with the largest number of users being in Europe and Asia, accounting for a total of 67%.
Finally, let’s talk about Patron’s token economics:
The total number of Patron NFTs is 100,000:
NTF sales: 43.24%
Activity incentive: 10%. 5.81% has been released, and 4.18% is left to be released
Core Working Group: 20% (locked in TGE for 12 months, then released linearly over 24 months)
Ministry of Finance: 26.75% (mainly used for ecological construction expenditures)
Total: 100%
How ordinary users can participate in infinex:
1. Community users can get airdrop opportunities by experiencing infinex and participating in point games .
It is best not to put less than $50 in assets in each address; you can open multiple addresses, but you basically need multiple Google or Apple accounts to bind the addresses, so there is a certain cost for batch opening. After opening the account, you can experience cross-chain, Earn and other functions.
Playing the crypto card game does not cost GAS. You can play once every 24 hours and the prize will be drawn on the same day. Every day, 1 million Bulls points will be distributed to the top 2,500 addresses. Bulls points are future token incentive certificates. There will be big prizes every week and every season. This is a way to earn points at almost zero cost. https://app.infinex.xyz/play/bullrun/learn
2. The previously sold-out Patron NFT is currently available for purchase on Opensea and Blur. Bosses with money can buy it directly, but there is a certain premium at present. However, this Patron NFT is a clear token share. If the premium is not high, you can indeed collect some, which is equivalent to directly participating in the early investment of Infinex .
3. If you are a KOL or good at content, you can follow Infinex's activities on Kaito.
The link is as follows: https://yaps.kaito.ai/infinex
