Author: ABC Alpha DAO
Twitter ID: @ABCAlphaDAOC
Friends who understand DeFi must be familiar with Synthetix, a derivatives protocol deployed on multiple chains such as Ethereum, OP, ARB, BASE, etc. The project was born in 2018 (two years before the crazy DeFi Summer) and is one of the earliest DeFi protocols, with a peak TVL of 6 billion USD. Synthetix founder @kaiynne is an absolute OG in the DeFi space.
Recently, a wallet project initiated by @kaiynne has attracted the community's attention, which is @infinex_app. This is a non-custodial multi-chain wallet without private keys, allowing users to register and recover wallets using email, as well as using Google dynamic verification codes for secondary verification. This greatly lowers the user entry barrier while ensuring decentralization, achieving Kain's goal of creating a wallet for human use.
I guess the reason @kaiynne launched such a user-friendly wallet is that while working on Synthetix, he felt that the entry barrier for ordinary users to participate in DeFi was too high. First, most traditional users get stuck at the step of registering a crypto wallet, dealing with private keys and mnemonic phrases, and once lost, funds cannot be recovered. Therefore, Kain launched this user-friendly wallet aimed at attracting more non-Crypto users into the DeFi world.
As Kain's second entrepreneurial project, @infinex_app naturally receives support from a large number of OGs. The list of investment institutions for Infinex includes top organizations 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, among dozens of Crypto OGs. The investment lineup includes top VCs, leading public chains, and top DeFi protocols, making it quite luxurious and eye-catching.
Additionally, Infinex's fundraising method is quite special, using NFTs 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 format, and I will elaborate on the specific details at the end of the article.
Currently, Infinex has several interesting features:
1. Valut
This is a vault feature. When users cannot retrieve assets from their Infinex account, they can use a backup vault address to recover funds. First, users authenticate their off-chain identity using a Google or Apple account. Once verified, they can recover their account, and funds will be returned to the user’s pre-backed vault address. Currently, it supports EVM and Solana addresses.
During my experience with Valut, I used my Google account to recover my account. Since I had deposited some SOL, I bound an additional Solana address as the vault address. The entire experience was quite interesting. In a non-custodial environment without private keys, an extra layer of insurance was added to the assets, significantly increasing the sense of security.
2. Swidge
Swidge is a convenient cross-chain exchange and trading feature, currently supporting asset exchanges and trading between some mainstream EVM chains and Solana. In the future, Swidge will also support assets like BTC, DOGE, XRP, etc.
3. Earn
In capturing on-chain yield, Infinex has done a great job by selecting and combining yield protocols on SOL and ETH chains. Users do not need complex operations; they can participate in multiple yields with just one click.
Currently, the highest APY is for MSOL (Stake SOL wrapped by the Marinade protocol), with a SOL-based annualized yield of 9.76% and a 30-day average APY of 8.35%. The current TVL is 603 million USD.
4. Bullrun
This is a points game section where users can open a card once every 24 hours. Each card represents a cryptocurrency, and each user can open 5 cards daily. If the corresponding cryptocurrency rises by 1%, the user earns 100 points; conversely, if the price drops by 1%, the user loses 100 points. Participation in this activity requires the account to hold assets worth over 50 USD. Interestingly, the action of flipping cards is an on-chain behavior, but during the experience, it feels completely off-chain.
5. Airdrop
Currently, Infinex is actively promoting customer acquisition in its early stages. Therefore, in addition to basic functions like cross-chain, Earn, and card games, Infinex also offers various airdrop rewards to early users. Given Kain's influence in the Crypto field, obtaining various quality airdrops is naturally not a difficult task. Documentation shows that early users have already received airdrops from Pyth.
Finally, let’s talk about Infinex's unique fundraising method and token economics.
Infinex conducted four rounds of community fundraising from September 20 to September 24, 2024, using a medium called "Patron NFT." All strategic investment institutions, angel investors, KOLs, and community members participated in Infinex's investment by purchasing "Patron NFTs" at the same price and unlocking method, making it a very fair token launch method where institutions and retail investors are on the same starting line.
According to different unlocking methods, "Patron NFT" has three price tiers:
As shown in the image:
The 5000 USD/Patron is not locked and is directly tradable;
The 3000 USD/Patron is unlocked linearly over 12 months starting from TGE;
The 1250 USD/Patron is locked for 12 months starting from TGE, then released linearly over 24 months.
These three forms are available for your choice, which can be considered very fair and reasonable.
In total, 43,244 Patron NFTs were sold, raising a total of 67.69 million USD (Kain's fundraising ability is truly impressive).
Among them, 25 strategic investment institutions purchased 31,575 Patron NFTs (totaling 45,794,750 USD);
6 foundations bought 2,071 NFTs (including 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, making the holder base truly global, with the largest number of users from Europe and Asia, accounting for 67% combined.
Lastly, let’s discuss the token economics of Patron:
Total supply of Patron NFTs: 100,000:
NFT Sales: 43.24%
Activity Incentives: 10%. Of which, 5.81% has been released, and 4.18% remains to be released.
Core Working Group: 20% (locked for 12 months at TGE, then released linearly over 24 months).
Treasury: 26.75% (mainly for ecological construction expenses).
Total: 100%
How ordinary users can participate in Infinex:
1. Community users can gain airdrop opportunities by experiencing Infinex and participating in the points game.
Each address should ideally not hold less than 50 USD in assets; multiple addresses can be created, but generally, multiple Google or Apple accounts are needed to bind addresses, so there is a certain cost for batch account creation. After creating accounts, users can experience cross-chain, Earn, and other features.
Playing the crypto card game does not incur GAS fees, and users can play once every 24 hours, with results announced the same day. Each day, 1 million Bulls points are distributed to the top 2,500 addresses, and Bulls points serve as future token incentive certificates. There will also be grand prizes every week and every season, making it a way to earn points at almost zero cost. https://app.infinex.xyz/play/bullrun/learn
The previously sold-out Patron NFTs can currently be purchased on Opensea and Blur. Those with sufficient funds can buy directly, although there is currently a certain premium. However, this Patron NFT represents a clear token share, and if the premium is not high, it can indeed be a good investment, essentially participating in Infinex's early investment.
If you are a KOL or good at content creation, you can follow Infinex's activities on Kaito.
Link: https://yaps.kaito.ai/infinex
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