Author: c4lvin, ChainLight Analyst

Compiled by: Felix, PANews

Perhaps most people learned about Infinex through voting on Kaito Connect. It has been nearly a month since the Infinex dashboard was added to Kaito AI, and there hasn't been much research published about Infinex. This article aims to analyze the structure of Infinex and its project vision.

What is Infinex?

Infinex is a wallet (or portfolio management) platform designed to provide an excellent user experience (UX), focusing on seamless cross-chain functionality across various computing environments, although the number of supported chains is currently limited. For EVM chains, it supports Ethereum, Arbitrum, Optimism, Polygon, Unichain, Base, Blast, and Berachain, while for non-EVM chains, it currently only supports Solana.

Infinex can be roughly divided into two parts: Wallet and Vault. The Wallet is commonly referred to as a one-time wallet "Burner Wallet." _ (Note: Burner _wallets are used only to store enough cryptocurrency for one or a few interactions, serving as a temporary holding place for liquid funds). On the other hand, the Vault can be considered a wallet where funds can be passively deposited without the need for operations like exchanges.

Infinex is implemented as a web application and optimized for PC environments. From the menu on the left side of the screenshot, it can be seen that in addition to basic wallet functions such as Wallet, Vault, and activities (like transactions), it also includes Swidge (multi-chain exchange), separate airdrops for Infinex users, and the Earn feature to check deposit points/interests.

Why Choose Infinex?

If Infinex is viewed as a wallet, it is difficult to find standout features compared to other wallets. Multi-chain wallets (like Phantom and OKX Wallet) are considered very useful for both EVM and non-EVM chains, as they come equipped with airdrop checkers, Earn checkers, and multi-chain exchange functions. CEXs like Binance and Bybit also offer these features, along with additional benefits like separate Earn programs. So, what advantages does using Infinex actually provide?

Security

For users relying on CEXs as liquidity centers, it is not uncommon for funds to be stolen due to SIM card swap attacks or email hacking. Similarly, many on-chain non-custodial wallets have been compromised due to mnemonic phrase/private key leaks. Infinex seems to have invested significant effort in its structure to reduce these risks. By limiting login to keys, it elevates wallet security to the same level as user biometric data and physical device security. As shown in the screenshot below, attempting to log in on a Mac prompts a Touch ID request. Most importantly, it supports 2FA through an authenticator app, making it difficult for attackers to gain control.

Additionally, the Vault can be recovered through smart accounts.

Since the Vault is implemented through a custom smart account, it can be recovered using a pre-registered on-chain address and email. Each Vault is initially deployed on Base and Solana. For example:

https://basescan.org/address/0x4c77dD4e616FaDF448a8D3F22D5FeC81402A067f

https://solscan.io/account/4rbKc2pMpQeFw1QupJ8f7VRJda9WkFmRsqFmBC8DXD5p

For other chains, when your Vault needs to perform a transaction or recovery, it will be deployed on the requested chain. For recovery, it will not be directly displayed on the dashboard, but the team will provide a link with an interface to execute this, or it can be accessed directly through user requests to the chain. This offers better security from the user's perspective compared to CEXs and other non-custodial wallets.

No Transaction Fees

Perhaps some people are still unaware that using built-in Swap/Bridge functions in on-chain wallets often incurs high fees. For example, Metamask charges 0.875%, Phantom charges 0.85%, and Rabby charges 0.25% for its built-in Swap/Bridge functions. However, Infinex does not charge fees for Swap/Bridge, making it as attractive as depositing funds into a CEX or using a wallet supported by a CEX.

Infinex seems to position its Swidge (Swap + Bridge) functionality as a key highlight. To this end, it recently integrated 1inch Fusion as an aggregator, indicating its commitment to providing users with the best Swidge experience.

Providing Users with Passive Airdrops

Receiving airdrops may be one of the most important reasons to use Infinex. Recently, Infinex airdropped $PENGU tokens to all users, and considering its positive integration with the ecosystem, it is highly likely that more passive airdrops will occur in the future.

It is worth noting that Infinex's vision is to achieve and replace the user experience provided by CEXs. As shown in the tweet below, the Infinex team continuously compares the platform's user experience with that of CEXs, emphasizing its advantages.

Besides simple deposits, why deposit funds into a CEX? Perhaps mainly because CEXs have Earn programs like Launchpool and Launchpad—depositing stablecoins or specific tokens to earn newly listed tokens. This can be considered a key reason for using CEXs.

Since Infinex has advantages that "surpass" CEXs, it may also launch similar or even better airdrop or Earn programs. This is something to keep an eye on in the long term, and it would be great if the official team could provide some information on this.

Suggestions for Improvement

After briefly using Infinex, I noticed several areas that need improvement:

Should Support More Chains

The number of supported chains is still very limited. Especially with the increasing frequency of new L1 chains being launched, rapid integration with various L1 and non-EVM chains beyond EVM L2s seems necessary. Supporting chains focused on DeFi, like Sui and Mantle, could help quickly increase user numbers. Additionally, support for Bitcoin and Ordinals should also be added.

Should Support Whitelisted Addresses

There is a "Move" feature in the Wallet/Vault, which is a separate function that supports asset transfers between the Wallet and Vault. However, whitelisted transfers should also be supported in "send," applicable not only to Wallet -> Vault interactions but also to other known wallets owned by the user.

User Experience of Swidge

Currently, Swidge only supports exchanges between addresses within the user's wallet and does not allow specifying a recipient's address. The ability to specify a recipient address in cross-chain transactions is a powerful feature, and its absence makes transferring funds from the wallet to the Vault inconvenient.

Lack of Incentives

As mentioned above, Infinex may soon offer attractive Earn programs, but currently, the incentive programs do not fully match their availability. While the official team is putting significant effort into attracting users, I hope Infinex can provide a more appealing environment for users soon.

Limited Usability

Infinex still lacks the multifunctionality to fully replace on-chain wallets. For example, it cannot be used with external web services via the WalletConnect API, limiting its practicality. A proposal to address this issue was made in June 2024, but it seems some problems remain unresolved.

Conclusion

Infinex is a new comprehensive portfolio management platform aimed at achieving the security and usability of CEXs and on-chain wallets. As the project is still in its early stages, it has some shortcomings in community building and user experience, but it remains a potential project worth paying attention to.

Related Reading: The Battle of BTC Wallets: From Trillions Market Competition to Ecological Reconstruction, Who Will Dominate the Next Decade?

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