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Author: felix ng Source: Cointelegraph Translation: Shan Ouba, Bitchain Vision
One morning in May last year, Kain Warwick, the founder of Synthetix, suddenly realized: “Where is the problem? We used the wrong way.”
After the launch of the Synthetix Perps V2 at the end of 2022, Kain Warwick, the founder of Synthetix, hopes that this new decentralized permanent contract exchange can get a share from the derivatives market led by Binance.
Six months later, Warwick woke up in the morning and realized that it would not happen.There are two reasons: 1) Most traders are still unwilling to use decentralized finance (DEFI), 2) The slogan of “Build it, they will come” are very stupid.
“If you do things unchanged, you expect different results -that’s too crazy. This is the definition of crazy. Therefore, my point is that we need to change this,” Warwick recalled.
Synthetix Perps V2 was launched a few days before Christmas in 2022, aiming to compete with centralized perpetual contract platform.It introduced a “first -pioneering” chain prophet system, which reduced the risk of running attacks to the greatest extent and significantly reduced the transaction fee.The exchange also claims to have deep liquidity, which is one of the larger friction points facing Defi.
Warwick said: “The transaction volume is very good, the execution is great, and people also get a good transaction price,”The transaction volume ratio of Binance and DEFI perpetual contracts is still 95 to 5.”
One morning in May, when I woke up, what happened?
This idea eventually contributed to his latest encrypted project Infinex, which is a front -end packaging. He hopes that it can cover the clumsyness of Defi and provide all the benefits of self -custody and control.
Warwick hopes that this new user friendly layer will encourage more traders to stay away from centralized exchanges and platforms because these exchanges have experienced a bad year in 2022.
“The history of cryptocurrencies is full of examples of losing cryptocurrencies because people use other people’s platforms,” Warwick told the magazine.
The premise behind INFINEX is very simple: copying easy -to -use centralized exchange experience, but in the form of Defi as its pillar, such as Synthetix Perps V3.Traders can get rid of bulky transaction signatures and wallet settings, just user names and passwords.
This idea is to allow traders to enjoy the benefits of DEFI, but also enjoy the convenience of centralized exchanges, while avoiding any shortcomings, such as “a very bad CEO” and “misappropriation”.But as Warwick pointed out, even the tragic users of FTX pit did not join the ranks of DEFI.
The reality is that the vast majority of users return directly from FTX to Binance
Infinex has not yet opened public transactions.
When it was initially announced, Infinex was expected to be launched in the fourth quarter of 2023, but only a closed Alpha version was released during the holiday season.
In March of this year, Infinex suddenly announced that it was “suffered a security incident”, but there were no users, vaults or work group funds to face risks.After a while, Warwick announced that he had taken over as the person in charge of Infinex’s working group.
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INFINEX is currently expected to be launched near Ethglobal on May 2nd.
Warwick admits that he mistakenly think that it is enough to attract a large number of new traders.
“We adopted a very pure technical bureaucratic point of view:‘ We will build it in the right way, and the world will eventually realize that this is correct. We are right, what is wrong is the market. ’”
“The reality is that the market is not wrong; in a very realistic sense, the market will not be wrong,” Warwick said.
The success of this Synthetix founder is that he can find that things have not performed in time and decisively turn to Plan B -or even C Plan.
Geneticists are among the second -class punk rock singers
Warwick may now be known as the “father of modern agriculture” -the this refers to his role in popularizing income cultivation (leading to DEFI summer in 2020) -but to achieve this title, he has gone through several major major times.Life turns.
At the age of 42, he is the son of the Australian tennis champion Kim Warwick and the elder brother of the three younger brothers. They all followed him into the cryptocurrency and web3 field.
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At the age of 14, he tried to start a business for the first time, and opened a tennis racket to reorganize business at his parents’ tennis center.
“For a 14 -year -old child, it is very successful; I can say that I have made a lot of money.”
By the age of 16, he had begun to help people solve technical problems to earn additional income.
He said: “I have a sense of contradiction,‘ love technology, love computer ’, I was assembled computers at the time.” “I will help people set up the network and wifi at that time.”
After graduating from high school, he dreamed of becoming a geneticist after graduation and studied genetics at the University of New South Wales.
“You know, genetics really fascinated me … Science may be the best subject I learned in school. I have always loved science,” Warwick said.
But he quickly realized that genetics was not suitable for him, and dropped out of school after studying for 18 months, and joined the technology startup company of friends in Seattle.One year later, when the company was not going well, he and a friend founded a punk rock band.
The guitarist and lead singer was dressed as the Victorian clothing dressed as the Victorian rock band, which was a punk rock band that eventually had a very good follower in the end.
About 1,000 people performed the largest venue we performed.Therefore, you know that we will not perform in the stadium anyway, but we will conduct some national tour.”
“I think we have just reached such a stage. If we really focus on it and implement it, we may do better,” he added.
But Walk finally moved back to Australia and started his retail career.
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Try to minimize Bitcoin in Harvey Norman
“I first came into contact with cryptocurrencies as Slashdot’s post, a very famous Slashdot post,” Warwick said.
At that time, about 2010 or 2011, he worked at a Australian electronic retailer Harvey Norman that sold computers, furniture, washing machines, refrigerators and other household items -definitely not the origin of cryptocurrency entrepreneurs you imagined.
This articleThe article introduced the early upgrade of Bitcoin, and finally appeared on the homepage of Slashdot.It is regarded as one of the earliest articles to issue a Bitcoin alert to a wider range of technical communities.
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“At that time, I have been on Slashdot for many years. It was this post that launched MT. GOX,” Warwick said.
Volik even tried to install Bitcoin mining software on a row of computer in his shop to use free electricity.
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“Our Harvey Norman has an IT staff. He is a very active person […]. One day in 2011, I walked into Harvey Norman and said to him: ‘We should run on this thing (show PC) BitCoin mining.
In the end, he did not let the IT personnel change his mind. After the Bitcoin touched nearly $ 74,000 in March, they might have blame themselves today.
By 2015,>>>>>>>>>>>>>>Walk has penetrated BitcoinEssenceHe founded BlueShyft, his online retail payment company, allowing customers to pay cash to purchase digital products and services at the counter, including Bitcoin.The service is still running.
I still hold the BTC-Maxi mentality like “Bitcoin is the most valuable thing here”, and I don’t really care about other things.Just like, I think Ripple is a scam.”
But more than a year later, Wolik changed his attitude.During his daughter’s birth leave after birth, he was bored and began to study the “rabbit hole” about Ethereum in the “old Vitalik post” -the prediction market, stable currency and MAKER.
At that time, I thought, ‘Wow, this is what everyone in Ethereum thinks is feasible, that’ s Maker.””
Warwick finally borrowed from Maker’s core stable currency concept and launched the first token issuance of Havven in 2018. This issue became Australia’s largest ICO and raised 30 million US dollars.Thanks to the help of early pre -sale investors, it completed the offer in just 90 minutes.
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The band failed to get attention in the bear market trough that year, and the market responded again.He transformed Havven into Synthetix, which retains the idea of mortgage cast stabilization (SUSD), but adds the concept of synthetic assets.
Affordable to his nickname
Synthetix is a decentralized network built based on Ethereum (now Optimism and Base), which is used to issue and transaction synthetic assets (or “synthesis”) to track the value of real world assets.
The platform’s Synthetix network tokens (SNX) are used to mortgage and issue synthetic assets. SNX holders inspire as much mortgage by obtaining a part of synthetic transaction costs and high inflation rewards.The liquidity provided on Uniswap and Curve has also been rewarded, which has become a catalyst for 2020 “DEFI Summer” promoted by Degen Food Farm.
However, Wolik is not sure if he deserves all recognition.
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“All of this has inextricable connections,” he said.
“Like, even at that time, you have what they call trading mining. This is another early form of mobilization -centralized exchanges are basically issued by cleaning transactions to issue their own tokensThis is no different from liquidity mining. “
Compound’s COMP tokens are also considered one of the heroes that trigger liquidity mining boom.
“So, you know, my point is that these things will always start. However, it is the first real project that works, it locks the situation and obtains momentum, so people will remember it.”
Get used to scams
When asked if he had any responsibility for the subsequent pull -up carpets, Ponzi schemes, and a downright scam, Warwick said this was an ugly but necessary part.
“Excessive investment is the cost that we must bear as a society. When you invest in some things, you will be deceived. However, another choice is insufficient investment. If you insufficient investment, you will not have any innovation.”
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Warwick argued that, even if there are a large number of ICO “raising selling” scams, the ICO boom is “good” for cryptocurrencies.
“If you look at the major projects that appear in all the programs that appear in all the o (soko kara -そこから Literally Means” From there “But Here it can be transistic as” out of that “, I think the ICO’s hit rate is better than that of traditional venture capital.Yes, of course, there are scams and zero things, or stupid things.
“But then again, another choice is insufficient investment, and insufficient investment will kill you as a society. You need to invest excessive investment innovation instead of insufficient investment.”
