How Close is Infinex to replacing your CEX?

When I first heard that Kain Warwick was launching a new project called Infinex with hopes of replacing popular CEX's like Binance, Coinbase, Kraken, OKX with a truly decentralized exchange, it piqued my interest.

When I first heard that @kaiynne was launching a new project called @infinex with hopes of replacing popular CEX's like @binance, @coinbase, @krakenfx, @okx, etc with a truly decentralized exchange, it piqued my interest. A big reason why I got into crypto initially was self custody and being in control of my own finances, without the need for an intermediary bank.

Is it ready to replace your current onramp exchange?

Infinex has been shipping updates and working hard to expand the platform, with hopes of replacing your current centralized exchange sooner than later.

I can't see when I started using Infinex, but it was around the time of the first month of the bull run game (119 packs opened/ 30 of 30 collected/ 600 total cards). Sadly, I'd joined during Crate Run, but wasn't actively participating and fumbled not getting a patron initially.

Let's start with what I like about Infinex.

Some of these may seem simple, but they bring big improvements to the user experience. As a seasoned crypto user, I'm trying to review from the standpoint of a newer user coming onchain. They've had a heavy focus on the UI/UX on the platform and it shows. Making complicated functions looks clean and smooth isn't easy.

• Managing multiple wallets across chains in one, non custodial place onchain feels nice and a welcomed change to the current cex landscape. Self custody is and should always be a driving force in crypto and a persistent "why".

• Account creation with email and passkeys is much easier than a traditional hot wallet and wallet recovery can be easily set up, with Recovery Wallets (EVM/0x and Solana) if you need to initiate a recovery process.

• No gas. No bridging and no seedphases. Those can all be pain points for people starting in crypto. Swidging has fees, but it's shown clearly in the quotes and varies depending on what chains you are going between and liquidity available. Slippage will always be higher on lower cap tokens.

• Campaigns for airdrops are clear and easily claimable. Although DeFi hasn't been integrated yet, if they can pull off the ease of claiming in the same way they currently operate, it'll be a huge win. The risk level involved when trying to connect and claim an airdrop is high. It's a magnet for scam links and this is a huge unlock for safety that shouldn't be understated.

• The Activity tab is clearly broken out into Swidge, Send and Airdrops.

• Multi-chain support with primarily ethereum based L2's + Solana and BNB. The vast majority of TVL is on Ethereum currently.

• The home page has a clear breakdown to easily see the funds in your wallet, vault, any tokens earning yield and any points you may have from campaigns

• Swidging is easy and hides the bridges in the background so you don't need to think about it. With so many EVM chains, a newer user may still be confused when swapping to ETH and having to pick between Mainnet, Arbitrum Base, Optimism, Blast, Unichain + all of the bridged versions and LSTs.

• You can quickly pull up charts by hitting "/" while on Infinex to see New, Trending, Popular and My Tokens.

• Bullrun and Badges help add a gaming element and fun to the platform, although I really stink at picking good hands.

• If you've earned some points, it shows clearly on the home screen.

What's in motion and will level up Infinex?

• There is currently no BTC. They announced early access for patrons for Near Intents, BTC, XRP & DOGE on April 10th, so hopefully it opens up to all users soon.

• We need the browser extension to replace current hot wallets (Infinex Connect is on its way in May - https://x.com/infinex/status/1917532851433791694)

• No mobile app available yet (teaser previewed on May 10th). Not sure when this will come out, but it's clearly in the works. You can currently access and use it on mobile through your mobile browser, but there is no dedicated app.

What can improve Infinex and would help completely replace a cex for users

• Currently, there is no price history on your position/token's performance over time. Being able to see your PNL on a token would be a welcomed feature. Even pulling a chart of your tokens you have should be much easier to see vs having to hit "/" to pull it up (no links in the menu to see the charts currently)

• No direct on ramp from a tradfi bank in the USA, but if regulations pass, I imagine this will get attention quickly. You still need a CEX as a source to send funds into Infinex.

• Swidge is a slightly confusing name for swapping for someone new to crypto who doesn't understand anything about bridging and is used to using a CEX. It's a very crypto native term name to call it which could cause confusion if they onboard a lot of new non crypto native users.

• The vault + wallet split could be confusing for people new to crypto. What I'd like to see is more security options for assets in the vault, like a timed whitelist, or delays on sending out.

• There's currently no swidge and move function, so if you have tokens you'd want to swap and put into your vault, you need to swidge, then move after. It would be nice to see a swidge + move (please don't calling it swove, smidge or swive). If you have assets in a vault you want to swap, you need to move to the wallet, swidge, then move back to the vault after, which is 3 steps.

• Limited options for yield and no current defi integrations, but they have mentioned DeFi integrations are in the works

• More chain support. They've hinted at additional chains coming. I'd like to see Sui (@SuiNetwork) added and imagine more eth based chains will continue to be added.

Check out Infinex for yourself!

Referral Codes + Bonuses for you + DTS

• Coinbase
• Perena - referral code - GPZQDB
• Ledger
• Defi Carrot
• SNS - .sol Domains
• Grass - Earn $GRASS while supplying used bandwidth
• HUMA finance - Earn feathers and swap USDC for their stable coin for 10% APY
• KAST card