Synthetix Founder Starts New Venture, Non-Custodial Multichain Wallet Infinex Secures $60 Million Investment

Synthetix is a derivatives protocol deployed on multiple chains such as Ethereum, Optimistic Polygon (OP), Arbitrum (ARB), and BASE. Established in 2018, it is one of the earliest DeFi projects, with a TVL that once reached $6 billion. Recently, a new wallet project initiated by the founder of Synthetix has attracted attention in the industry.

The product named Infinex is a non-custodial multichain wallet without private keys. Users can register and recover their wallets through email, and they can also use Google Authenticator for two-factor authentication. This design significantly lowers the usage threshold while ensuring decentralization, achieving the founder's goal of creating a "user-friendly wallet."

The reason for launching this user-friendly Wallet is likely that the founders discovered the high barrier to entry for ordinary users participating in DeFi while operating Synthetix. Traditional users often encounter difficulties at the step of registering a cryptocurrency Wallet, with the concepts of Private Key and mnemonic phrases being confusing, and once lost, funds cannot be recovered. Therefore, this new Wallet aims to attract more non-cryptocurrency users into the world of DeFi.

As the second startup project of the founder, Infinex has received support from many well-known institutions and individuals in the industry. Investors include several leading venture capital firms, public chains, and DeFi protocols, as well as the founders of projects such as Solana, BeraChain, and Frax.

Infinex adopts a unique financing method by raising funds through NFTs. All investors, whether institutional or individual, use the same pricing and circulation methods, reflecting fairness.

Currently, Infinex offers several interesting features:

1. Vault: A vault function that allows users to retrieve funds through a backup address when they are unable to use their Infinex account.

2. Swidge: Supports asset exchange and trading across multiple chains.

3. Earn: Simplifies the process for users to participate in on-chain earnings, supporting one-click participation in multiple yields.

4. Bullrun: A points game where users can open cards daily to gain or lose points based on the price fluctuations of the corresponding cryptocurrency.

5. Airdrop: Provide various airdrop rewards for early users.

In terms of financing, Infinex conducted four rounds of community financing in September 2024 by selling "Patron NFT". The NFT has three price and unlocking methods: $5000 (no lock-up), $3000 (12-month linear release), and $1250 (12-month lock-up followed by 24-month linear release). Ultimately, the project sold a total of 43,244 NFTs, raising approximately $67.69 million.

The total number of Patron NFTs is 100,000, of which 43.24% is used for NFT sales, 10% for event incentives, 20% allocated to the core working group, and 26.75% is assigned to the treasury for ecological construction.

Ordinary users can participate in Infinex in the following ways:

1. Experience Infinex features and participate in the points game for a chance to receive an airdrop.

2. Purchase sold-out Patron NFTs on the secondary market.

3. Content creators can follow Infinex's activities on relevant platforms.