The creator of Synthetix (SNX), a decentralized finance (DeFi) protocol built on the Ethereum (ETH) blockchain, has announced a new project that seeks to rival centralized exchanges (CEXs).

SNX reveals new project

Kain Warwick, in a recent blog post, elaborated on his desire to launch an exchange despite already having Kwenta, a decentralized exchange (DEX) within Synthetix’s ecosystem that specializes in zero-slippage trading for synthetic perpetual futures of cryptocurrencies, forex, or commodities.

According to Warwick, Synthetix has been utilizing Ethereum’s layer-2 Optimism (OP). However, he suggests that creating an exchange that doesn’t require users to navigate through blockchain and DeFi could lead to more value capture.

“I’m sure you’re asking, ‘Why the f**k do we need another front end, we already have [Kwenta]?’ I believe it is time to compete directly with CEXs. But that means making some compromises. The infrastructure is ready. It is time to transition to user acquisition mode.”

The notes continued and said the following:

“Despite being dragged over broken glass for years while waiting for it, I still love Optimism. But Optimism is still an isolated island, far removed from the [Ethereum] mainland. Not everyone is ready to embark on a seven-day voyage to reach this island, no matter how stunning the beaches may be. Do we wait for these lazy people to come to their senses? I tried that. It didn’t work out as well as I’d hoped.”

The DeFi veteran proposed “Infinex”- this is the potential name for a Synthetix-powered centralized exchange. It is also important to note the fact that this is an exchange that users can access with simply a username, email, and password.

Massive cash withdrawal

In the past year, customers have withdrawn $200 billion in deposits from JPMorgan, a large American bank that has faced numerous fines, losses, and scandals.

The bank’s Q2 earnings presentation for this year indicates that deposits, excluding those from First Republic Bank (which JPMorgan acquired in the previous year), were reduced year-on-year to $2.3 trillion from $2.5 trillion.

Check out the latest reports about this in the original article. 

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