In a groundbreaking move for the decentralized finance (DeFi) ecosystem, Infinex, a decentralized exchange (DEX) platform, has announced a strategic partnership with the Near Foundation to integrate Chain Signatures into its platform. This integration will allow Infinex users to seamlessly sign transactions on third-party blockchains, such as Bitcoin, Litecoin, Dogecoin, and XRP Ledger, all from a single Near account. This step marks a major leap in bridging the gap between traditional and decentralized finance systems.
At the core of this partnership is Chain Signatures, a protocol developed by Near that enables users to interact with non-smart contract chains using a unified account system. With Chain Signatures, users no longer need separate accounts or wallets to interact with Bitcoin, Litecoin, Cosmos, XRP Ledger, or Dogecoin. Instead, they can now perform transactions on these legacy blockchains through their Near accounts, streamlining the user experience across multiple blockchain ecosystems.
This integration positions Infinex as a key player in the growing trend of cross-chain interoperability within the DeFi space. By enabling users to access native assets on these non-smart contract chains without leaving the Near ecosystem, the partnership promises to enhance the usability and appeal of decentralized exchanges, providing a seamless user experience and reducing friction for crypto traders.
Infinex was founded by Kain Warwick, also known for founding Synthetix, a decentralized synthetic asset platform. Infinex aims to combine the best aspects of centralized exchanges (CEXs) with the transparency, security, and self-custody benefits of decentralized finance. With the integration of Near's Chain Signatures, Infinex seeks to provide users with greater control over their assets, enabling them to interact with a broader range of blockchain networks while maintaining true self-custody of their native assets.
“We can bring the same functionality to chains like Bitcoin, offering users genuine self-custody of native assets without compromise,” said Jed Watson, CTO of Infinex. The integration of Chain Signatures not only strengthens the platform's interoperability but also enhances its security features, as users can sign transactions directly from their Near accounts, eliminating the need to trust third parties.
Infinex is positioning itself to compete directly with traditional centralized exchanges, which have historically dominated the crypto trading space. By leveraging Near’s blockchain infrastructure, the platform aims to achieve “parity” with centralized exchanges (CEXs) while maintaining the advantages of decentralized finance, such as greater transparency, reduced counterparty risk, and improved asset security.
“We’re thrilled to partner with NEAR to connect legacy chains like Litecoin and XRP to DeFi,” said Kain Warwick, emphasizing the goal of creating a platform that can offer a CEX-like experience without the inherent risks of centralization. Infinex’s focus on combining the user-friendliness of centralized exchanges with the transparency and self-custody of decentralized platforms is a key differentiator in its mission to drive the adoption of DeFi.
Infinex’s ambition to disrupt the centralized exchange model is backed by strong financial backing and substantial growth. The platform currently boasts over $125 million in Total Value Locked (TVL), indicating strong liquidity and adoption from traders and investors.
In addition to its impressive TVL, Infinex recently raised $67.7 million from the sale of Patron non-fungible tokens (NFTs). The sale of 43,284 Patron NFTs attracted high-profile investors, including Peter Thiel’s Founders Fund, Vitalik Buterin (Ethereum co-founder), Anatoly Yakovenko (Solana co-founder), and Stani Kulechov (Aave founder). This successful fundraising event underscores the growing interest and confidence in Infinex’s vision of reshaping the crypto exchange landscape.
The partnership between Infinex and the Near Foundation represents a major milestone in the evolution of decentralized exchanges. With the integration of Chain Signatures, Infinex is set to unlock new possibilities for DeFi users, allowing them to interact with legacy chains like Bitcoin and Litecoin directly from their Near accounts. This innovative development brings the crypto space one step closer to achieving true interoperability between decentralized finance and traditional blockchain networks.
As Infinex continues to expand its capabilities and attract high-profile investors, it is poised to play a leading role in the future of decentralized finance. The platform’s ambitious goal of accelerating the extinction of centralized exchanges and offering users a fully decentralized trading experience is now more within reach than ever before.
November 2024, Cryptoniteuae