Show notes
As DeFi continues to evolve, the challenge of finding a balance between decentralization and protection from all manner of exploits persists.The founder of Infinex, Kain Warwick, joined the show to talk about:How crypto market makers have at times veered into “all-out crime”What market making looks like todayPlaying chart games with token allocationsWhat Kain looks at when evaluating tokensWhy Binance kicked a MOVE market maker off its platformThe $JELLY attack on Hyperliquid and the problem of centralization in DeFiWhat problems in crypto Kain is attempting to solve with InfinexVisit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.comThank you to our sponsors!BitwiseGuest:Kain Warwick, founder of Infinex App and SynthetixPrevious appearances on Unchained:2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback?Links:Crypto Market MakingKain Warwick: Discussion about market makersBinance: What happened with MOVE on BinanceCoindesk: Binance Offboards Market Maker That It Said Made $38M Profit on MOVE ListingBloomberg: Citadel Securities Plots Jump Into Crypto Trading After Trump’s EmbraceHyperliquidUnchained: Hyperliquid Saved Itself a $15 Million Loss, but Sparked CriticismInfinexThe Block: Synthetix founder Kain Warwick launches InfinexThe Block: Peter Thiel's Founders Fund invests in Infinex's Patron NFT sale as total amount raised hits $67.7 millionTimestamps:👋 0:00 Intro 💭 03:30 Thoughts on crypto market makers🙊 05:54 ICO-era market makers engaging in ‘all-out crime’🦹 09:33 Extracting value in an inefficient market💸 11:28 How crypto market making has evolved in recent years😨 16:53 The low float meta problem📊 19:49 Why Kain evaluates tokens on FDV rather than market cap⁉️ 25:06 What happened with MOVE on Binance😱 31:14 Citadel as a market maker?🥷 35:48 The $JELLY attack on Hyperliquid and the problem of centralization🔧 44:59 The problems Kain is trying to solve with Infinex🌎 54:13 Building a web vs. mobile app👂 56:17 Echo group integration with Infinex Learn more about your ad choices. Visit megaphone.fm/adchoices
