Unchained
Unchained
Laura Shin
Ethereum's Layer 1 Lacks a Perp DEX. Synthetix Intends to Change That - Ep. 926
55 minutes Posted Oct 17, 2025 at 10:30 pm.
Introduction and ads: Binance
Why Synthetix is launching a perps DEX directly on Ethereum mainnet
How a perpetuals exchange can even work on slow Ethereum block times
How transparency will differ from other onchain trading venues
Why Kain believes being on Ethereum mainnet still matters
The challenges of operating on L1—margin posting, gas costs, and more
How Synthetix plans to compete in an overcrowded perps DEX landscape
How liquidations on an Ethereum perp DEX would play out during a Black Friday-like crash
How traders could maintain privacy while staying fully decentralized
Why a perps DEX on mainnet could reshape Ethereum DeFi
Why Synthetix is using USDT—despite its centralization risks
Which premium assets will serve as collateral
Inside Kain’s “super app” vision for DeFi’s next evolution
Why Kain is fired up about Synthetix’s upcoming trading competition
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Show notes
Kain Warwick, founder of Synthetix and Infinex, is returning to Ethereum Layer 1 with a bold new experiment: a perpetuals DEX built directly on mainnet. In this episode, he joins Laura to explain why Synthetix is taking this contrarian step, how its hybrid “optimistic order book” can run efficiently on Ethereum’s slower block times, and why he believes the future of trading will move fully on-chain.
Warwick also discusses the tradeoffs behind using USDT, what it will take to match centralized exchange performance, and his “super app” vision for how DeFi platforms could finally outcompete CEXs.
Thank you to our sponsor, ⁠Binance⁠!
Guest:
Kain Warwick, Founder of Infinex and Synthetix
Links:
The Superapp Thesis by Kain Warwick
Blockwork’s Dan Smith on Spreads for ETH-USD
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