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Feb 04
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AVOID
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Kain Warwick
Founder of Infinex / Founder of Synthetix
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Warwick argues that if the industry cannot get people trading directly on-chain, "the experiment has been a failure." He predicts that in 5-10 years, pure-play on-chain apps will be the dominant form factor, replacing the current dominance of CEXs. This is a disruption thesis. Currently, CEXs win on UX. If Infinex (or similar apps) achieve UX parity (Passkeys, no seed phrases, instant deposit), the competitive moat of CEXs evaporates, forcing them to either hybridize or lose market share to non-custodial interfaces. Avoid CEX tokens as a long-term hold if you subscribe to the UX abstraction thesis. CEXs successfully pivot to become "Super Apps" themselves (Warwick admits they are trying to hybridize). |
The Block
The case for a crypto super app in a multi-ch...
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