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:<ul>
<li>How crypto market makers have at times veered into “all-out crime”</li>
<li>What market making looks like today</li>
<li>Playing chart games with token allocations</li>
<li>What Kain looks at when evaluating tokens</li>
<li>Why Binance kicked a MOVE market maker off its platform</li>
<li>The $JELLY attack on Hyperliquid and the problem of centralization in DeFi</li>
<li>What problems in crypto Kain is attempting to solve with Infinex</li>
</ul>Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com<h3>Thank you to our sponsors!</h3><ul><li><a href="https://bitwiseinvestments.com/">Bitwise</a></li></ul><h3>Guest:</h3><ul>
<li>
<a href="https://x.com/kaiynne">Kain Warwick</a>, founder of Infinex App and Synthetix</li>
<li class="ql-indent-1">Previous appearances on Unchained:</li>
<li class="ql-indent-2"><a href="https://unchainedcrypto.com/2025-will-be-a-year-of-crypto-competition-can-ethereum-make-a-comeback/">2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback?</a></li>
</ul><h3>Links:</h3>Crypto Market Making<ul>
<li>Kain Warwick: <a href="https://x.com/kaiynne/status/1904775834826912170">Discussion about market makers</a>
</li>
<li>Binance: <a href="https://www.binance.com/en/square/post/22016892988697">What happened with MOVE on Binance</a>
</li>
<li>Coindesk: <a href="https://www.coindesk.com/markets/2025/03/25/binance-offboards-market-maker-that-it-said-made-usd38m-profit-on-move-listing">Binance Offboards Market Maker That It Said Made $38M Profit on MOVE Listing</a>
</li>
<li>Bloomberg: <a href="https://www.bloomberg.com/news/articles/2025-02-24/crypto-citadel-securities-plans-to-trade-digital-coins-on-exchanges?sref=m9L277rN&embedded-checkout=true">Citadel Securities Plots Jump Into Crypto Trading After Trump’s Embrace</a>
</li>
</ul>Hyperliquid<ul><li>Unchained: <a href="https://unchainedcrypto.com/hyperliquid-saved-itself-a-15-million-loss-but-sparked-criticism/">Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism</a>
</li></ul>Infinex<ul>
<li>The Block: <a href="https://www.theblock.co/post/293990/synthetix-founder-kain-warwick-launches-infinex">Synthetix founder Kain Warwick launches Infinex</a>
</li>
<li>The Block: <a href="https://www.theblock.co/post/323250/peter-thiel-founders-fund-infinex-patrons-nft-sale-as-total-amount-raised-hits-68-million">Peter Thiel's Founders Fund invests in Infinex's Patron NFT sale as total amount raised hits $67.7 million</a>
</li>
</ul>Timestamps:👋 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 <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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