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, <a href="https://binance.onelink.me/y874/Unchained">⁠Binance⁠</a>!
Guest:
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 <li>
<a href="https://x.com/kaiynne">Kain Warwick</a>, Founder of Infinex and Synthetix
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</ul>
Links:
<ul>
 <li>
<a href="https://paragraph.com/@kain/the-superapp-thesis">The Superapp Thesis</a>
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 <li>
<a href="https://x.com/smyyguy/status/1977431049090064601">Spreads for ETH-USD</a> 
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</ul>
Timestamps:
🔥 0:00 Introduction and ads: Binance
⚙️ 0:56 Why Synthetix is launching a perps DEX directly on Ethereum mainnet
⏳ 5:18 How a perpetuals exchange can even work on slow Ethereum block times
🔍 10:34 How transparency will differ from other onchain trading venues
🏗️ 13:53 Why Kain believes being on Ethereum mainnet still matters
🧱 17:00 The challenges of operating on L1—margin posting, gas costs, and more
⚔️ 21:43 How Synthetix plans to compete in an overcrowded perps DEX landscape
💣 24:33 How liquidations on an Ethereum perp DEX would play out during a Black Friday-like crash
🕵️‍♂️ 29:32 How traders could maintain privacy while staying fully decentralized
🌐 31:57 Why a perps DEX on mainnet could reshape Ethereum DeFi
💵 34:25 Why Synthetix is using USDT—despite its centralization risks
🏦 37:28 Which premium assets will serve as collateral
📱 39:36 Inside Kain’s “super app” vision for DeFi’s next evolution
🏁 50:31 Why Kain is fired up about Synthetix’s upcoming trading competition
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Ethereum's Layer 1 Lacks a Perp Dex. Synthetix Intends to Change That - Ep. 926

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