Unchained

At What Price Freedom? Stopping ‘All-Out Crime’ in Crypto Market Making - Ep. 809


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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 today
  • Playing chart games with token allocations
  • What Kain looks at when evaluating tokens
  • Why Binance kicked a MOVE market maker off its platform
  • The $JELLY attack on Hyperliquid and the problem of centralization in DeFi
  • What problems in crypto Kain is attempting to solve with Infinex

  • Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com


    Thank you to our sponsors!
    • Bitwise
    Guest:
    • Kain Warwick, founder of Infinex App and Synthetix
    • Previous appearances on Unchained:
    • 2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback?
    • Links:

      Crypto Market Making

      • Kain Warwick: Discussion about market makers
      • Binance: What happened with MOVE on Binance
      • Coindesk: Binance Offboards Market Maker That It Said Made $38M Profit on MOVE Listing
      • Bloomberg: Citadel Securities Plots Jump Into Crypto Trading After Trump’s Embrace

      • Hyperliquid

        • Unchained: Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism


        Infinex

        • The Block: Synthetix founder Kain Warwick launches Infinex
        • The Block: Peter Thiel's Founders Fund invests in Infinex's Patron NFT sale as total amount raised hits $67.7 million

        • 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

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          UnchainedBy Laura Shin

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