At What Price Freedom? Stopping ‘All-Out Crime’ in Crypto Market Making - Ep. 809
The DeFi industry faces a growing dilemma between shutting down criminal behavior and fostering freedom and genuine utility. What’s the solution?
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Show Notes
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
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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
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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