Infinex Attracts $60 Million of Deposits in Two Days

Users can deposit USDC on multiple chains to earn Governance Points.

By: yyctrader Loading...

dollar bills stacking up, glowing in neon green

Infinex, a non-custodial platform that aims to simplify access to cross-chain DeFi, has crossed $60 million in total value locked (TVL) less than two days after it started accepting deposits.

Infinex TVL screenshot
Infinex TVL

Launched on May 12, the Infinex Account is a cross-chain wallet that will enable users to access multiple apps across the Ethereum and Solana ecosystems. While the DeFi integrations are yet to go live, users can currently deposit USDC stablecoins to earn their share of 377 million Governance Points (GP) that will be distributed over the next 30 days.

According to the website, top GP holders will get priority access to in-app integrations as they are rolled out.

Speedrun Campaign
Speedrun Campaign

The project took aim at the ongoing ‘points meta’ in a blog post, emphasizing that the GP supply is capped at 600 million,“preventing any chance of yet another points meta rug.”

Infinex is helmed by Synthetix founder Kain Warwick, who previously told The Defiant that his goal is to compete with centralized exchanges like Binance and Coinbase by improving the user experience of non-custodial crypto.

“If you make it possible for those people to move to a decentralized exchange that feels like a centralized exchange, there's a decent chance of capturing some of that market share,” he said.