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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