Infinex Front End For Synthetix Perps

Quick Take

• Synthetix introduces a new front end for Perps.
• Arbitrum proposes a Security Council Elections implementation.
• Flashbots introduces MEVM.
• Core developers seek to reduce Ethereum’s validator set.

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Infinex Front End For Synthetix Perps
Synthetix founder Kain Warwick introduced Infinex, a new front end for Synthteix perps aiming to compete directly with CEXs. The exchange will prioritize UX and aims to address friction with onboarding to Optimism, acquiring sUSD, and wallet signatures. Once live, users will be able to sign up with an email, username, and password. Infinex will generate a fresh key pair for each user, which will then be securely stored in the user's browser, and used on the backend to sign transactions automatically. The key won’t be able to withdraw funds. Infinex will also support USDC and USDT deposits, which will be used as a margin to lend users sUSD for trading. Users can still deposit sUSD. The exchange will also feature a referral program, which will pay users a portion of the fees generated by their referrals. Infinex will be governed by SNX token holders. Users can currently sign up for a beta waitlist on infinex.io. The exchange is expected to go live alongside the release of Perps V3.

Arbitrum Security Council Elections

Arbitrum released a Security Council Elections Implementation Spec for replacing six council members as part of semi-annual elections. Elections for the first rotation of members are set to take place on September 15th. The implementation outlines the election process, which involves nominee selection, compliance checks, member elections, and updates to multi-sig wallets. The Security Council is a set of 12 independent entities that are tasked with making expedited protocol upgrades during emergency situations. Upgrades executed by the security council do not need approval from the Arbitrum DAO but are subject to a short delay period. The council can also make non-emergency upgrades. The proposal is currently under discussion before a vote goes live on Tally.

Flashbots Introduces MEVM

Flashbots introduced the MEVM, a modification of the EVM with new precompiles designed for MEV applications. Developers can use the MEVM to build MEV applications as smart contracts within a familiar programming language. The MEVM aims to provide precompiles for each component of the MEV supply chain. The MEVM also offers privacy by shifting the computation of sensitive data to off-chain execution nodes. Privacy is essential for safeguarding sensitive data from frontrunning and MEV stealing. Flashbots also provided an update for SUAVE Centauri, which is an upcoming release of SUAVE that introduces a privacy-aware orderflow auction (OFA) and a SUAVE Devnet, to be launched in Q4 of this year.

Developers Seek To Reduce Validator Set

Core developers are exploring ways to reduce the size of Ethereum’s validator set as a high validator index will lead to an increased load on validator attestations. Ethereum developer Dapplion said Ethereum roadmap items, such as single-slot finality, are harder to deliver if there is a big network state with a large count of indexes. Dapplion proposed to limit the rate of incoming validators as an interim measure before implementing a long-term solution like Max Effective Balance (MEB). Developers estimate that Ethereum’s validator count could grow to 2 million in the next 10 months, leading to increased computational load. Developers also considered implementing the changes in a future soft fork. In an effort to not risk a delay in the Dencun schedule, developers agreed not to implement the proposed change at this time. Developers agreed to monitor the validator set and will continue discussions on the proposal’s forum.