Kain Warwick - Super App: The New Wallet - TOKEN2049 Singapore 2025

So yeah, I'm going to be talking about uh the super app um the new wallet and uh that panel before was actually quite uh quite a good intro um talking about Hyperlid. I'm going to have a Hyperlquid announcement later um in the talk. So let's get started. Um, centralized exchanges have been and were and still are the super app form factor that everyone is used to in crypto for the last 15 years. Basically, um, centralized exchanges have custody of your assets.

They've got spot, per staking, launchpads, a bunch of other products all in a single platform that everyone can access very easily. It's why they have dominated uh, crypto for the last decade. and a half. Um, but that's changing and the centralized exchanges know that it's changing and there's a bunch of other pure play uh new startups that are coming to to kind of take over this narrative. So, centralized exchanges already started this this started probably 5 years ago trying to figure out how do they move to whatever is coming next.

So the idea of having all of your assets in someone else's database is probably not going to last forever. And I think that the centralized exchanges know it. We all know it. We know that this is not a very satisfactory state of the world. Um and the world is going to change.

So um Binance bought Trust and Coinbase launched Coinbase wallet. Um they also have base the network. Binance has BSC, Kraken has Inc. almost every single centralized exchange that um you know has got some strategy for moving onchain and becoming something of a hybrid. Not just being a centralized platform but also being able to access open platforms as well.

So in order to build a a super app you need to be able to tap into what's on chain and this goes back to the point that that was made on the panel earlier. Um, Hyperlquid is one of the biggest uh platforms, one of the biggest tokens of this cycle. And yet, if you aren't on chain, it's actually hard to get access to it. It's hard to get access to the token itself and it's hard to get access to the platform. Um, you can't access Hype on centralized exchanges and you can't access it uh through centralized uh services.

You need to have your own wallet. You need self- custody. You need to be on chain. But and this is the problem. It's not that convenient.

Hence wrapping it up in Tradfi. But we have a different solution which is make onchain easier, make it more convenient. If you add those two things together, you get a super app. And this shift towards onchain platforms, onchain services, all of these new things that have been coming, whether it's onchain yield, per uh even, you know, going back to NFTTS, things like that. People are realizing how many opportunities exist on chain that they can't currently access if they only have access to crypto via a centralized exchange or now through Tradfi via a DAT or an ETF.

And everyone knows this. Everyone is building a super app. You know, whether it's a centralized exchange, Tradfi is even coming in and building super apps. They're acquiring wallets. They're acquiring different services to be able to build this out.

Um the wallets themselves are trying to become super apps. So uh Phantom has added pers, they've got uh in extension swaps um within the mobile app. They've got a bunch of new features that they've added. Um the world has realized this. Um and Dexes themselves, if you look at Hyperlid, Hyperlid is not just an exchange, they're also working on this horizontal and vertical integration to add more services to Hyper EVM.

They've got their own EVM platform. It's not just uh you know hyper core and the decks. Um there's a bunch of other things they're working on whether it's yield um options etc. So everyone knows that you cannot continue to operate in a world where you either have your own silo or a single vertical um a single feature. You need to expand and you need to make it easy which means you need to have a wallet.

People have tried to do super apps. There's a few different uh approaches over the last, you know, 3 to 5 years that haven't really worked because if you don't have your own wallet, you can't really control distribution and you can't really give people access to all the things that they want. Um so, Infinex spent a long time building out our wallet platform and infrastructure. Um it was uh you know a little bit of a a challenge at first to kind of figure out exactly how to dial this in. Um but once we did and we had built a really robust wallet um we then started looking around and saying okay what now if we just build a platform that has its own embedded wallet that it's its own silo um it's kind of uh isolated from everything else that's going to be a very challenging uh situation to get distribution and distribution is key as we saw in that previous slide you know MetaMask and and some of those platforms have hundreds of millions or or tens of millions of users um and without distribution ution.

It's very challenging to to get growth in crypto. But the wallet is just the core. You also need to add a bunch of services around it and you need to make it all accessible in a single platform. And that's what Infinex has done. Um then once you've done that, once you've built this wallet with all these different services around it, um you can start to generate revenue.

and revenue, the revenue meta. While it sounds a bit funny to say like revenue is a meta, um anywhere else other than crypto, this would have been kind of self-evident, but revenue for a long time was not the focus of most protocols. Most protocols were working on token distribution, exchange listings, being able to sell the token itself, not necessarily the protocol generating revenue. But revenue has become the thing that everyone is fixated on. And the reason for that is the success of Hyperlquid.

Um there's a very clear playbook now. Um but it's not just hyperlquid. We also see it with pump. We see it with ENA axiom. Um even unis swap a and openc last cycle um were able to generate significant revenue.

Um and this is the thing that has changed this cycle. Last cycle really the only revenue generating uh companies in crypto were centralized exchanges. And the top 20 or 30 centralized exchanges probably had more revenue than most of the protocols onchain combined. There wasn't really much onchain revenue being generated, but Salana changed that this cycle. But it's not just enough to have a single source of revenue.

Um because you know as we've seen in in previous cycles um as things change if you have a single source of revenue let's say you're openc and you're doing amazingly well and then one day NFTts are not a thing you're going to struggle for the next 2 or 3 years until either that meta comes back or you find some other revenue source. And so diversified revenue is the reason why centralized exchanges have been so dominant because they don't just have a single thing that is generating revenue for them. You look at Binance, there's a period of time where um you know their dominance in spot and per started to decline a little bit and they came up with Binance Launchpad which generated probably more revenue for them than their spot exchange uh you know ever generated. Um, so the key is to have all of the features that users want in a single platform so that you can keep adding new features and if you've got distribution that will work. So the playbook is simple.

Have revenue, easy. That's probably the hard part. Once you got revenue, then have a token. The third thing is buy back that token with the revenue. And then the fourth thing is make sure that the revenue is actually meaningful relative to your market cap.

And step five, always the last step, profit. So the key thing for all of these emerging super apps is to figure out how do they build diversified revenue? What are the features that users want and then how do they build distribution around that as well. So it's not just a super app, it's actually a super wallet. And this is the key insight.

If you have the wallet, then you can find ways to deliver features to users that they're going to love, that will be sticky, that will drive distribution, drive acquisition. And I've I've talked about this in previous uh um talks where there's this very clear trade-off space between more universal and more isolated wallets and then wallets that are hard to use or easy to use. And so we have this very interesting line that's kind of drawn through this uh through this matrix which basically starts with browser extensions that are harder to use. It requires self-custody. You got to store your seed phrase somewhere.

It's easy to get fished. There's a bunch of challenges that if you're a normie might be uh you know something that will stop you from using that form factor and then it goes all the way through down to centralized exchanges which are very easy but are very isolated. They don't have access to onchain uh platforms. This is the trade-off space that we're looking for. That top right that's where super apps are going to live and everyone is trying to find a way to get there.

Everyone is looking for the solution to become both universal and easy to use. So, Infidex, we think, has figured out how to get there. Um, and we've been working on this for the last couple of years. And here's what it looks like. It's an app that gives you spot per staking, yield opportunities.

Um, it's a wallet that uses pass keys, a modern security feature that is much better than passwords, much better than seed phrases. Um, so you don't require seed phrases. There's no pop-ups, you got gas abstraction. Um you can use it on any device across devices. You can go from your phone and then you can go to your desktop and sign in.

Um it becomes a portable wallet that's very very easy to access wherever you are. Um something that people are not really used to. You usually have a single browser extension in one device and then you go to your phone and you've got a different wallet, different gas, different chains, etc. Um and then we have an extension which is coming out this month. um that gives you the experience of being able to take your assets and use them anywhere, use them on any platform.

And then finally, the key thing, if you want to drive adoption in cryptos, you need incentives. So, this is what we've been building and this is what it looks like. It's a non-custodial multi-chain wallet. Uh we support almost 20 chains today and we're going to be rolling out more chains. Um there's also some chains that are rolling themselves out in the next few months that everyone is very excited about, Mega E, Fogo, Monad, um and a lot more.

um you can swap any token. So we have crosschain swapping um not just on a single chain or not just across EVM chains but from SVM or any SVM to EVM we've got SU um we make it as easy as possible if a new chain launches for you to access that chain on the day that it launches without having to set up a new wallet figure out gas figure out any steps. You literally just put the token in and you can buy it. You can trade per and this is the announcement today. We've opened up per trading via Hyperlquid um for everyone.

So, as of this morning, you can go to Infinex and you can trade Hyperlquid within the Infinex app and get access to all of these other features as well. And soon, we'll have Poly Market, NFTTS, the wallet extension is coming. And the final thing is we will have crates. Um so, we did a campaign last year um called Crate Run, which everyone loved. Um we're bringing crates back.

It's going to be our universal incentive mechanism that will uh allow us to build distribution by rewarding people for using not just the Infinex app, but all of the different features within the Impex app. And we'll be announcing a Cray campaign fairly soon. So, this is what it looks like. Welcome to the super app era. Um, we're very excited and go and use uh Harper Purps on Infidex today.