Kain Warwick is an Australian entrepreneur and blockchain developer famous for creating Synthetix - an Ethereum-based project that offers derivatives by issuing synthetic assets. Also known as synths, this asset class took the crypto market by storm due to its revolutionary way of introducing non-blockchain assets to blockchain networks.
Before crypto, Warwick has spent most of his life in the IT field. While Warwick graduated from the University of New South Wales, where he earned a bachelor’s in Genetics, his early career involved bouncing between different IT positions.
Starting from 2005, Kain Warwick spent the next four years of his life playing in a band. But in 2009, he has returned back to the digital world by founding an online live auction platform for the Australian market.
According to his LinkedIn profile, Warwick has returned back to the music business after founding an online specialty music retailer named Ai in 2013. Next year he also became a project manager at one of Australia’s largest digital media firms.
Warwick joined the cryptocurrency world in 2014 after becoming the CEO and co-founder of a platform that provides numerous services, one of which includes OTC Bitcoin markets and digital asset custodianship.
Two years later, Warwick started a new venture by creating a stablecoin project for a trustless and decentralized payment network named Havven. Havven launched together with an ICO that raised $30 million in funds. Later on, the project was rebranded into a project that we today know as Synthetix.
Synthetix is a decentralized market for synthetic assets (synths) which provide on-chain exposure to real-world currencies, indices, stocks, and commodities. Synths are issued and created with the help of Synthetix Network Tokens (SNX), the project’s utility and governance token. To issue a synth, a user must lock SNX into a smart contract in the form of collateral.
Crypto investors consider Synthetix to one of the leading factors that led up to the DeFi boom. After Kain Warwick stepped down as Synthetix’s main decision-maker, Synthetix has transitioned to a decentralized autonomous organization (DAO) governance model. The model allows users to use SNX for creating and voting on governance proposals.
Likewise, the project’s interest in integrating decentralized oracles for providing accurate data to decentralized markets is what helped it make the final push to a DeFi-oriented crypto market. Due to its success, SNX was hailed as a ‘blue chip’ cryptocurrency.