Mass, Synthetix to launch mobile DeFi perps trading app
2024-12-12
Category: None

Cryptocurrency application developer Mass has launched a mobile decentralized finance (DeFi) trading app integrating Synthetix’s leveraged perpetuals platform, Synthetix told Cointelegraph on Dec. 12. 
The app aims to combine onchain trading and self-custody with the design features of a centralized exchange app, Synthetix said. The app will let users trade perpetual futures with up to 25x leverage. 
Perpetual futures, or “perps,” are a type of derivative that allows traders to buy or sell an asset at a future date with no expiration.
Streamlined onboarding
Synthetix hopes that “Mass’s simple onboarding and intuitive mobile app will help Synthetix products reach a broader audience of mobile users, beyond crypto natives,” Benjamin Celermajer, a Synthetix core contributor, told Cointelegraph. 
“DeFi exchanges do not take custody of user funds, but are not nearly as user-friendly due to their decentralized architecture,” Synthetix said.
Mass’s mobile app includes features such as “Apple and Google logins, sponsored first transactions, a crosschain gas tank, and on/off-ramp options via SEPA, ACH, [and] credit/debit cards,” Synthetix said in a statement. 
The app will be available in the United States, Europe and Asia, Mass told Cointelegraph in a statement.
Governance overhaul
In October, Synthetix tokenholders voted overwhelmingly in favor of a proposed governance shakeup after the protocol fell short of product delivery deadlines, including its planned v3 multi-collateral perpetuals launch on Arbitrum.
In a Sept. 25 SR-2 proposal, Celermajer, a longtime SNX investor, outlined a plan to “completely overhaul” and improve the governance and day-to-day operations of Synthetix. 
Since then, Synthetix has taken numerous steps to improve operational efficiency and product marketing reach, including acquiring perps platform Kwenta and leveraged token trading platform TLX.
“These will play a core role in Synthetix’s new focus of bringing high-quality products to market,” Celermajer said.
Synthetix is also reorganizing as a foundation to “streamline and improve our capabilities regarding business activities that require signing contracts with partners,” among other potential benefits, Synthetix said in an October blog post. 
In September, Synthetix launched a new app chain — SNAXchain — aimed at bringing crosschain liquidity and trading-fee revenues to native-token stakers and onchain trading products. 