Mass and Synthetix Launch Mobile-Optimized DeFi Perpetual Trading App
Mass Brings Synthetix’s Leveraged Perpetuals to Mobile Devices
Introducing a New Era in DeFi Trading
December 12, 2022 – In a significant move towards mainstream adoption, cryptocurrency application developer Mass has launched a mobile decentralized finance (DeFi) trading app that integrates Synthetix’s leveraged perpetuals platform. This innovative partnership marks a major breakthrough in the world of DeFi, as it aims to combine on-chain trading and self-custody with the design features of a centralized exchange app.
What are Perpetual Futures?
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. This innovative financial instrument has gained popularity in recent years due to its flexibility and potential for high returns. With the launch of Mass’s mobile app, users will now be able to trade perpetual futures with up to 25x leverage, making it easier than ever to participate in the world of DeFi.
Streamlined Onboarding
Synthetix hopes that Mass’s simple onboarding process and intuitive mobile app will help Synthetix products reach a broader audience of mobile users, beyond crypto natives. As Benjamin Celermajer, a Synthetix core contributor, noted:
"DeFi exchanges do not take custody of user funds, but are not nearly as user-friendly due to their decentralized architecture."
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. These innovative features aim to make DeFi trading more accessible and user-friendly for everyone.
Availability
The app will be available in the United States, Europe, and Asia, according to Mass’s statement to Cointelegraph. This global availability is a significant step towards mainstream adoption, as it allows users from around the world to participate in the world of DeFi.
Governance Overhaul at Synthetix
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. This vote marked a significant turning point for Synthetix, as it paved the way for a complete overhaul and improvement of the protocol’s governance and day-to-day operations.
The Plan to Improve Governance
In a September 25 SR-2 proposal, Celermajer outlined a plan to "completely overhaul" and improve the governance and day-to-day operations of Synthetix. This plan aimed to address several key issues, including:
- Improving operational efficiency
- Enhancing product marketing reach
- Strengthening community engagement
Since then, Synthetix has taken numerous steps to implement these changes, including acquiring perps platform Kwenta and leveraged token trading platform TLX.
Synthetix’s New Focus
As Celermajer noted:
"These will play a core role in Synthetix’s new focus of bringing high-quality products to market."
This shift in focus towards product development and community engagement marks a significant change for Synthetix, as it aims to bring more innovative financial products to the DeFi space.
Synthetix Reorganizes as a Foundation
In October, Synthetix announced that it would be reorganizing as a foundation. This move aimed to streamline and improve its capabilities regarding business activities that require signing contracts with partners. As Synthetix noted in an October blog post:
"This change will enable us to better serve our community and bring high-quality products to market."
New App Chain – SNAXchain
In September, Synthetix launched a new app chain—SNAXchain. This innovative platform aimed to bring crosschain liquidity and trading-fee revenues to native-token stakers and on-chain trading products.
Conclusion
The launch of Mass’s mobile DeFi trading app marks a significant milestone in the world of DeFi. With its intuitive design and innovative features, this app aims to make DeFi trading more accessible and user-friendly for everyone. As Synthetix continues to evolve and improve its governance and operations, it is clear that this protocol is committed to bringing high-quality financial products to the DeFi space.
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