As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I can confidently say that the recent integration of Synthetix’s leveraged perpetuals platform into Mass’s mobile DeFi trading app is an exciting development.
According to information from Synthetix, mobile app developer Mass has recently introduced a decentralized finance (DeFi) trading application that includes the leveraged perpetuals platform from Synthetix. This announcement was made to CryptoMoon on December 12th.
This application aspires to merge the security of on-chain trading with the user-friendly interface of a conventional exchange app, as stated by Synthetix. Essentially, it allows users to engage in trades for perpetual futures contracts, offering a maximum leverage of up to 25 times.
As an analyst, I’d describe perpetual futures, often referred to as “perps,” as financial instruments that enable traders like me to either acquire or dispose of an asset at a specified future time without the concern of an expiration date.
Streamlined onboarding
Synthetix anticipates that Mass’s streamlined onboarding process and user-friendly mobile application will enable Synthetix products to be accessible to a wider range of mobile users, extending beyond the crypto community, as mentioned by Benjamin Celermajer, one of Synthetix’s key contributors.
According to Synthetix, DeFi exchanges don’t hold users’ funds because they operate in a decentralized manner. However, this lack of central control can make these platforms less intuitive for new users.
The Mass mobile application offers various functionalities, including login capabilities through Apple and Google, initial transactions funded by sponsors, a multi-chain gas reserve, and exchange options via SEPA, ACH, credit cards, and debit cards, according to Synthetix’s announcement.
The app is set to launch in the U.S., Europe, and Asia, as Mass shared with CryptoMoon.
Governance overhaul
In October, the holders of Synthetix tokens strongly endorsed a proposed restructuring of the governance following missed delivery dates for the protocol’s products, such as the anticipated launch of v3 multi-collateral perpetuals on Arbitrum.
On September 25th, in an SR-2 proposal, a seasoned investor named Celermajer presented a strategy for substantial restructuring and enhancement of Synthetix’s governance and daily functioning.
After that, Synthetix has implemented several strategies to boost operational effectiveness and expand product market penetration. For instance, they acquired the Perpetual Protocol platform known as Kwenta and integrated the Leveraged Token Trading Platform called TLX into their operations.
According to Celermajer, these elements are crucial for Synthetix’s shift towards delivering top-tier goods to the marketplace.
Synthetix has decided to transform into a foundation, aiming to streamline and enhance its abilities for partner-related business activities that involve contract signing, as stated in a blog post published in October. This change may bring additional advantages as well.
In September, Synthetix introduced the SNAXchain, a novel blockchain designed to provide cross-chain liquidity and earnings from trading fees to token holders and trading tools built directly onto the chain.
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2024-12-12 18:47