Wholesale, Synthetix Mobile DeFi Purposes to Open Business App
Cryptocurrency app developer Mass has launched a mobile decentralized finance (DeFi) trading app that integrates with Synthetix's leveraged perpetuals platform, Synthetix told Cointelegraph on Dec. 12.
The app aims to combine onchain trading and self-management with centralized exchange app design features, Synthetics said. The app allows users to trade sustainable futures with leverage of up to 25x.
Fixed futures or “perps” are a type of derivative that allows traders to buy or sell an asset in the future without an expiration date.
Source: Mass.money
Related: Synthetix, Kwenta launches v3 perpetuals on Arbitrum.
Fixed passenger
Synthetix “Mass's easy-to-navigate and intuitive mobile app will help Synthetix's products reach a wider range of mobile users beyond crypto-natives,” Synthetix Chief Contributor Benjamin Selermajer told Cointelegraph.
“DeFi exchanges do not hold users' funds, but they are also less user-friendly due to their decentralized architecture,” Synthetix said.
The Mass mobile app features features such as “Apple and Google logins, sponsored initial transactions, cross-chain gas tanking and on/off options via SEPA, ACH, [and] credit/debit cards,” Syntex said in a statement.
The app is available in the United States, Europe and Asia, Mass told Cointelegraph in a statement.
Source: Synthetix
Management reform
In October, Synthetix tokenholders voted overwhelmingly for a proposed governance shakeup, including the proposed v3 multi-stakeholder permutations on Arbitrum, after the protocol missed product submission deadlines.
In a Sept. 25 SR-2 proposal, SellerMajor, a longtime SNX investor, announced plans to “completely overhaul” and improve Syntex's management and day-to-day operations.
Since then, Synthetix has taken a number of steps to improve operational efficiency and access to product marketing, including the acquisition of Perps platform Kwenta and token trading platform TLX.
“These will play a central role in Centex's new focus on bringing high-quality products to market,” says Selermajer.
Synthetix is also organizing as a base to “enhance and improve our capacity for business activities that require signing contracts with partners,” among other potential benefits, Synthex said in an October blog post.
In September, Synthetix launched a new application chain – SNAXchain – that aims to bring cross-chain liquidity and trading fee revenues to native-token stakeholders and onchain trading products.
Magazine: BTC hits $100k, Trump taps Paul Atkins for SEC chair, and more: Hodler's Digest
