Mass and Synthetix Unveil Mobile DeFi Trading App for Perpetual Futures

Cryptocurrency application developer Mass has launched a mobile decentralized finance (DeFi) trading app that integrates with Synthetix’s leveraged perpetual futures platform. This new app, unveiled on December 12, 2024, aims to combine the benefits of decentralized trading with the user-friendly features commonly found in centralized exchange applications.

The mobile app allows users to trade perpetual futures—known as "perps"—with up to 25x leverage. Perpetual futures are a type of derivative that enables traders to speculate on the price of an asset without a fixed expiration date. The app’s design is focused on providing a seamless experience, offering a blend of on-chain trading and self-custody for users while maintaining a centralized exchange-style interface.

Simplified Onboarding and Broad Accessibility

One of the key goals of the app is to attract a broader audience beyond just crypto natives. According to Benjamin Celermajer, a core contributor to Synthetix, Mass’s “simple onboarding and intuitive mobile app” will help introduce Synthetix’s products to a new user base, including those less familiar with the complexities of decentralized finance (DeFi).

"DeFi exchanges do not take custody of user funds, but their decentralized architecture often makes them less user-friendly," Synthetix explained. The Mass mobile app aims to bridge this gap by offering features such as Apple and Google logins, sponsored first transactions, and a cross-chain gas tank. Additionally, users will have the option to fund their accounts via traditional payment methods, including SEPA, ACH, and credit/debit cards, making it easier to access DeFi markets.

The app will initially be available in the United States, Europe, and Asia, according to Mass, significantly expanding Synthetix’s reach to mobile users across these regions.

Synthetix’s Governance Overhaul and Strategic Changes

This mobile app launch is part of a broader strategy by Synthetix to revamp its operations after a governance overhaul in October 2024. Synthetix’s token holders voted in favor of a comprehensive governance shakeup after the protocol failed to meet product delivery deadlines, including the long-awaited v3 multi-collateral perpetuals launch on the Arbitrum network.

In response, Synthetix initiated a series of reforms aimed at improving its operational efficiency and marketing outreach. A key part of this initiative involved acquiring the perps platform Kwenta and the leveraged token trading platform TLX. These acquisitions are expected to play a central role in Synthetix’s renewed focus on delivering high-quality products to the market, according to Celermajer.

The protocol also announced its reorganization into a foundation, which aims to streamline business operations and facilitate easier contract negotiations with partners. In addition, Synthetix launched SNAXchain in September, a new app chain designed to bring cross-chain liquidity and trading-fee revenues to native-token stakers and on-chain trading products.

Expanding DeFi’s Reach with Innovation

Synthetix’s collaboration with Mass and the launch of this mobile app is a significant step toward bridging the gap between decentralized finance and the broader financial ecosystem. By combining DeFi’s self-custody principles with a more intuitive user experience, Synthetix is looking to make advanced financial products like leveraged perpetuals accessible to a wider audience.

The move comes at a time when DeFi is continuing to evolve, and more users are seeking efficient, easy-to-use platforms to engage in complex trading strategies. As Synthetix continues to innovate and refine its operations, the mobile app is set to play a crucial role in expanding its user base and solidifying its position as a leading player in the DeFi space.