The privacy-focused encrypted wallet Mixin today announced the launch of its U-based perpetual contract (derivatives priced in USDT). Unlike traditional exchanges, Mixin has taken a new path: "liberating" derivatives trading from isolated matching engines and embedding it into instant messaging environments.

Users can directly open positions with up to 200 times leverage within the app, while sharing holdings, discussing strategies, and following others in private communities. Trading, social interactions, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC, Open Positions in Five Steps

Based on its non-custodial architecture, Mixin has removed the friction of traditional onboarding processes, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been compressed into five steps:

· Select trading assets

· Choose to go long or short

· Enter position size and leverage

· Confirm order details

· Confirm and open position

The interface provides real-time visualization of prices, positions, and profit-and-loss (PnL), allowing users to complete transactions without switching between multiple modules.

Social-Native Trading: Strategy and Execution in the Same Scene

Mixin has directly embedded social features into the derivatives trading environment. Users can create private trading communities and interact around real-time holdings:

· End-to-end encrypted private groups supporting up to 1024 people

· End-to-end encrypted voice communication

· One-click sharing of holdings

· One-click copying of trades

On the execution level, Mixin aggregates multiple liquidity sources, accessing liquidity from decentralized protocols and external markets through a unified trading interface.

By combining social interactions with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly in the same environment.

Referral Mechanism: Non-Institutional Users Can Enjoy Up to 60% in Transaction Fee Shares

Mixin also launched a referral incentive system based on trading behavior:

· Users can bind invitation codes to participate

· Can earn up to 60% transaction fee shares

· The incentive mechanism is designed for long-term, sustainable income

This model aims to drive user-driven network expansion and natural growth.

Self-Custody Architecture and Built-in Privacy Mechanisms

Mixin's derivatives trading is built on its existing self-custody wallet infrastructure, with core features including:

· Separation of trading accounts and asset storage

· Users have complete control over their assets

· The platform does not custodian user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to achieve a balance between trading efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

In the context of perpetual contracts becoming mainstream trading tools, Mixin is exploring different development directions by lowering barriers and strengthening social and privacy attributes.

The platform does not view trading merely as an execution act but positions it as a networked activity: trading has social attributes, strategies can be shared, and relationships between people become part of the financial system.

Regulatory Background

Mixin's design is based on a model initiated by users and controlled by users. The platform neither custodian assets nor executes trades on behalf of users.

This model resonates with the statement released by the U.S. Securities and Exchange Commission (SEC) Trading and Markets Division on April 13, 2026, titled "Staff Guidance on Whether Certain User Interfaces for Preparing Transactions in Cryptocurrency-Related Securities Require Broker-Dealer Registration."

The statement notes that providing a neutral interface as a non-custodial service provider, where transactions are initiated and controlled entirely by users, may not require registration as a broker-dealer or exchange.

About Mixin

Mixin is a decentralized, self-custody privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation capability: Integrating multi-chain assets and routing among different trading paths to simplify user operations

· High liquidity access: Connecting multiple liquidity sources, including decentralized protocols and external markets

· Decentralization: Complete control over assets without relying on custodial intermediaries

· Privacy protection: Protecting assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been operating for over 8 years, supporting more than 40 blockchains and over 10,000 assets, with over 10 million global users and an on-chain self-custody asset scale exceeding 1 billion dollars.

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