The dYdX App arrives on iOS
The dYdX platformwhich provides decentralized tools for trading, this week unveiled its new mobile app available on iOS :
We are excited to announce that our iOS app is now available to the public! This makes dYdX one of the first DeFi protocols to launch a dedicated mobile app and puts our user experience even more on par with centralized exchanges. Visit https://t.co/YMo3oz5Wz5 to download it! pic.twitter.com/4PE41avSvd
— dYdX (@dYdX) May 10, 2022
So far, only 200,000 people have signed up for the beta, but since May 10, all iPhone owners can now take advantage of these new features. There is no release date yet for Android users.
Thanks to this, dYdX becomes one of the first decentralized finance (DeFi) applications to be reach on mobile. Indeed, this is currently relatively limited. Apart from wallets, we can still cite, among others, OpenSea and 1inch, which have already taken the plunge.
To connect your address to the services of dYdX, the main mobile wallets such as MetaMask, Trust Wallet or Coinbase wallet, for example, are supported.
👉 To go further – Find all of our guides on trading
A layer 2 dedicated to trading
The strength of dYdX, is that apart from the costs of the protocol itself, there is no other transaction fees despite using the Ethereum (ETH) blockchain. This is possible thanks to the use of a Starkware layer 2 solutionusing zero-knowledge proof (ZKP) technology.
Thus, dYdX makes it possible to propose directly, on the blockchain, features similar to those offered by the largest trading platforms. This includes margin trading, leverage up to 20%, weekly rewards for top users and cryptocurrencies, 24-hour market accessibility.
“Long” and “short” positions are also supported, all on 35 different pairs.
However, the manipulation of cryptocurrencies on the phone not ideal in terms of security, due to the difficulty of supporting hardware wallets such as Ledger. However, this remains an interesting strategy from a democratization point of view, in the sense that it is easier to reach new potential users on mobile than on computer.
👉 Also in the news – Why did the UST stablecoin collapse and what is the future of the Terra ecosystem?
Get a crypto news recap every Sunday 👌 And that’s it.