The decentralized trading platform dYdX launches its mobile application on iOS

The dYdX App arrives on iOS

The dYdX platformwhich provides decentralized tools for trading, this week unveiled its new mobile app available on iOS :

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.

πŸ‘‰ 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.

β€œLong” and β€œshort” 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.

πŸ‘‰ Also in the news – Why did the UST stablecoin collapse and what is the future of the Terra ecosystem?

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About the Author : Vincent Mayor

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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
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