Decentralised trading protocol dYdX unveils its mobile app available on iOS. Its layer 2 solution allows trading on the Ethereum blockchain (ETH) without paying gas fees.
DYdX’s app comes to iOS
The dYdX platform, which provides decentralised 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
Only 200,000 people have signed up for the beta so far, but as of May 10, all iPhone owners can now take advantage of these new features. There is no release date for Android users yet.
With this, dYdX becomes one of the first decentralised finance (DeFi) applications to be brought to mobile. Indeed, this is relatively limited at the moment. In addition to wallets, OpenSea and 1inch, among others, have already taken the plunge.
To connect your address to dYdX services, the main mobile wallets such as MetaMask, Trust Wallet or Coinbase wallet, for example, are supported.
A layer 2 dedicated to trading
The strength of dYdX, is that apart from the protocol fee itself, there are no other transaction fees despite the use of the Ethereum blockchain (ETH). This is possible thanks to the use of a layer 2 solution from Starkware, using zero-knowledge proof (ZKP) technology.
As a result, dYdX is able to offer similar functionality directly on the blockchain to that offered by the major trading platforms. These include margin trading, leverage up to 20, weekly rewards for top users and, of course, 24-hour market access.
Long and short positions are also supported, all on 35 different pairs.
However, handling crypto-currencies on the phone is not ideal in terms of security, due to the difficulty of supporting hardwares wallet like Ledger. However, it remains an interesting strategy from a democratisation point of view, in the sense that it is easier to reach new potential users on mobile than on computer.
