dYdX releases an app: Why haven't more DeFi protocols followed suit?
Crypto derivatives trading platform dYdX has officially launched an app via Apple’s iOS store, joining just a select number of fellow decentralized finance (DeFi) protocols that have built apps for smartphone adoption.
According to a May 10 announcement, dYdX’s app is now ready for use, with the project noting that more than 200,000 people had already signed up for the beta before the full launch.
The app offers gas-free deposits and trading, and will provide the same functionality as the web version.
“The app offers the same functionality and unparalleled product experience that are available on our main exchange website with the added convenience of being able to trade on your iPhone,” dYdX said.
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
The Ethereum Layer 2-based platform primarily offers derivatives products such as perpetual contracts, but also has plans to roll out synthetics, spot and margin trading as part of its pledge in late April to become “100% decentralized” by the end of 2022.
The app also supports a long list of well-known crypto wallets such as MetaMask, Coinbase Wallet, Trust Wallet App and Huobi Wallet to name a few.
There are numerous crypto, digital wallet and NFT firms that have rolled out mobile apps, but it appears that the DeFi sector is yet to fully capitalize on this area.
Looking at the Australian IOS store for example [where the author of this piece is based], it lists a small sample of DeFi projects such as Snowball, Argent, and Cake
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