dYdX, a crypto derivatives trading platform, has published an iOS app that will provide smartphones with the same functions as on the website.
dYdX’s app is now available for use, according to a May 10 announcement, with the project adding that more than 200,000 people had already signed up for the beta before the public launch.
The app will provide the same capabilities as the web version, including gas-free deposits and trading.
“With the extra convenience of being able to trade on your iPhone, the app gives the same functionality and unrivaled product experience as are available on our main exchange website,” dYdX said.
The Ethereum Layer 2-based platform primarily offers derivatives such as perpetual contracts. Still, it also wants to include synthetics, spot, and margin trading as part of its commitment to become “100% decentralized” by the end of 2022, which is made in late April.
MetaMask, Coinbase Wallet, Trust Wallet Program, and Huobi Wallet are just a handful of the well-known crypto wallets supported by the app.
Issues restricting DeFi Apps
Although many cryptos, digital wallets, and NFT companies have launched mobile apps, it appears that the DeFi sector has yet to completely leverage this opportunity.
While regulatory compliance may be an issue for DeFi platforms, in this case, it’s also possible that Apple’s strict restrictions are preventing projects from being released in the store.
Apple, for example, restricts the use of payment rails other than those provided by the company and takes a flat 30% commission on in-app sales of digital products and services.
In late 2020, Coinbase CEO Brian Armstrong mentioned another factor that could be deterring the DeFi sector. Coinbase was having problems providing or linking to DeFi services via its app at the time, he said, since Apple wouldn’t let the exchange offer crypto “transactions via non-embedded software within the app.”
As a result, Coinbase and other companies were only allowed to deliver such services via external links to websites, resulting in a limited app compared to the website.
The app and website of dYdX are not available in the United States, which could be owing to regulatory compliance difficulties — or the fear of them — involving DeFi derivatives goods.
