DeFi exchange dYdX releases its own app to offer a superior experience to its users. The app is only available on the iOS AppStore, and no reports for an Android launch have been shared. With this app launch, dYdX becomes one of the few DEXs’ to offer a smartphone app. This could also be the reason why so many people are interested in it. More than 200,000 people have already signed up for their beta program before the full launch.
dYdX’s new app could change how we use DEXs’
One of the biggest barriers to using DEX is that they are mostly available in a web version on the desktop. Theoretically, you can also use it on a smartphone using a browser, but the experience will not be that great. Most of us have taken to the habit of using our smartphones for almost everything, be it for entertainment, studying, managing our finances, or something else. So, the lack of DEX apps is an entry barrier for an average user to start using the platform.
That is going to change with dYdX’s app as it offers the same features as the web version. Gas-free deposits and trading and a great experience with multiple crypto wallet support like Trustwallet and Metamask. More importantly, one can access it on the go because now it’s on your phone. For now, dYdX only offers derivatives and perpetual contracts but soon plans to roll put spot and margin trading as well. They will also become the first 100% decentralized exchange, said the company.
Why don’t we see more such apps?
The simple explanation is that the implementation is complex. Most developers prefer launching their apps first on iOS, especially those targeting the US market. And Apple’s policies are rigorous which makes it difficult to offer DeFi services. Coinbase’s CEO said in 2020 that Apple isn’t allowing exchanges to offer crypto transactions in “non-embedded software within the app.” There are also the compliance issues and the 30% cut that developers need to take care of to get listed on Appstore. However, I think sooner or later, more DeFi projects are going to build their own apps and fill this gap.
What are your thoughts as DeFi exchange dYdX releases its own app? And do you think apps can increase the adoption of decentralized exchanges? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
