{"id":445020,"date":"2022-05-11T06:04:18","date_gmt":"2022-05-11T03:04:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dydx-releases-an-app-why-havent-more-defi-protocols-followed-suit\/"},"modified":"2022-05-11T06:04:18","modified_gmt":"2022-05-11T03:04:18","slug":"dydx-releases-an-app-why-havent-more-defi-protocols-followed-suit","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dydx-releases-an-app-why-havent-more-defi-protocols-followed-suit\/","title":{"rendered":"# dYdX releases an app: Why haven&#8217;t more DeFi protocols followed suit?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dc63d0244a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dc63d0244a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/dydx-releases-an-app-why-havent-more-defi-protocols-followed-suit\/#%E2%80%9D_dYdX_releases_an_app_Why_havent_more_DeFi_protocols_followed_suit_%E2%80%9C\" >&#8221; dYdX releases an app: Why haven&#8217;t more DeFi protocols followed suit? &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/dydx-releases-an-app-why-havent-more-defi-protocols-followed-suit\/#Lack_of_DeFi_apps\" >Lack of DeFi apps<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_dYdX_releases_an_app_Why_havent_more_DeFi_protocols_followed_suit_%E2%80%9C\"><\/span>&#8221; dYdX releases an app: Why haven&#8217;t more DeFi protocols followed suit? &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvOGU1NTZlMzgtMjhlZS00ZmVlLTkzNzUtYjhmZmYxYTAzYzdjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Crypto derivatives trading platform dYdX has officially launched an <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> via Apple\u2019s iOS store, joining just a select number of fellow decentralized finance (DeFi) protocols that have built apps for smartphone adoption. <\/p>\n<p>According to a May 10 announcement, dYdX\u2019s app is now <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dydx.exchange\/blog\/dydx-on-ios\">ready<\/a> for use, with the project noting that more than 200,000 people had already signed up for the beta before the full launch. <\/p>\n<p>The app offers gas-free deposits and trading, and will provide the same functionality as the web version. <\/p>\n<p>\u201cThe 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,\u201d dYdX said.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">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 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/YMo3oz5Wz5\">https:\/\/t.co\/YMo3oz5Wz5<\/a> to download it! <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/4PE41avSvd\">pic.twitter.com\/4PE41avSvd<\/a><\/p>\n<p>\u2014 dYdX (@dYdX) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/dYdX\/status\/1524053110582243328?ref_src=twsrc%5Etfw\">May 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe 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 \u201c100% decentralized\u201d by the end of 2022. <\/p>\n<p>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. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Lack_of_DeFi_apps\"><\/span>Lack of DeFi apps<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>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. <\/p>\n<p>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 DeFi alongside dYdX. <\/p>\n<p>While regulatory compliance could be an issue for DeFi platforms in this instance, it could also be Apple\u2019s stringent policies that are stopping projects from launching in the store.<\/p>\n<p>For example, Apple prohibits the inclusion of payment rails beyond those offered by the firm, while it also charges a flat 30% commission on in-app purchases of digital goods and services. <\/p>\n<p>Another reason that may be putting the DeFi sector off was highlighted by Coinbase CEO Brian Armstrong in late 2020. At the time, he noted that Coinbase was having trouble providing or linking to DeFi services via its app, as Apple would not allow the exchange to offer crypto &#8220;transactions in non-embedded software within the app.&#8221;\u00a0 <\/p>\n<p>As a result, Coinbase, among other firms, were only allowed to provide such services via external links to websites, resulting in an app that had limited functionality compared to the website. <\/p>\n<p><em><strong>Related: <\/strong><\/em><strong><em>KuCoin to launch DeFi products in 2022 with fresh $150M raise<\/em><\/strong><\/p>\n<p>Both dYdX\u2019s app and website are not available for U.S. citizens and this may also be due to regulatory compliance issues \u2014 or fear thereof \u2014 surrounding DeFi derivatives products. <\/p>\n<p>There appears to be a gray area surrounding DeFi derivatives in the U.S., with former Commodity Futures Trading Commission (CFTC) Commissioner Dan M. Berkovitz highlighting in June last year that DeFi platforms most likely need to be registered and regulated under the CFTC to offer derivatives or futures contracts. <\/p>\n<p>\u201cNot only do I think that unlicensed DeFi markets for derivative instruments are a bad idea but I also do not see how they are legal under the CEA,\u201d he said. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/dydx-releases-an-app-why-haven-t-more-defi-protocols-followed-suit\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; dYdX releases an app: Why haven&#8217;t more DeFi protocols followed suit? &#8220; Crypto derivatives trading platform dYdX has officially launched an app via Apple\u2019s 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\u2019s app is now&#8230;<\/p>\n","protected":false},"author":1,"featured_media":445021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvOGU1NTZlMzgtMjhlZS00ZmVlLTkzNzUtYjhmZmYxYTAzYzdjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75571,92608,78168,74868,75012,5029],"class_list":["post-445020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-applications","tag-dapp","tag-dapps","tag-defi","tag-derivatives","tag-apple"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=445020"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445020\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/445021"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=445020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=445020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=445020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}