dYdX, a decentralized exchange (DEX) for cryptocurrency margin trading, is looking to compete with centralized exchanges with the release of its iOS app on March 9. The DEX has issued a waitlist, with only 10,000 eligible users allowed to access the beta version of the app for now.
“Starting today, the public beta period will allow traders to experience a best-in-class interface before the general release,” the website announcing the launch read. “This is one of the first apps to be natively released by a DeFi protocol, and our team has been hard at work for months.”
The exchange has released two types of waitlists: the priority waitlist and the referral waitlist. The referral waitlist requires users to participate in the program through social media campaigns such as Facebook, LinkedIn, Twitter, and more.
Meanwhile, the priority list will comprise of users who are holding at least 10 DYDX or stkDYDX tokens or at least one Hedgie. Hedgie is a collection of 4,200 NFTs distributed by dYdX to its voters, traders, and the wider community. In addition, users are also required to have contributed at least $1,000 in trading volume to be eligible for the priority list.
Antonio Juliano, the founder of dYdX, told crypto media outlet The Block:
“The app experience has a much better UI/UX than interacting via a mobile browser, as it is native to the device. Once you connect, you will also have the ability for the app to ‘remember’ your info and not have to go through the connection steps again.”
At press time, dYdX’s native token DYDX was trading at $4.69, down by 8.38% from the previous day.