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Ledger Live Mobile App Users Can Now Access DeFi Protocols

Cryptocurrency hardware wallet manufacturer Ledger has added a new feature to its Live mobile app, allowing users of decentralized finance applications (dApps) to access the space. 

The new service, which was initially available to desktop users, has been successfully added to the Ledger Live mobile application’s updated version.

According to Ledger, mobile users can access the new service via an integration with the open-source protocol WalletConnect.

Through the newly launched initiative, Ledger mobile users can conveniently access DeFi platforms like Uniswap, 1inch, Aave, Zapper, Compound, Binance DEX, and KyberSwap, without having to first connect to external gateways or browser-based Ethereum wallet. 

Before interested users can access their favorite dApps, they are required to update the Ledger Live mobile app to at least version 2.19.0, with users also prompted to update the wallet’s firmware to its latest version. 

With the mobile app and hardware wallet’s firmware upgraded to the latest versions, users will need to enable WalletConnect, located in the settings menu.  Once the WalletConnect feature is enabled, it will be available on your dashboard. 

Users can now select their favorite dApp and integrate it with WalletConnect, which allows them to interact with dApps by scanning the QR codes provided within the applications. 

After successfully integrating the Ledger Live mobile app with the supported dApps, the user can sign subsequent transactions conveniently within your mobile device’s application. 

DeFi Boom

The DeFi ecosystem has continued to gain traction in recent times, and there is no doubt that the Ledger initiative would further boost its popularity among Ledger users. 

According to a recent survey conducted by the world’s largest cryptocurrency exchange Binance, 66% of the respondents revealed that they are already using dApps

The growth in DeFi adoption is attributed to several factors, including the declining trust in traditional financial systems and the enormous opportunities associated with the space.

 

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