It looks like an old-school Mac OS pulsing progress bar, which is fine if that’s what you want to go for. But it doesn’t look good on iOS, and I don’t think it conveys any useful information about the state of the app or its data.

The problem with using a progress indicator is that people expect there to be some kind of work going on behind the scenes — something they can see happening as they wait for their request to complete
https://t.co/NNhM4T5ZNW