Threadcast link:
@khaleelkazi/re-leothreads-2x1zuugus
Link to recording:
https://twitter.com/i/spaces/1kvJpvoYqowKE
Speakers
DISCLAIMER: The following has been generated by AI (Claude-3) based on the publicly available recording of the livestream. Because the content is AI generated it may contain errors, so please keep that in mind when reading. Feel free to suggest corrections and/or add additional information/improvements in the comments. Read more: Introduction post for the AI Summaries project
The Evolution of xDeFi: Building the Ultimate Cross-chain Wallet
In this episode of Chain Chatter, host Khal sat down with Emile, the co-founder of xDeFi, to discuss the origin story and vision behind the popular multi-chain wallet extension.
Emile shared that his initial interest in crypto dates back to 2013 when a developer he was working with at the time started investing in Bitcoin. Though Emile was skeptical at first, he later became intrigued by Ethereum and started investing in the platform in 2017. This led him to build his first crypto startup, which aimed to tokenize real estate.
While that initial project didn't succeed, Emile's passion for the industry remained. He met his xDeFi co-founder David in 2017-2018 while they were both working at BCG, and the two decided to create a multi-chain wallet extension in 2020. Inspired by the early days of the THORchain community, which they were heavily involved in, Emile and David saw a gap in the market for a truly cross-chain wallet solution.
The duo faced significant technical challenges in building xDeFi, as supporting dozens of blockchains simultaneously is an immense undertaking. Emile explained that maintaining stability and performance across so many networks was their biggest hurdle. However, he believes this work has nOW created a substantial moat for xDeFi.
Looking ahead, Emile shared xDeFi's plans to release a brand new mobile app in the coming months, which he says will offer an exceptional user experience rivaling traditional FinTech apps. The team has also invested heavily in marketing and community-building efforts to drive user adoption, with a goal of reaching 1 million users by early 2024.
Delivering on the Promise of Cross-Chain DeFi
When discussing the evolution of ThorChain, Emile praised the project for delivering on its original vision of enabling decentralized, cross-chain trading. He believes ThorChain's ability to make Bitcoin accessible to a wider audience was a key innovation.
"I think people kind of underestimated a little bit like how important the protocol is to Bitcoin because till they make it possible, it wasn't possible. I mean, it was pretty complicated to buy Bitcoin outside of centralized action."
Emile was an early supporter of ThorChain and one of the first developers to build on the protocol, integrating it into xDeFi. He's been impressed by the team's execution and is excited to see the continued growth of the ThorChain ecosystem.
Navigating the Changing Crypto Landscape
As xDeFi has grown, Emile has observed a shift in the motivations of new crypto users. Rather than the early adopters focused on financial self-sovereignty, he notes that many recent users are primarily interested in earning airdrops and trading meme coins.
"I think most of the people that are joining crypto today, and I don't want to be an hypocrite, I'm also in crypto to make money, right? We aLL want to make money in general. Probably there are a few people that don't want to, like I have a family and so on, I want to make money. But most of the people that are joining crypto today, are mainly interested about making money."
Emile believes it's important for projects to adapt to these changing user motivations, rather than clinging to the ideals of the past. As such, xDeFi has worked to optimize the user experience for activities like airdrop farming and meme coin trading, while still maintaining its core cross-chain functionality.
Building for the Future of Crypto
Looking ahead, Emile is confident that xDeFi is well-positioned for significant growth. The team has spent years building a robust technical foundation, supporting over 2,000 chains, and is NOW focused on delivering a best-in-class user experience.
"I'd love to get 1 million users by Q1, Q2 next year. I think this is the idea. That's basically four times where we are today. I do believe that we would have a very, very compelling product. I also believe that it will be aligned with the time during which there are a lot of new joiners in crypto."
With the upcoming mobile app launch and a comprehensive marketing strategy, Emile believes xDeFi can capture a significant share of the next wave of crypto users. By catering to the evolving needs of the market, while maintaining its technical superiority, xDeFi aims to cement its position as the go-to multi-chain wallet solution.
