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XDEFI Launches the Most Advanced Multichain Crypto Wallet
Block Chain technology is many things, easy to use and seamless is not one of them. If you're hard into crypto than you have probably been around for quite some time and own digital assets across multiple block chains Some maybe just as old as the technology itself.
If you're a Decentralised Finance fan the complexities in switching web browsers and extensions or dApps adds an additional layer of frustration and if any of this is resonating with you then I have some good news for you.
One Wallet for all your needs
On 15 November 2021 MISO held an IDO that lasted two days for the latest advancement in multichain wallets called XDEFI which has been built on the Terra (Luna) Network source. You might be thinking that there already is a multichain wallet being Trust Wallet but XDEFI takes things to a whole new level with specialised functionality designed and built for the current Cryptosphere.
I had the pleasure of speaking with a member of the team CygnusNord and was able to delve into the current and emerging features and learning a lot more about what XDEFI is about.
Currently XDEFI supports the following tokens and their chains
With more being added by Q4 2022 covering the most popular and active chains in the sector.
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The way the dApp works is when a user creates an account you are given a mnemonic code which the dApp is then able to create multiple mnemonic codes for all the other chains it supports. So effectively you have a central point for all other wallets.
Development in this format also provides additional security for users as if a malicious link is clicked and a hacker does access the wallet they can only access the tokens from the chain you are signed into at the time and as the other chains are separate, the hacker will not be able to access your other chain tokens. XDEFI has also come up with a way to prevent and stop hackers in their tracks which I will cover in the security section a little later on in the article.
Connecting to dApps
As you can see from the tutorial above the wallet provides the ability to connect to any chain without fuss and if you already have other Metamask wallets and accounts there is no need to set up entire new wallets you can simply import them to XDEFI and this tutorial is an easy how to guide.
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Beyond just Metamask and Block Chain wallets XDEFI also includes the ability to handle your ledger nano transactions by linking it up to XDEFI which is a great addition for users who want to handle all their crypto needs in the one place source
Asset Display
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There are many core features that XDEFI brings to the table and we will get to them shortly but one of my favourite features is their asset display UI which enables cross chain NFT display. The wallet is able to identify NFTs and instead of needing to switch between wallets it will display ALL your NFTs in the one section like a gallery providing ease of viewing and access to your most prized NFTs source.
Advanced Security Features
This is where XDEFI really shines for me in regards to how it handles security as a question that I asked during the interview was around protection and what happens if someone hacks in. Aside from the separate chains and the current inability of hackers to access on wallet and jump to all your others there is a feature that if in the future this becomes a security risk that users will be protected.
You can set a timer on your wallet that will make it lock and disconnect from all connections after a set time, exiting the dApp and clicking lock will also achieve the same outcome. Security is further strengthened against attacks by the addition of a feature that requires users to enter a password prior to any and all transactions.
BUT WAIT THERE'S MORE!
So you've clicked a malicious link and now a hacker is actively in your account, it's ok because they can't send assets anywhere because they need to input the password. But you need them out otherwise they may be able to eventually bypass or guess your password. What to do?
Head over to security settings and flick the switch to revoke all access to every single thing that your wallet is connected to or has given access shutting the hacker down instantly and removing them from your wallet! source
All this can't be free?
Each intra-Ethereum swap will set you back 0.25% which according to the team is cheaper than the current metamask fee so not only do users get more they get it for less.
I suspect that the low fees are due to XDEFI having their own token which is called XDEFI Wallet and at time of writing is trading at $US1.06 as advertised by coinmarketcap. XDEFI is currently available on Gate.io, Sushiswap, Uniswap and AEX. The token will be used to power their soon to launch internal swap which will enable users to swap any token for any chain or any other token without the need of connecting to an external dApp. Users will be able to stake XDEFI in their wallets and participate in governance as well as earn rewards and rebates on trading internally source.
You can also stake Mine in a Pylon pool here to earn the token with a minimum lock period of 6 months 30% APY, 12 months 43% APY and 24 months 65% APY
APE Mode
Another impressive feature that the team let me know about was their APE MODE which is all about getting your transaction confirmed in the next available block. Users can select to use APE mode at no additional GAS cost and there is a 99% chance that your transaction will not be delayed and you will slotted into the next available block, now that's pretty impressive if they can achieve that. Time is money and the faster one can move sometimes can save or earn you a lot of cash.
Further features also allow users to purchase most tokens that are available directly from XDEFI wallet through the Ramp Network.
An Audit of the project has been undertaken and a copy can be seen Here
Community Verdict
It's always great to see what a project's community really thinks and if they are waiting or buying in. I spoke in their discord channel but I also messaged a few community members to grasp their understanding and support levels for the project. The community members I spoke to were quite supportive of the project and were HODLing as they believed in the project. One out of 15 community members reported wanting staking to be released sooner as their only negative feedback.
You can follow the project at the following links:
Website
Click Here if you'd like to know more about the project.
You can download the wallet from
Have you used XDEFI or are going to? Let us know in the comments section below and how you think the project will do in the next 12 months.
Image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services