Looking at the development trend of Ethereum wallet from ENS

Crypto Valley Live (ID: cryptovalley)

, Author: Makoto_Inoue, translation: Olivia, reprinted by Odaily with authorization.

When ENS was launched in 2017, it was relatively simple for users to interact with ENS, either through Metamask, MyEtherWallet (MEW), or the now defunct Mist wallet.

Three years have passed, the environment has changed dramatically, and so has ENS. While we now support close to 20 different coins, our manager still only supports injected wallet providers. We are working on new ways to connect to our ENS manager and add more coin support, as of now we have researched over 40 wallets that already support ENS, and an additional 20 wallets that do not support ENS. The full list is available at the link below.

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• mobile first

• Nearly 80% of wallets have some mobile support. There are three main ways to interact with the Mini Program through the mobile terminal:

QR code: It allows users to scan the QR code on the dapp webpage through the mobile wallet, similar to the experience of logging in to WhatsApp or WeChat on the desktop. This is gaining popularity as wallet providers no longer need to maintain their own mobile browsers. Among them, WalletConnect is the leader in this field, with more than 20 different wallets, supported by many mobile wallets, such as Argent and TrustWallet. Coinbase Wallet uses a similar service, WalletLink, and MEW has launched its own solution - MEWConnect.

Embedded: They don't have their own apps but provide SDKs so that every dapp can be integrated. It was pioneered by Portis and now has multiple services like Authereum, Torus, Magic, UniLogin, and more.

ENS currently only supports the app.ens.domains injection type, but we are still investigating the use of a service called ENSlogin to cater for the other two interactions, which was planned as part of the EthBerlin 2019 Hackathon with a group of wallet providers and from iExec Developed with Hadrien Croubois.

secondary title"smart wallet"The DAI-first approach

Multi-chain support

Let users pay Gas in DAI, and batch many transactions to prevent a large number of confirmation pop-up windows when using Metamask. This transaction abstraction was supposed to be a lifesaver in bridging the onboarding barrier for users new to crypto, but the recent rise in transaction costs has forced them to stop or lower their budgets.

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Multi-chain support

As we can see from events like Mainnet 2020, Ready Layer One, etc., 2020 is the year that all upcoming Ethereum competitors/friend chains and second-layer solutions launch their mainnets. Unlike the mainnet chains (Tezos, EOS, NEO, etc.) in 2017~18, many new chains are compatible with EVM, so you can access the Ethereum toolset, especially the wallet.

While most wallet providers still have limited support for different chains, TrustWallet (Callisto, GoChain, ETC, POA, TomoChain, Thunder Token), Portis (more than 20 different networks) and MyCrypto (nearly 40 different networks) seem It is at the forefront of supporting EVM compatible chains.

But one thing these wallets still have to solve is how to make inter-chain transactions seamless.

One of the important issues in multi-chain support is how to achieve seamless switching across chains. Many Layer 2 and EVM compatible Layer 1 chains are betting on dapps and users to move their assets from the Ethereum mainnet to their chains in order to enjoy higher throughput and low/zero gas fees. However, requiring users to switch networks affects user experience.

In this example, it shows mainnet DAI flowing to xDAI on a different chain. Because Burner Wallet embeds its own wallet provider, users don't necessarily have to switch networks on MetaMask.

A more recent innovation is the scaling contest submitted to Reddit by the Connext team, which uses state channels to transfer assets across chains. It currently allows assets to be transferred between Optimism, Matic, and xDai, while it supports any EVM-compatible chain.

When transferring assets to different chains, one of the challenges is managing different accounts across chains. Because each network has a different key format, and not all chains can share the same address. Of course, each wallet could store each user's cryptocurrency address map in its own database or in the app's/browser's local storage, but storing it on one chain (ENS, of course!) would increase the network effect, This is due to more people starting to use one chain to store addresses of different chains.

secondary titlehttps://dai-bridge.poa.network/。

Fiat currency first?

When conducting cross-chain transactions, you must remember one thing, that is the Gas cost.

When a user transfers assets to a different chain, it is common practice to lock the assets on the Ethereum chain and perform an equal amount of asset minting on the destination chain for

This means that users must pay Gas fees on the mainnet to move assets.

When I recently transferred my $JOON personal token (issued by Roll) to the xDai chain, the gas fee for the transfer cost nearly $10. Since then, due to the upsurge of $YAM, Gas has doubled, so unless you transfer it for DeFi purposes and make some money, it is unrealistic."One way to overcome this problem is to skip cross-chain asset transfers and focus on fiat payments."NFT chain

Summarize

The wallet experience is different from other Defi chain developments and will be very interesting.