In the past two years, the DeFi market has experienced a blowout growth. In particular, the rise of liquidity mining has also driven the prosperity of the wallet market.

The data shows that the total visits of the top 10 digital asset wallets in 2020 are as high as 140 million; the number of global wallet users has exceeded 60 million in Q1 of 2021, reaching 64 million. In addition, various emerging wallets have emerged in the market and have achieved good development. Ambire Wallet is one of them.

Ambire Wallet is a browser-based crypto wallet application that was officially launched last December. Compared with other competing products, Ambire Wallet has unique and diversified functions to meet the transaction needs of users: it supports email registration and login, which lowers the threshold for novices to enter the encryption market; it supports fiat currency deposits, bringing growth to the encryption market ; Support batch transactions, saving time and gas costs.

In less than three months since it was launched, the TVL on Ambire Wallet has exceeded 44 million US dollars, initially verifying its own market potential. In the future, Ambire Wallet will also launch a mobile version and a plug-in version, and conduct community governance through token WALLET and DAO.

With the advent of Web3, the encrypted wallet market structure will change again. Can Ambire Wallet transform and capture a new round of industry dividends?

1. Email registration, lowering the barriers to entry

What does a crypto wallet mean for the crypto market? The general consensus in the industry is that the wallet is the most important traffic entrance in the blockchain world, and it is also an indispensable infrastructure in the entire ecology.

Especially with the advent of the DeFi era, the status of wallets has undergone earth-shaking changes, and the interaction volume has continued to increase. The entire wallet track is hot again, and a new group of players has emerged, trying to subvert the industry structure. Ambire Wallet is one of the new stars.

As an encryption basic tool, Ambire Wallet focuses on user experience optimization, the first of which isChange the user registration mechanism to support email registration and login.

Whether it is Metamask or other encrypted non-custodial wallets, users are required to register the wallet address and keep the mnemonic and private key; once the private key and mnemonic are lost, they will lose ownership of the wallet and assets in the account. This kind of news has been common in the past few years.

However, the mechanism design of the encrypted wallet is difficult to resonate with traditional Web2 users, or to change everyone's original usage habits. In addition, Web2 users have limited ability to keep private keys and mnemonics, which makes them more prone to security incidents. In addition, in terms of user habits, Web2 users are more accustomed to using emails for registration and login.

Therefore, Ambire Wallet launched an email registration mechanism based on the pain points of Web2 users. On the official website, Ambire Wallet claims to be "the first non-custodial wallet with email authentication function".

To put it simply, users can use their existing email address to register an encrypted wallet address on the official website of Ambire Wallet, add a password, and then log in with this email address; the entire registration process takes less than a minute, and it is very simple and convenient to get A new encrypted wallet address.

"Ambire Wallet's vision is to provide an easy-to-use blockchain asset management tool with integrated features. It can open the future web3 door for users, no matter how much knowledge or experience they have in DeFi, even our mothers Use this one," said Georgi Vladimirov, Ambire Community Manager.

Although it seems very convenient, the security of this email registration login may also be questioned. In this regard, Ambire Wallet explained that,Wallet accounts using email/password are effectively 2/2 multi-signature wallets and are completely non-custodial.

In simple terms, one key is encrypted in the browser and the other is stored on a hardware security module (HSM) on the back end; users need both to control their account. If a user forgets their password or the backend is unavailable, a time-locked transaction can be used to recover the account, performing a password reset.

Of course, just controlling via email is still not comparable to hardware wallets in terms of security. It is just an "entry" tool that lowers the encryption entry threshold for Web2 users. Therefore, Ambire Wallet recommends users to connect hardware wallets for added security.

Currently, the Ambire Wallet smart contract has been open-sourced and has undergone security audits. However, the new address registered through Ambire Wallet does not yet support transfer to other wallets. In the future, the private key and mnemonic export function will be opened.

2. Unique features to attract users

In December last year, Ambire Wallet was officially released; as of now, in less than three months since its launch, the TVL on Ambire Wallet has exceeded 44 million US dollars, which has also verified its own market potential. So, how did Ambire Wallet gain users' favor?

first of all

first of allBatch transaction function, reduce Gas fees and save transaction time. In wallets such as MetaMask, users can only submit one transaction at a time. If multiple transfer interactions are required, multiple transactions need to be submitted, resulting in a soaring Gas fee.

And Ambire Wallet supports the batch transaction function. When users use this function, one transaction can execute multiple calls or"subtransaction". Batch processing greatly reduces the required approval. There is no need to bother the user with a separate approval process, and there is no need to solve this problem through infinite approval. It only needs to batch the approval and specific actions together, so that the user's approval is seamless. At the same time, it also solves the security problem caused by unlimited approval, and only needs to approve a specific amount before and after the transaction.

The batch transaction function allows complex DeFi interactions to be handled in a single transaction. For example, depositing into a vault, providing liquidity, taking advantage of DeFi protocol risk exposure, etc. is usually a multi-step process.But in Ambire Wallet, users can complete all the steps in just one time. The official introduction said that a user successfully enabled 18 pledge pools of Sushiswap in one transaction.

two isAutomatic Expense Management, supports the use of any tokens to pay Gas fees. Ambire Wallet uses a"repeater"It is responsible for broadcasting the user's transaction to the network, and applies the Gas pumping mechanism: 1) Allows transaction gas fees to be paid in any token; 2) Enables relayers to automatically manage gas fees for users. Moreover, Ambire Wallet can more easily use other transaction broadcast mechanisms, such as Flashbots and Eden, which allows Ambire users to avoid "sandwich attacks" and prevent "front-running transactions".

three isMulti-signature mechanism, effectively improving security. In addition to email, Ambire Wallet also supports hardware wallets, MetaMask, etc. for registration.

It should be noted that when you use MetaMask to log in to the Ambire wallet, you do not copy the user's MetaMask account (assuming A address), but create a new address (B address) separately, and the user can use the original A address to register this account. The new address takes control. Moreover, users can add multiple signers for the new address B to achieve a hybrid security model. In fact, it is equivalent to the original A address becoming one of the multi-signers of B address for authorization. Such a setting is very suitable for institutional users.

Four isOpen the legal currency deposit channel, bringing incremental capital to the crypto market. In Ambire Wallet, users can directly use credit and debit cards to purchase cryptocurrencies. At present, Ambire Wallet has reached cooperation with traditional payment providers such as Ramp Network, PayTrie and Transak, and can conduct transactions of up to 15,000 euros per day. In the future, Ambire Wallet will cooperate with more channels, add more deposit channels, and gradually open the withdrawal channels.

Five isSupport cross-chain transactions, breaking the ecological barrier. In the Ambire Wallet dashboard, there is a "cross-chain transfer/transaction" function, and users can directly exchange assets on the chain such as Ethereum into other public chain ecological cryptocurrencies. Ambire Wallet said that its cross-chain solution is cross-chain integration with the Movr network. At present, five ecological cross-chain exchanges of Ethereum, Polygon, BSC, Avalanche and Fantom Opera have been opened, and more ecology will be opened up in the future.

In addition to the features mentioned above, Ambire Wallet also supports users to access DeFi protocols with one click. For example, users can borrow assets from Aave at low interest rates and generate income through DeFi protocols such as Yearn. The whole operation is very convenient. "You can actually connect any DApp through Walletconnect, you don't have to limit yourself to the built-in functionality."

3. Future: Promote the mobile version and adopt DAO governance

As a Web3 application platform, Ambire Wallet will also practice the spirit of decentralization and adopt DAO for governance.

in particular,Ambire Wallet issues the native token WALLET, and currency holders can make suggestions and vote on community development.In addition, WALLET is also the incentive token of the project, and Ambire Wallet distributed WALLET tokens to early users. This is a long-term distribution mechanism. Anyone who has a balance in Ambire will receive WALLET proportionally in the next 4 years; moreover, holding WALLET can also enjoy a gas fee discount.

“In short, WALLET is a governance token that will control WalletDAO and determine the future of the product, and is also a good growth mechanism for Ambire.” Georgi Vladimirov said.

In January this year, WALLET was launched on Huobi and SushiSwap; on February 15, Ambire Wallet launched WALLET pledge, and users can get rewards for participating in the pledge. It is worth noting that, in order to encourage users to pledge, the project stipulates that if users who received rewards in the early stage do not pledge but withdraw coins immediately, 30% of the rewards will be deducted, thereby reducing the circulation in the market.

Regarding the future, Ambire Wallet said that it will release a mobile application this quarter, WalletDAO will be launched in early summer, and plans to release a physical card and a plug-in system at the end of the year. In addition, Ambire Wallet will also launch a "bug bounty program" to encourage users to contribute to wallet security.

It has become a consensus that the wallet is the traffic entrance of the encryption industry. However, the competition in the wallet track is also fierce, and the homogeneity is serious. To stand out, each company needs to provide differentiated services, and continuously lower the threshold for participating in DeFi; and continue to seize the hot spots, continue to strengthen the killer function, and seize the market.

Ambire Wallet has many differences from most other wallets, it is one of the first wallets to combine ease of use, functionality and security. In the future, we also look forward to more exciting performances of Ambire Wallet.