New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs

New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs

XDEFI has released its rival to the popular crypto wallet MetaMask which reported more than 10 million active users in August.

Last month, XDEFI Wallet raised $6 million led by Mechanism Capital and Defiance Capital, with other investors including Alameda Research, Sino Global, and Animoca Brands.

Now it has announced the public release of its non-custodial, cross-chain wallet built with a focus on decentralized finance (DeFi) and non-fungible tokens (NFTs).

This week, the team unveiled XDEFI Wallet 7.0 and introduced the Ape Mode for the apes and degens of crypto.

The wallet uses a proprietary gas algorithm to ensure that even during times of congestion, transactions get into the next block timely, says the team.

It is also optimized for EIP-1559 allowing “users the maximum benefit from Ethereum’s London hard fork while still maintaining an accessible interface.” By adding a network activity section in-app, it reduces reliance on third-party sites. ETH 3.35% Ethereum / USD ETHUSD $ 3,608.86
Volume 16.15 b Change $120.90 Open $3,608.86 Circulating 117.91 m Market Cap 425.53 b
7 h New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 11 h US Dollar Hits One-Year High But Bitcoin No Longer Holds an Inverse Correlation with it 1 d BSC Is Back in the Game as Binance Announces $1 Billion Incentives Program to Pump the Ecosystem

While the wallet already offers access to chains like Terra (LUNA) and THORChain (RUNE), which are not available on MetaMask, support for other popular blockchains like Solana (SOL) and Avalanche (AVAX) along with layer 2 solutions like Arbitrum will be added along the way. LUNA 2.38% Luna Coin / USD LUNAUSD $ 0.01
Volume 0 Change $0.00 Open $0.01 Circulating 1.71 m Market Cap 12.73 K
7 h New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 5 d AnySwap and Aave Fork Geist Finance Send Fantom TVL Past $9 Billion, FTM Makes a New ATH 1 w Shift to Risk-on: Bitcoin Is Up 12% Already in Uptober Amidst Stock Market Weakness
RUNE 1.10% THORChain / USD RUNEUSD $ 7.33
Volume 47.74 m Change $0.08 Open $7.33 Circulating 224.41 m Market Cap 1.65 b
7 h New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 3 w DeFi Autumn after Solana Summer? Traders Still Short as Bitcoin Jumps to $48k and Ether to Nearly $3,700 1 mon DeFi Rallies Towards New Highs As Multiple Layer 1 Blockchains Amaas $50 Billion in TVL
SOL -2.60% Solana / USD SOLUSD $ 148.26
Volume 2.07 b Change -$3.85 Open $148.26 Circulating 299.9 m Market Cap 44.46 b
7 h New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 1 d NFT Deposits and Withdrawals are Now Live on FTX US for Institutional Favorite Solana (SOL) 1 d Institutions Are Back to Pouring Money into Bitcoin as a “Perfect Storm” Brews for the King
AVAX 1.39% Avalanche / USD AVAXUSD $ 55.04
Volume 651.96 m Change $0.77 Open $55.04 Circulating 220.29 m Market Cap 12.12 b
7 h New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 1 d BSC Is Back in the Game as Binance Announces $1 Billion Incentives Program to Pump the Ecosystem 5 d AnySwap and Aave Fork Geist Finance Send Fantom TVL Past $9 Billion, FTM Makes a New ATH

As for NFTs, the wallet offers automatic detection and a drag-and-drop NFT display grid.

Users can also buy crypto directly within the XDEFI Wallet, for which it claims not to charge a fee.

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Author: AnTy

Twitter CEO Jack Dorsey Wants to Build An Open-Source Non-Custodial Bitcoin Hardware Wallet

Twitter CEO Jack Dorsey Wants to Build An Open-Source Non-Custodial Bitcoin Hardware Wallet

The Bitcoin proponent is planning community collaboration on the app that “works without Square and maybe also without permission from Apple and Google.”

Bitcoin proponent and Twitter CEO Jack Dorsey is considering making a hardware wallet for bitcoin and kicked it off by sharing his views with the community.

On Friday, Dorsey took to Twitter to share his plans for this wallet which, if built, would be “entirely in the open, from software to hardware design, and in collaboration with the community.”

The idea is to have an including product that brings a non-custodial solution to millions of people all over the world.

Addressing the biggest blocker to this, “not your keys, not your coins,” Dorsey said custody doesn’t have to be all-or-nothing, and it can probably be simplified through “assisted self-custody.” He wrote,

“Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability.”

Such assisted solutions must provide an excellent experience when using mobile, but of course, it comes with its own dangers of blend availability and security — funds spendable with phone-only permissions with more secure controls. But safety is “complicated.” Here, layer 2 is essential for growth, said Dorsey adding,

“The orders-of-magnitude growth we imagine requires a mix of custodial, off-chain, and second layer solutions that allow people to ‘get off of 0.’”

And of course, Cash App integration to it is obvious, but while a custom-built app, it doesn’t need to be owned by Square, he added.

“We can imagine apps that work without Square and maybe also without permission from Apple and Google,” concluded Dorsey with the promise that they will “listen and continue the conversation.” The team will also set up a dedicated Twitter and GitHub account if they decide to build a hardware Bitcoin wallet, he said.

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Author: AnTy

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be the first truly decentralized finance (DeFi) product.

The exchange would start lending USDC, PAX, USDT, and DAI stablecoins via peer-to-peer lending. The users would be required to put their bitcoin up as collateral to access the stablecoins and the collateral period ranges from one day to a full year. Apart from offering the flexible collateralization period, the platform does not ask for any form of KYC details to access their services.

Crypto Lending Services On the Rise Since 2018

In the past couple of years, crypto lending services have seen a significant boom, especially after the rise of venture-backed firms such as BlockFi and Genesis Capital. Genesis currently boasts of $1.4 billion in outstanding loans, while BlockFi currently has $1.75 billion worth of assets under its management.

Hodl Hodl CEO Max Keidun commented on the idea behind launching a KYC-free lending service and said,

“Hodl Hodl is trying to build true P2P lending in bitcoin. Almost all (if not all) existing lending platforms are centralized, require KYC, don’t allow you to play by your own rules.”

Another thing that Hodl Hodl is actively highlighting is that it would not be the custodian of the assets put in collateral. Instead, borrowers would lock their bitcoin’s in two-out-of-three multisig escrows. The borrowers can get back their collateralized bitcoin by repaying the stablecoins with interest.

Stefan Jespers, a Belgium-based bitcoin advocate, commented on the growing trend of lending services in decentralized space and said,

“If you have some stablecoins laying around that you aren’t using, it’s a nice way to make some extra money with it. And you know beforehand what the interest rate will be.

With most other products on the market, those rates can change frequently; here, it’s locked for the entire duration.”

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Author: James W

Visa Partner Non-Custodial Lightning Network Wallet Zap Secures $3.5M Funding

The non-custodial Lightning Network wallet Zap has closed a $3.5 million seed round led by Green Oaks Capital, which previously backed Robinhood and Stripe. Morgan Creek co-founder Mark Yusko and Anthony Pompliano also joined the round.

This big development came just months after the payment startup partnered with Visa. Zap currently employs 13 people from all over the world.

Jack Mallers founded zap, and before, the Maller family funded April. Jack’s grandfather helped found the Chicago Board of Exchange (Cboe) and then co-founded First American Discount Corporation with his son.

The core of the product Lightning Network is the second layer of bitcoin, which enables faster and cheaper transactions.

With this open-source non-custodial wallet, users’ don’t even know they are using bitcoin as they use dollars.

“One of the early use cases for us is content creators. Journalists or video game streamers or adult film actors and actresses, put up profiles backed by our infrastructure, and anyone in the world can tip them,” Mallers, 26 told Forbes.

Zap launched its flagship product Strike, a Lightning native neo-bank that addresses pain points for the mass adoption of crypto. In June, the company announced it was admitted to Visa’s Fast Track program and would be launching its card within a year. Strike rewards and Strike merchant tools would also be coming shortly, he said.

Twitter and Square co-founder Jack Dorsey who is a bitcoin advocate have also taken an interest in Lightning with investing in Lightning Labs, the leading developer of Lightning Network.

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Author: AnTy

DeFi Platform dYdX Originated Over $1 Billion in Loans in Past Year

The non-custodial trading platform on Ethereum, dYdX is the eight-biggest platform with $24.6 million locked in total value.

This decentralized finance (DeFi) platform has seen immense growth in the past year, having originated more than a billion dollar. It also had $534 million generated in trade volume in the past seven months, as per the data shared by dYdX.

The growth seen by the decentralized exchange (DEX) was declining during the last few months of 2019 after an incline throughout the year. From the high of over $31 million in total value locked in mid-November, 2019, TVL dropped to a mere $13 million in mid-January 2020, in line with the price of the digital assets.

However, it was where it found its groove back and climbed to $28 million in late March and is currently around $24.5 million, as per DeFi Pulse.

While the ETH locked on dYdX saw the same fate as the total value, because of its price, this wasn’t the case with the stablecoin DAI. In Late November 2019 nearly 5 million DAI were locked on this DeFi project only to come crashing down to 83k in January 2020 and 2.6k DAI on March 15, after the violent sell-off in the market.

Given the growing issuance of stablecoins and money parked in them, the locked DAI has also now jumped back above 4 million on dYdX.

Growing DEX

dYdX is powered by the open source protocol, Solo which allows users to lend, borrow, or margin trade any supported asset including ETH, DAI, and USDC.

The interest rate for borrowers’ on the platform varies by assets and adjusts as per its supply and demand while it is paid to lenders, minus 5% set aside for dYdX’s insurance fund.

The money market for taking margin positions, dYdX protocol allows one to trade with any DEX on the Ethereum network.

Traders can leverage long positions of up to 5X their collateral value, and 4x for shorts. The platform charges fees of 0.15%-0.5% for takers and 0.00% for makers.

They launched their native markets late last year which allows users to trade with each other which has been seeing significant growth.

On March 12th, Black Thursday, it saw a massive influx in amount traded, despite having increased the minimum trade amount.

To borrow funds, they initially must be collateralized with 125% for their value and if the ratio falls below 115%, liquidation occurs. Liquidation occurs with a 5% penalty which others can take advantage of. Loans just like margin trades can remain open for a maximum period of 28 days, only to be then automatically closed with a 1% expiration fee.

Given the potential for profit, the liquidation market is healthy and competitive, with “increasing gas price starting to squeeze profits lower,” noted Brock Elmore, Co-Founder of Topo Finance.

“This is good for the protocol as it makes sure that undercollateralized accounts are liquidated before the collateralization drops below 100% (at which point it would be unprofitable to liquidate),” he wrote.

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Author: AnTy

Civic’s Hot Wallet to be Backed by $1M Insurance Policy Through Coincover Partnership

The non-custodial and multi-signature wallet Civic Wallet is now offering a $1 million insurance from Coincover.

Established as one of the biggest decentralized identity providers in the crypto industry, Civic Technologies (CVC), is the first non-custodial wallet company offering $1 million protection. At the moment, the wallet is in beta.

FDIC-Like Protection

The CEO and co-founder of Civic, Vinny Lingham, said the protection provided from the company is similar to the one from the Federal Deposit Insurance Corporation (FDIC). Here are his exact words on this:

“This is the first time that both technical and non-technical users can feel safe about their holdings. Until now, people had to keep their coins in the cold storage, but now they don’t have to worry about it as their holdings are insured up to $1,000,000 just like a bank account with the FDIC.”

In the meantime, David Janczewski, the CEO of Coincover, said he’s not running an insurance company, but one for crypto security and protection.

Advantages of Multi-Signature Wallets and Civic

With Civic Wallet being multi-signature, the user stores 1 key, the custodian BitGo another one and Civic the third one, which will migrate to Coincover soon. This means that in case something happens with Civic, users coins won’t be lost.

Another great thing about it is that legal heirs can recover funds from the wallet, which only works for US residents at the moment but will expand at a global level and support all BitGo’s coins. The coverage offered by Civic is free for now, but Lingham said they may charge accounts with more than $1 million in cryptocurrency a fee.

Civic Wallet has to abide by strict Know Your Customer (KYC) rules by supplying user identification issued by governments and using facial recognition identification technology. Users won’t have to leave the wallet in order to buy crypto and connect bank accounts. The insurance couldn’t have had a better time to arrive, seeing cryptocurrencies held in wallets are growing day by day in numbers.

Users Will Automatically Qualify for the Insurance

The $1 million insurance will be automatically activated, so users won’t have to do anything in order to get it. The coins covered are Bitcoin (BTC), USDC and Ethereum (ETH), which will be stored and bought straight in the app, only with a bank account.

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Author: Oana Ularu

DeFi Platform Aave, Formally ETHLend, Adds USDT Support For Borrowing and Lending

Tether (USDT) has today became available on the non-custodial lending platform that used to be known as ETHLend and nowadays is named Aave.

By market cap, the USDT stablecoin seems to signal its move into the decentralized finance (DeFi) Ethereum (ETH). On March 10, Aave announced that it’s developing its USDRT offer of USDC, DAI, sUSD and TUSD stablecoins.

What Are Aave’s Plans for the Future?

The Aave platform allows its users to borrow and lend coins at a specified interest rate. It can be accessed only with an Ethereum account, even if it supports many options, the mobile and browser wallets included. When it comes to borrowing with Aave, this can be done either by flash loans or by providing a collateral. The first option doesn’t require any collateral, seeing the loan doesn’t exist in the eventuality of not being repaid.

Flash Loans Make Sense Only as Far as Trading Cryptocurrencies Goes

As Tether said, flash loans are great when it comes to taking advantage of liquidation opportunities and on-chain arbitrage, also when it comes to moving trading positions on DeFi platforms, which means they only make sense as far as trading cryptocurrencies goes. Their loan figures change according to the dynamics of the market. USDT had an APY rate of over 12% on Tuesday, soon after it has been launched on Aave.

The Risks Involved with DeFi

As far as the interest rates provided by DeFi in lending go, these seem very lucrative, especially if compared with the rest of the existing investment tools available. Governments from all over the world are brining interest rates below the inflation rate of 1 to 2%, whereas the stock market is showing more and more that it became exhausted. Strong yields indicate higher risks, especially since the most recent DeFi hacks involving flash loans have exposed the most important vulnerabilities in the crypto space.

Is USDT Used for Most DeFi Protocols?

Most DeFi protocols use the Maker (MKR) DAI that involves higher risks, even if its yield is high. In spite of the many controversies surrounding it, USDT has managed to stand the test of time as far as the DeFi protocols go. It has low interest rates because everyone trusts it and also because it has nothing to do with traditional finance.

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Author: Oana Ularu

dYdX Intends on Stopping Support for 0x Decentralized Exchange Markets

dydx, a non-custodial exchange based out of Ethereum blockchain which allows for derivatives and short selling may end its support for 0x protocol based markets. The main reason for the discontinuation of 0x is the success of ETH/Dai.

0x protocol is also a decentralized exchange protocol on the Ethereum’s network, but it seems liquidity has been a growing problem and dydx believe ETH/DAI resolved the liquidity issue quite fast and because of that they might shift their focus only towards that.

Zhuoxun Yin, head of operations at dydx said that the 0x protocol based market would be discontinued after 0x transitions to the third version of its protocol. He said, “We’ve been able to build meaningful liquidity on our markets so far, quite quickly, ”

Matteo Leibowitz, a market researcher for block analyzed dydx and its progress over the last three quarters and noted that dydx registered a volume of $60 million in the second quarter of 2019 which rose to $70 million in the third quarter and the number is expected to grow even further in the last quarter.

Although 0x markets would be discontinued after its switches to version 3, the new update would bring in several infrastructural updates as well as a new version of its token ZRX.

Leibowitz also presented the new updates coming to the 0x protocol stating,

“in 0x v3, traders using the 0x protocol must pay a fee to market makers, distributed pro-rata according to ZRX staked, equal to the transaction gas fee. This updated model is intended to attract more market liquidity, with the explicit user fee offset by tighter spreads. However, dYdX is confident that it can attract liquidity without burdening users with additional fees.”

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Author: Silvia A

Wasabi Wallet’s Implementation of Chaumian CoinJoin Deemed to Lack Privacy: Samourai Wallet

Wasabi Wallet’s Implementation of Chaumian CoinJoin Deemed to Lack Privacy: Samourai Wallet

Wasabi was first launched as “an open-source, non-custodial, privacy-focused,” Bitcoin wallet for desktop uses.

It implements, a trustless method for combining Bitcoin payments from multiple spenders, typically referred to as coin shuffling – a service offered by CoinJoin.

At the time of launch, the Samourai team behind Wasabi deemed this implementation as increasing one’s privacy as the number of participants go up. However, a recent update from the Wasabi team seems to be concerned by CoinJoin’s lack of privacy reports Coin Telegraph. The company was referenced saying the following:

“With Wasabi, if you are mixing 10 BTC [Bitcoin], I can trivially track that 10 BTC as it is peeled down into smaller UTXOS (unspent funds) […] Additionally, Wasabi outputs are in the order in which they are registered, allowing you to make educated guesses that cluster outputs that you can later cross reference when inputs are inevitably merged to make a spend.”

As per a Wasabi’s executive, who goes by ‘SW’, in “Wasabi’s implementation of ZeroLink there is routinely 30 to 60% of inputs issued from the same, previous transaction,” and this is what causes a reduction in anonymity.

The anonymity feature supposedly gets lost, as traders remain in the entirety of the mixing (of transactions) process. It was further noted that:

“When viewed holistically and crucially with lack of PostMix spending strategy these architectural differences have serious consequences when common user behavior intervenes.”

SW believes that more emphasis needs to be placed on coin control techniques to ensure that anonymity is not compromised in any way.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Nirmala Velupillai