XDEFI Wallet Review by nemoo
nemoo
nemo
hi
Strong points of XDEFI: XDEFI Wallet was the first Chrome extension wallet to be built chain agnostic, giving them a first-mover advantage. As DeFi is predicted to become a $232 billion market by 2030, and crypto users are becoming increasingly chain agnostic, XDEFI finds itself in a strong position for wider adoption. As part of the fundraising round, we at Morningstar Ventures saw an opportunity for growth since XDEFI Wallet presented a high-quality product and strong product-market fit, with users looking for more solutions to track their portfolio, consolidate their digital assets in one place and more security. XDEFI combines all these aforementioned features into its easy-to-use extension. Since its launch, XDEFI has had over 190,000 weekly active users and is deemed one of the largest Chrome Extensions in the industry. Recently, XDEFI Wallet announced that they have natively integrated 14 Cosmos chains, including Cosmos Hub, Stride, Osmosis, and Axelar. The objective is to become the reference wallet for users interacting with EVM networks and Cosmos chains and managing their funds seamlessly across these two ecosystems. Security is a fundamental driver in any blockchain product. Almost 90% of users are offboarded because they don’t understand the security behind certain dApps and therefore don’t adopt crypto. Similarly, seed phrases, keys, and other wallets often have a “difficult” reputation, given the number of hacks and fraudulent activities. XDEFI wallet takes security very seriously and makes it easy for users to understand how to set up their accounts and safely store their assets. For example, via their Academy, they give a comprehensive step-by-step guide on setting up one’s wallet, securing assets safely, and how blockchain and crypto work. The team’s upcoming Mobile wallet launch is highly anticipated and sought after by the XDEFI community. It will give another option for current users to store their assets and open up more opportunities for new users and easier onboarding. Potential challenges for XDEFI XDEFI is in a high-potential vertical that may be difficult to penetrate and gain market share, especially considering that more builders want to create multi-chain solutions. Furthermore, there is an entry barrier due to self-custody. Thus it is harder to attract a mass audience compared with custodial solutions. As XDEFI continues to grow the user base and transaction volume increase, XDEFI Wallet must also ensure scalability to handle the growing demand. This includes optimizing performance, mitigating network congestion, and exploring layer 2 solutions to improve transaction throughput. What’s Next for XDEFI In the upcoming months ahead, XDEFI is focused on launching three key initiatives: XDEFI Mobile App XDEFI will release a gas abstraction feature later in 2023. This removes the complexity of needing gas tokens for every chain and address. The wallet will abstract the concept of gas to make the user experience more seamless. Open Source: With this, the team aims to open source XDEFI gradually over the coming year. We look forward to the upcoming developments and the open beta later this year.