XDEFI Wallet AMA - Key Takeaways
Before the session, we asked Coin.fyi, community followers to pre-submit their questions via Twitter. During the one hour AMA, Emile answered 9 pre-selected questions from both the community and Coin.fyi. At the end of the session we also asked live participants to submit their questions.
Below are the key takeaways from the AMA and the questions that were asked.
Coin.fyi: Welcome, Emile, it’s great to have you here!
Emile: Hey guys, thanks for having me.
Q1: To start our AMA, please tell us what sets XDEFI apart from its competitors?
Emile: XDEFI wallet is a multi chain wallet and does not focus on a single ecosystem. It supports 20 chains as of today. We're currently adding native support for 16 additional Cosmos chains and then we will make it easy to add any network manually. By the end of Q2, we will technically support 180+ chains. You can have all your tokens and NFTs in the same wallet, no need for several wallets nor to manage multiple seed phrases, etc.
We have built our own Swap/Bridge aggregator. It allows people to migrate from a chain to another seamlessly and trade 10,000+ tokens. We're also curent working on gas abstraction.
Coin.fyi: Very interesting, thank you Emile, let's move onto the next question
Q2: What has XDEFI been working on during the bear market??
Emile: We have been working several key items:
- Improving the overall performance of the wallet
- A mobile app both for iOS and Android
- Adding more chains
- Adding more routes to the swap / bridge feature
- A new UX/UI to make it easier for new crypto folks
…and much more that we will unveil in Q3.
Coin.fyi: No one likes a bear market however, it gives the opportunities to great projects like XDEFI to keep building! Let's discuss ecosystems next.
Q3: Which ecosystem is XDEFI currently working on?
Emile: We're currently working on supporting many Cosmos chains and improving the UX for Cosmos users. We will soon allow users to bridge from EVM networks directly into Cosmos very easily. Today, it remains pretty complicated as users need to user several wallet and a third party interface such as Satellite or Gravity. In a couple of months, you will be able to migrate funds into Cosmos seamlessly without leaving your wallet.
Cosmos has been a very strong focus for us given that we already provide full support for a mutlitude of EVM networks, Solana, Bitcoin and THORChain.
Coin.fyi: Providing users with more cross chain features, we love it! Next question!
Q4: I understand you’re working on your own routing API, what does that mean for the end users?
Emile: It means we're making it very simple to use our swap functionality to bridge and swap tokens. you can swap tokens from the same chain easily and also bridge to other chains easily.
10,000+ tokens available to trade. most CEXes only cover 500+ tokens.
Coin.fyi: XDEFI has always valued its users and this proves it once more, thank you for the detailed explanation. Let's move forward.
Q5: Are you planning to push new NFT features?
Emile: As of today, we're the wallet that has the wider support for NFTs: Ethereum, Avalanche, Polygon, Arbitrum, Fantom, Solana, etc. We just added support for BTC Ordinals and we're going to focus on adding more features for Ordinals in the coming weeks.
You can manage all of your NFTs from one wallet, including send them etc. we're planning to give the ability for users to bridge their NFTs from a network to another too.
Coin.fyi: Many users still value NFTs as a utility and/or as a part of their digital identity. I am certain they are thrilled to hear of these new utilities. Now let's ask the question many users are all waiting for…
Q6: When is your mobile app going to be released?
Emile: In Q2 for beta testers. you can join the beta testers group via our Discord. we will add a link at the end of this AMA.
Coin.fyi: Amazing update! We’re all looking forward to XDEFI’s mobile app.
Q7: Why should we buy $XDEFI?
Emile: I am not giving financial advice. Remember to do your own research before investing in any tokens. Happy to explain our token economic model though. 75% of all the fees generates by the platform are converted into $XDEFI that we are acquiring on the open market. the more volume, the more the fees and therefore the stronger the buying on $XDEFI. these tokens are then redistributed to $XDEFI stakers (you can stake $XDEFI to generate a yield on it). the token will also be used to pay for gas across any network later down the road.
Coin.fyi: Thank you for the explanation. Emile will now answer two questions pre-selected from Twitter. 1st Twitter question:
Q8: Can you describe XDEFI's roadmap for future development, and what new features or initiatives users can expect to see in the coming months and years?
- add more Cosmos chains
- custom RPC for EVM and Cosmos: add any chains manually
- gas abstraction: no need for you to think about having some gas tokens on all of your addresses, we will abstract completely the complexity around this
- mobile app in Q2 for beta testers
- new webapp with historical performance across all the chains we support
- new swap functionality
- staking within the mobile app and the extension
- security features: transaction simulation, warning when interacting with a vulnerable contract, flag malicious addresses
- Trezor support
and much more…
this is what we're working on for Q2 and Q3
there will be several campaigns we lead within the wallet for people to get access to some airdrops. we will communicate about these in the coming weeks, download the wallet and keep your eyes peeled.
Coin.fyi: Super exciting, thanks Emile! 2nd Twitter question:
Q9: What sets XDEFI apart from other DeFi platforms on the market, and what unique features or benefits does it offer to users?
Emile: We support more chains and have a better swap functionality that allows to trade a lot of tokens and also bridge them from an ecosytem to another. All your tokens and NFTs in one place.
Coin.fyi: We will now open the chat for 30 seconds for all users to have the opportunity to ask their questions. Some selected questions may win a prize!
Live Telegram Questions
Q10 (DILArinav): One of the problems with crypto wallets is adding new assets. Does the XDEFI wallet support the automatic addition of assets?
Emile: yes it will. we're currently working on this. it will be possible in Q2.
Q11 (mistcop): What can I explore with XDeFi Wallet? Example - One of the frequently used dApps with MetaMask is MyEtherWallet. Well, what other dApps can you explore with XeDeFi Wallet?
Emile: any dApps that display the MetaMask option. if you click on MetaMask it will open XDEFI Wallet and same for Phantom with Solana or Keplr with Cosmos.
Q12 (Lucio): Hi sir @goitbykojiro Will XDEFI wallet provide multiple benefits to the NFT collector? Will You Please Tell me More About Your Special NFT MARKETPLACE, May You list Some Unique Features of the MARKETPLACE ?
Emile: Yes all your NFTs in one place
Thank you Emile, the XDEFI Team, and all community members who joined!
Hosting another live AMA with Emile was a pleasure. Also, a big thank you to the 160 community members who participated and pre-submitted questions. During the live session, we also received over 50 questions within 30 seconds, which shows great enthusiasm and engagement. We are looking forward to our next AMA session; watch out for the announcement soon.