XDEFI Wallet December Check-in

With Émile (CEO/Co-founder, XDEFI Wallet) and Akeel (Marketing Lead, XDEFI Wallet)

Note: This AMA took place on 9 December 2021 at 12:00 UTC exclusively on the XDEFI Wallet Discord. The following transcript of the session has been edited for concision and clarity.

Akeel

Hello and welcome everyone to our XDEFI Wallet Community check-in! Today we are with Émile, XDEFI Wallet CEO. First of all, congratulations to the team for its IDO which raised over $19 million. How did you and the team experience this event? We can imagine that there was also a lot of work done behind the scenes.

Émile

We weren’t expecting to raise $19 Million but it’s been a big accomplishment. For us, it’s about if you can build a team to implement the vision that we’ve set since the get-go. Today, XDEFI Wallet is not just an extension anymore. It’s also a web app that is being built as we speak, a mobile app that is also being built as we speak, and other projects that we are starting to build and that we are keeping low-key for the moment. But we’re doing a few things that are relating to gaming and NFTs that we are super excited about. It’s also about the cross-chain API that we’re trying to build. Basically, if you want to scale as well, you need to have a really strong infrastructure and that’s obviously expensive in terms of who you hire and which services you decide to work with. So all of that incurs costs and that’s definitely going to be super helpful. It wasn’t easy to go through the different sales processes. We first had the whitelisting sale on MISO and then the auction. That was a lot of work from the team, including you two guys. You were there in the trenches with us so you can testify on that. It wasn’t easy. It was long. We didn’t sleep for more than a week. Eventually, we got there and now we have the funds we need to deliver during the next four, five years with a team of 40 plus people so that’s a great achievement in itself. And personally, I’m super proud of the team and I’m sure we’re going to do great things.

Akeel

I can personally attest that both Cygnus and Émile did not in fact go crazy after staying awake for 72 hours straight. They were still kicking butt on a high level. So that’s awesome. I can also attest that there was a lot of work going on behind the scenes and I think you’ve kind of touched on that Émile. There are quite a few things that are going on behind the scenes with XDEFI Wallet that are either upcoming or are being worked on. Is there anything that you might want to share that may not be quite visible to the average person but that people should be aware of or that is upcoming?

Émile

I don’t think there was just one thing. There’s a lot of things that we’ve been working on. Obviously, the cross-chain swaps with the THORChain integrations are going to be released in the next couple of weeks. That took a lot of time. Dark mode, believe it or not, took a lot of time as well because it basically required us to rework most of the components of the extension. So I know you guys wanted it, but it took us quite a lot of time to work on it and to have something that looks good at the end. That’s almost there. The release in a few days with NFT support for Terra is really important for us as we’re trying to support as much as we can the Terra community. There’s a lot of other things. Obviously, we’re trying to build a multi-chain backslash bridge aggregator. The next step is to add Wormhole and Astroport with the idea of continuing to work really hard for the Terra ecosystem. But we will also add by the end of January or February Paraswap, 1inch and then EVM bridges like Hawk.

Ideally what’s going to happen is that we’re going to be able to create from within the wallets the swap functionality that allows users to do L1 to L1, L1 to L2, and L2 to L2. This functionality is super important for us and super important for token holders and our community. Why? Because it’s not only reducing the friction for you guys and you don’t have to go any more on the third-party interface to bridge or swap or anything else. But also we’re going to generate revenue via this functionality, exactly like Metamask does with token swaps, by taking 0.25% on each transaction. All these funds are basically going to be generated in ETH and other native currencies converted into $XDEFI which is going to apply a constant buying pressure to the $XDEFI token price. And these funds are going to be redistributed to the stakers of $XDEFI itself. So that’s really important from a token economic point of view. So obviously I’m really looking forward to it. That’s going to definitely help from a price action perspective, I’d say.

Other than that, staking is coming soon. I’ll release a major milestone in the coming weeks on that. There will be two types of staking: the first iteration is going to be basically us redistributing $XDEFI from the Treasury. And it’s important to mention because I think a lot of people are waiting for the staking, current token holders are waiting for the staking so this is going to be released in a few weeks. We will be going through the audit right now. Better be safe than sorry. So the first step is to go to the audit. So obviously I cannot guarantee that it’s going to be by Christmas. I hope so. But it also depends on the audit. But essentially there will be two iterations. The first one, you will have rebates on the fees that you’re incurring while you’re using the swap functionality. You’ll basically be able to lock your $XDEFI token for a given period of time, either 30, 60 or 90 days, and you will have a boost multiplier depending on the lockup period. You will yield additional $XDEFI that will be able to claim by the end of the lockup periods. That’s really simple and how it’s going to work.

Depending on how much you are staking, you will receive an NFT that we’ve been working on for a little while. I’ve been keeping this really low-key. I haven’t started to speak about this at all before and I will explain more in the article. But basically, depending on how much $XDEFI you stake, you receive an NFT and this NFT will be super important for you to keep because in the future when we have the second iteration of the staking mechanism. You will be able to have a higher multiplier when you stake if you have one of these original NFTs that are basically here to incentivize early token holders and early stakers of $XDEFI. We’ve been working on this NFT for a long time actually, I think almost a year. We didn’t really know how we would use them. We wanted them to have a true utility. So we waited before using them for a specific project and the staking was quite obvious for us to use them. So staking is super important. But please go ahead and ask me the next question because otherwise, I can just go on and on like that.

Akeel

I think one of the things you touched on though was Wormhole. Could you go a little bit more in-depth on that? What exactly is Wormhole integration? Can you explain what it is exactly, how will it fit into the wallet and just kind of debrief the community a little bit on that?

Émile

I mean, pretty simply you’ll be able to convert assets from the Ethereum network into assets on the Terra network. So that will happen exactly how it would happen for swaps within the wallet. So you basically click on the swap tab, you select your assets on the Ethereum network and you exchange them against assets on Terra.

Akeel

I think it aligns with an announcement we made just a few weeks ago around now being live within the Terra ecosystem. Seems like we’re making a lot of moves into the Terra ecosystem and positioning ourselves to really support the Terra ecosystem. What specifically does the Terra ecosystem mean to you and what do you think it means to the wallet going forward? Long term?

Émile

Well, to me even before the Terra ecosystem itself, it’s more about UST. I think this is the only viable decentralized stable coin as of today. It’s more scalable than Dai and obviously what’s incredible is a lot of the products that have been able to be created around it and make it so strong. So from an ideological perspective, that was really important for us to support Terra. But it’s also about how the ecosystem itself has developed during the last six to seven months and seeing all the different types of projects that are being built that are really cool and really great from a UX perspective.

We do believe that the Terra ecosystem is going to be the next one to get a lot of traction. So it’s important for us to be able to support it the best we can in order to gain traction ourselves and therefore we decided to focus on it much more recently. We already have a lot of advantages compared to other wallets supporting Terra such as having several wallet addresses for Terra, whether it’s for your alt wallet within XDEFI or the Ledger that you’re connecting to because we also support Terra for Ledger. We are releasing in a few days NFT support for Terra as well. You can already deposit your UST into Anchor from within the wallet directly without having to leave the extension. And plenty of other things that we’ve done are going to come really soon, including the bridge and the swaps within the ecosystem. So a lot of things that are done are going to come and yeah, looking forward to it. If you guys have any recommendations of stuff that you’d like to see in your Terra wallet just let us know and we will implement it.

Akeel

It is really awesome. It brings full circle what you’d spoken about previously which is a full suite of features creating not only a wallet but an ecosystem. I think that doing this is kind of delivering on a path that you’ve spoken about previously, the path for the wallet and the roadmap that we have. I know that other people have raised in the community the idea of where is the roadmap or what can we expect in the future? We’ve gotten ahead of this by posting some content specifically in December saying what you guys can expect in the short term, in the medium term, but will there be a roadmap or anything published coming out in 2022? Just to give an idea of what people can expect?

Émile

Yeah, absolutely. I’m going to work on the roadmap and provide that pretty soon, probably by the end of next week. Let’s see. We need to be careful with the roadmap as well. I mean, this is web3. I know people want to have visibility on whatever we’re going to release, but 99% of the projects are not respecting the roadmap and at the end of the day, it makes people frustrated. So I’m happy to create a roadmap and share it with the community. I’m more than happy for them to have this visibility, obviously, but the dates are not going to be precise, because you never know what’s going to happen. When you’re building in web3, I think people need to take this into consideration. This is important because devs that are working under pressure are not devs that are doing great work. So we also need to be patient with the dev team.

Akeel

I definitely agree with you. I think a roadmap is a bit of an abstract. It’s a call for transparency from a team to understand what is coming. And I think without a solid and firm roadmap posted on our website, you’ve still been pretty open about what’s coming down the pipeline, and it seems like you are very active in the community and telling people what they can expect and reacting to their feedback. So there is a certain box that’s being ticked already in terms of transparency, which I think I’m not the only member of the community to say I think.

Émile

Hopefully, we can get some people to come and ask questions and interact with us. It’s much better than if we speak as the two of us. I’d love to hear whatever people want to say or whatever suggestions or questions they have.

Akeel

Absolutely, that’s what I was going to jump into next. Do you want to bring some people on?

Émile

If you want to ask a question, make a suggestion, discuss with us, please feel free to raise your hand and we will put you on stage.

Akeel

While we’re waiting, I can ask another one. And that’s going to be when can we expect Firefox? When Firefox?

Émile

We are working on it right now. We are mainly done with it. There was one problem with the integration because it’s a little bit different from Chrome and Chromium-based browsers. But it should be there very soon. I don’t have a precise deadline but I hope before Christmas. Let’s see. We’ve identified the problem, we’ve addressed what’s the best solution for it because a lot of things we’re breaking. So yeah, that’s very much in the backlog for the short term. So it should be there soon.

Akeel

Fantastic. If anybody has any questions just raise your hand. We’d definitely welcome anything and everything.

Community

I’m interested in exploring a little bit more about the in-wallet swaps. Because being an $XDEFI holder that’s kind of where you get your fees, that’s the value. That’s going to be an awesome feature. So I did miss the first five minutes of the AMA, so apologies if you’ve covered this, but I’m kind of wondering where you’re going to get the liquidity from. If you want to swap like Terra to ETH or something like that. Where would you source that liquidity and how does this kind of work with Ramp? Because you’ve already got the great Ramp integration for Fiat onboarding. Is that still going to be there for Fiat and then you’ve got this new plan for the crypto swaps?

Émile

So it’s really simple. We’re not creating our own AMM. We’re not creating our own bridge. We could, it’s something that can be done. This being said, we are basically acting as an aggregator itself, a little bit like let’s say Paraswap except that we will be cross-chain. So the way it works is that we’re going to source liquidity from other AMM like Astroport or Terraswap. And for bridges, we were basically going to leverage the technology of Wormhole for an Ethereum to Terra. But when it comes to layer one to layer two in the Ethereum ecosystem, it’s going to be Hawk or Connect or anything we didn’t build before. So the way we do this is that we are aggregating all the solutions, and then we create our own routing algorithm. So you guys always get the best price.

Community

Sounds like a lot of applications are abstracted away for the user, which is great for the user. But maybe there’s some sort of power users who use XDEFI. I don’t consider myself one of those where they would really want to have the choice or they want to use their preferred source or preferred platform or protocol that they want to use in the swap, and it needs to be transparent. They want to see where all the fees are. They want to control all the fees. Is that right?

Émile

So yeah, that’s right. So basically, we had two UX flows when we started working on this functionality. For one of them, you could basically pick your venue. Let’s say that you want to swap ETH against $XDEFI and you want to do so and we basically have several pools, one on UniSwap, one on SushiSwap, basically you would have the two options that are given to you, including the one that is going to give you the best execution price and you will be able to pick between the two. So that’s how we first designed it. And that was to basically give you the flexibility to pick the venue that you want to swap via but at the end of the day, isn’t it better for you to actually just have the best price every time and not bother having to pick the exact venue? In my opinion, for the sake of simplifying everything, especially for new joiners, this makes more sense. This being said, it will be super easy for us to just have a small recap that tells you exactly via which route your transaction is made.

Community

That’s awesome and the THORChain LPs will be sourced from there? If you’re swapping Rune to Bitcoin or something you’d use THORChain presumably.

Émile

Yeah absolutely. There will be THORChain for now, there will be a single route really unless there is someone else that can do what THORChain does and we aggregate them on top of THORChain but I doubt there is anyone yet.

Community

I mostly come from the THORChain ecosystem. I know XDEFI and THORChain go hand in hand. In some ways, I really like it. I use the Chrome extension. I was wondering if you guys in the future are going to implement more of an app that goes on your smartphone. Something like a Trust Wallet or just any other thing besides the extension on Chrome. Maybe there already is?

Émile

Right now let’s define what is in the extension that’s live and that’s public. You can use it. I hope you are, by the way. We’re also working on the web app at the moment. And we are also working on a mobile app.

So at first, the mobile app is not going to be like a mobile wallet. There’s going to be a really advanced position tracker whereby you can monitor all of your positions from an asset perspective but also manage NFTs. You’ll be able to share NFTs across social media, with your friends, display them, you will be able to look at the portfolio of your friends or the NFT collections of your friends and so on.

We’ve already started implementing it; I was actually discussing it with the dev in charge this morning. It looks super cool. Once we’ve done that, we’ll then be able to also have a portfolio with your returns and so on to look at how it evolved in the last six to 12 months, which is pretty cool when you’re not at your desk with your laptop. Once we’ve nailed that part of it, we will gradually improve it.

It’s not going to be a one-step process whereby we are just releasing the mobile web straightaway. We just want to do it gradually, as we’ve always done and iterate based on this foundation. The other really important thing to mention about the mobile app is that this is going to be what helps you to basically connect to your wallet extension itself because we are going to start working 2022Q1 on a noncustodial 2FA whereby you will be able to not only abstract the complexity of having to deal with the seed phase but also increase the security for your own sake. You would almost not need a hardware wallet anymore because the keys are split into two different devices and it’s virtually impossible to have both devices compromised simultaneously. That is the purpose of the mobile app in the first instance, and then it will become a mobile wallet.

Our web app is going to be something similar to what you have with Zerion. So a portfolio tracker, being able to see your NFTs, margin your positions, invest in some specific tools or stake/swap/bridge in an interface that has much more real estate, but more importantly, there will be a big social aspect to it. I really can’t wait to actually show you guys what we’re building. This is something we’ve kept pretty low key so far, but you can basically expect to have your own profile and be able to communicate with people from the web app and so on. So I cannot speak too much about it but there will be a huge social media dimension to this app, which would be a complementary product to the wallet extension and the mobile app as well. I hope that answers your question.

Community

It did. Thank you. I just want to say because you’re probably at a computer all day doing code and might be a little tedious or boring. But hey, I think you’re a rockstar and I just want to thank you. I am so happy to be part of this ecosystem and so much for answering my question.

Émile

I appreciate it. That means a lot. Thanks so much. I’ll mention it to the team.

Community

I had a question for Émile which has been asked many times about the feature to view import and export private keys?

Émile

So actually, David is working on it as we speak. It’s weird because that’s not like a small feature, that’s a really important feature. We want to do it well. It takes time. I wish I could say that it’s going to be before Christmas as I said before, but if I’m being perfectly honest with you, I don’t think it’s going to be here before the first or second week of January. It’s not the type of feature that you can botch, it’s closely linked to security. So we want to do it well as well. Probably be done by mid-January at the latest, but it’s almost there. We just need to test a lot and finish some parts of it.

Community

We had another question related to the next chains which are Avalanche and Solana. Many people are waiting for these two chains. So can we expect Avalanche for this month?

Émile

Much has been done for the private keys but I think it’s going to be released by mid-January. The reason is that the dev that has been working on Avalanche has been working on private keys as well. And for security purposes, we decided to prioritize private keys. So as long as private keys support is not finished, Avalanche cannot be delivered. It’s almost there, we have all the backend and most of the front end implemented. We just need to fix a few things that have been picked up during the testing. So it’s almost there. But again, it’s probably going to be by mid-January as well.

Akeel

That goes hand in hand with what you were talking about the roadmap and the transparency. It’s very hard to give an exact date. As things are always kind of moving around. You’ve announced a naming competition within the community. Do you want to just quickly go into that or point people in the right direction and give a quick debrief so that we know how we’re supposed to refer to our community?

Émile

I think being able to have an identity for your community is absolutely key and you can tell. I think the first ones to be super good at it were the Link Marines back in the days, THORChads came afterwards. Lunatics, they were really good as well. So how do we call ourselves guys? I mean, it’s not my call nor is it the team. It’s your call; you’re the community. You should be able to pick the name we’re going to use. There are a few I really like, like Octopians. Octonauts, that was cool as well. But I’m sure we can find something that is really close. So let’s just try to work together on that. There is a channel for it. If you end up being the one that finds the name that you guys decide to use, you will receive a reward in $XDEFI tokens.

Community

So we have some questions from people who can’t speak right now. The question I saw was when Solana will be ready, will we be able to stake SOL on the wallet the same way we can in Phantom Wallet?

Émile

Yeah, absolutely. You can already deposit your UST the same way in your wallet quite easily. And then soon you’ll be able to deposit other things. So yeah, in wallet fields is something really important and we’re making it happen.

Community

When will there be an active marketing campaign?

Émile

So we haven’t done much marketing so far. It was on purpose. I think from an organic point of view, if you look at what we’ve accomplished on the different social media we are on, it’s been super successful, especially on Twitter and Discord. Telegram was active back in the day but we decided to close it and it’s only an announcement channel now. There are a lot of things that we’re working on right now. I think the most important thing is for us to basically provide more visibility to the wallet itself because we’ve created a really good product and now we need to basically give more visibility to this product so people use it more. So there are a lot of things that we’re going to work on. I’m going to let Akeel explain a little bit more about what we’re going to do exactly. But again, it’s also you guys we need. If you like the wallet, if you enjoy using it, you also need to help us on social media and so on. Tell your friends and followers that they should use us. That will definitely help a lot from an organic point of view.

Akeel

It’s a really good question. I think a lot of what we did previously was focused on visibility and taking the extension public and the token public in the IDO. I think going forward, there’s a bit of a fallacy. A lot of people are looking for a carpet bomb approach where they just want to see us absolutely everywhere. And I think that that makes sense to one degree, but to another, I don’t foresee us sponsoring an F1 team or a sports arena in the United States, like crypto.com for example.

I think what we need to do is we need to be strategic in our placement. We need to make sure that we have our extension being spoken about and put on display by the right kinds of influencers, the right kinds of projects, and likewise, having a vantage that would reward people in the right types of instances and keep people sticking around the product because they want to stick around.

What I can say without giving away too much is shortly we’re going to be running a few giveaways in conjunction with a project that we’re close with, which will reward those that have the wallet close to hand. It will be a kind of ‘wink-wink, tell your friends’ campaign because it’ll be a fairly immediate giveaway. As for the features that we roll out over the next short while, we’re going to be using those as opportunities to put use cases for the extension on display as well as to closely align with the projects who are providing actionable points at the end of those use cases. So you’d think of it as we’re providing the steps towards the top of the diving board and the project is allowing you to do that epic backflip. We’re just laying all those steps all the way to the top of it and the project is talking about all those steps. Then they’re the ones that are providing the ability for you to do a backflip, so to speak. I’m trying not to give too much away. But what I can say is the end goal for us is user acquisition. Even if user acquisition is 1A, brand visibility is 1B. So I don’t know if that necessarily hits the nail on the head. But that, at the very least abstractly speaking, is my perspective on marketing going forward.

Community

The second question is, will there be activities to attract new users like airdrops, contests and so forth? I guess the latest contest on Twitter is one of these activities but what will be the next one?

Akeel

I don’t really want to give too much away. But there are going to be opportunities to get physical items, get unique tokens within the DeFi space, as well as to reward people that have the wallet close to hand at a moment’s notice. So I don’t want to give too much away. But what I can say is there are certainly some campaigns forthcoming that are going to reward users and moreover, reward people who are very close to the wallet and using it fairly actively. So like I said, keep on using the wallet. First and foremost, let us know what you like, what you don’t like, and what we potentially might need to fix because we’re only as good as the feedback that you’re giving us. But also know that having the wallet close to hand is going to be a, shall we say, rewarding experience with some of our forthcoming campaigns.

Community

When could we expect $XDEFI on THORChain to provide liquidity?

Émile

When the V3 router is ready on THORChain. We trust them. We’re super close to them so as soon as it’s ready. As soon as it’s possible for us to do so. That’s one of the priorities.

Akeel

We’re fast approaching the end of the AMA. So are there any parting words that you’d like to share with the community?

Émile

I think I’ve said most of what I wanted to share with you guys. If you guys have any ideas on how we can improve from a product perspective, from a marketing perspective, just let us know. If you have good ideas, we will fund you guys. So just feel free to reach out to us. I think we need to work even more on videos, documentation on how to use the wallet and so on. So new people can join seamlessly and have a better idea of how to onboard. So again, if you’re a content creator, a content writer, just you know, get in touch with the team and we’ll be more than happy to fund you to do so. Thanks so much for taking part today.

Akeel

I think that wraps things up. Again, thank you guys so much for joining us for this AMA. We’re going to try to make these regular every single month. If you have any questions between now and the next AMA, please do drop them into the general channel. We’ll do our best to answer. Don’t forget to recommend us to 10 friends and, as a marketer I’m going to say, if you guys are really enjoying the extension experience, please don’t forget to leave us a review. It means so much to us. And thank you for joining us again, Émile and everybody.

As Émile mentioned, we’ve got lots of big things coming up including Firefox support, a web app and a mobile app. Want to be the first to hear about any news? Join our Discord for the latest updates.

Thanks again for tuning in and join us for another check-in next month!

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