XDEFI Wallet, a browser-based service for DeFi and NFT assets, has officially integrated the layer-1 blockchain protocol Terra on its platform following a number of weeks of testing and development.
With the addition of Terra, the platform now supports 9 blockchain networks including Bitcoin, Ethereum, and Polygon. It has also expressed intentions to incorporate Solana, Avalanche, and Arbitrum in the future.
Earlier this month, XDEFI launched their public cross-wallet extension onto Google Chrome’s web store, with the stated intention of enabling easy-accessibility for the browser’s users.
In late September, XDEFI raised $6 million from a recognised number of venture capital crypto firms including Mechanism Capital, Alameda Research and CoinGecko, as well as a series of private individual investors.
CEO and co-founder Émile Dubié commented on the benefits of Terra’s native algorithmic stablecoin TerraUSD (UST):
“I believe that UST serves a unique purpose as a decentralized stablecoin and will become a key component of the crypto ecosystem. Terra’s killer app is its accessible and UX-focused environment that caters for wider web3 adoption. It is truly exciting to see how Terra has developed as a Layer 1 and to see projects flourishing around UST.”
Related: 3 reasons why Terra (LUNA) price hit a new all-time high
XDEFI also revealed plans for the creation of a liquidity program on Terra in partnership with DeFi protocol Pylon. The program will aim to support debut projects on the Terra ecosystem and grant the community governance opportunities as to the types of projects selected.
According to analytical data from DeFi Llama, the Terra blockchain facilitates $9.75 billion in total value locked, or TVL, across eight assets, the most popular of which are Anchor Protocol, Lido Finance and decentralized blogging platform Mirror who record $3.94B, $2.95B and $1.27B, respectively.
CEO and Co-Founder of Terra, Do Kwon, shared his excitement on the potential impact XDEFI could have on the Terra ecosystem:
“We’re thrilled to welcome XDEFI as a non-custodial wallet supporting the Terra ecosystem. XDEFI integrating Terra provides LUNAtics with one of the fastest and most user-friendly multi-chain wallets in the industry, including a customizable NFT display which is soon to feature Terra’s booming NFT market.”
XDEFI Wallet, a browser-based wallet service for decentralized finance (DeFi) and nonfungible token (NFT) users, launched its public version on the Chrome Store.
Similar to the widely-used browser extension wallet MetaMask, the XDEFI Wallet supports DeFi applications across multiple blockchains. According to the announcement, the browser wallet works with the Ethereum (ETH) network and other Ethereum Virtual Machine-compatible chains.
Supporting THORchain and Terra, XDEFI Wallet has plans to include Avalanche, Solana and Arbitrum into the mix.
In a previous conversation with Cointelegraph, Émile Dubié, co-founder and CEO of XDEFI Wallet, argued that cross-chain compatibility was necessary to ensure better utilization of Web 3.0.
“No need to switch from a wallet to another, no need to deal with several seed phrases — just use the same vehicle to access different destinations,” Dubié told Cointelegraph at the time.
XDEFI Wallet features an “Ape Mode” that reportedly utilizes a proprietary gas algorithm to offer faster transaction throughput for users. According to Dubié, Ape Mode will be an “indispensable edge” for DeFi and NFT users.
Related:OP Crypto Capital founder cites gaming, Web 3 as drivers of crypto economy
Given the focus on DeFi and NFTs as part of the strategy to challenge MetaMask, XDEFI Wallet also features some “built for NFT” features.
According to the announcement, XDEFI offers automatic in-wallet NFT detection capabilities as well as a grid display for collectibles.
As a wallet platform, XDEFI will also enable crypto trading with users able to make fiat purchases for cryptocurrencies via payment gateway service Ramp.
XDEFI Wallet previously received backing from investors like Mechanism Capital, Sino Global Capital, Alameda Research, and CoinGecko among others to the tune of $6 million.
XDEFI has closed a $6 million funding round led by Mechanism Capital.
XDEFI To Challenge MetaMask
XDEFi, a next-gen browser wallet, is proud to announce a $6 million funding round led by Mechanism Capital with participation from DeFiance Capital, Alameda Research, Sino Global Capital, Animoca Brands, Morningstar Ventures, CoinGecko, and some of the world’s top DeFi users including, Darren Lau (The Daily Ape), Mark Zeller (Aave), Scoopy Trooples, and Mariano Conti.
Mechanism Capital General Partner Andrew Kang commented on the raise:
“The crypto landscape has gone through immense change in the last year through the explosion of DeFi, NFTs, and multi-chain ecosystems. We are excited to back the XDEFI team, which built a beautiful product for users to take full advantage of the true Web3 experience.”
The browser wallet space has been dominated by MetaMask, which is solely focused on Ethereum-compatible chains and was not built to cater to DeFi users’ needs. Other browser wallets such as Terra Station or Phantom were developed to support a specific blockchain. As a consequence, DeFi users end up downloading several wallets to interact with different ecosystems at the expense of speed and security.
XDEFI Wallet’s Chrome extension is engineered to deliver the fastest possible experience for DeFi and NFTs. Unlike its competitors, it achieves this through native integrations with nine blockchains, proprietary gas pricing algorithms to ensure users never miss a block, and by automatically adding new token contracts to users’ wallets.
XDEFI Wallet CEO Emile Dubié says of the project’s huge potential:
“In DeFi and NFTs, speed is alpha. The faster you can get into a mint, the faster you can move across chains, the faster you can sign a transaction—these things determine your ability to seize an opportunity or not. XDEFI Wallet has been built to give DeFi users a speed edge.”
The project recently completed an invite-only Beta with over 20,000 users and will be available for public release in early October.
Since its inception in August 2020, XDEFI Wallet has scaled from a team of 4 to a team of 25 with talents previously at Bloomberg, Consensys, B2C2, and Boston Consulting Group.
XDEFI Wallet will use the funds to launch proprietary integrations with Terra and Solana and deepen its existing integrations with THORChain, Ethereum, and other EVM-powered networks. The team’s long-term vision is to create a suite of products bridging different blockchain ecosystems together in an effort to improve accessibility to the best DeFi and NFT opportunities.
XDEFI Wallet is a browser extension wallet that is engineered to give DeFi and NFT users an edge. It is the world’s only wallet with native integrations on THORChain, Terra, Ethereum and several EVM networks.
For more information, contact XDEFI’s Ecosystems Lead Christine Janumala at [email protected]
This news was brought to you by ANKR, our preferred DeFi Partner.
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