Mapping The Wallet Ecosystem
After a month of discussing the challenges to and innovations in the wallet ecosystem, we're excited to spotlight many of the teams reimagining crypto's critical entry point.
Below, we've segmented the wallet landscape into consumer and infrastructure. Generally, we categorized wallets for long-tail retail users as consumer, and products / services improving wallet functionality (usually implemented by developers) as infrastructure.
A few teams to highlight:
- Coinbase Wallet is Coinbase’s non-custodial consumer wallet. In closely integrating this wallet with its custodial exchange product, Coinbase has created a low-friction entry point to on-chain protocols and applications.
- Lit Protocol is a decentralized key management network that provides developers with a comprehensive toolkit for managing sovereign identities. Lit’s “Web3 signer,” a decentralized private-key-shard holder, has the potential to serve as crucial wallet infrastructure.
- Portal is a wallet infrastructure provider for companies interested in offering their users access to dApps and other on-chain experiences. Portal brings new users on-chain by integrating MPC wallets into both crypto-native and traditional applications.
- Phantom is a non-custodial browser / mobile wallet for Solana and Ethereum. Through Phantom, users can store, send, receive, and swap tokens, as well as interact with dApps on both networks. Phantom is one of the few non-custodial wallets that delivers a seamless experience across different Layer-1s.
- Privy is a user authentication toolkit that helps developers onboard dApp users. In an effort to reduce entry barriers, Privy provides a straightforward and secure method for users to create or connect their wallets.
- Safe is the leading multi-signature wallet for groups of users to collectively store and manage their on-chain assets. As of today, $58Bn total assets are stored with SAFE, and 3M accounts have been deployed.
- WalletConnect is an open-source protocol that enables users to connect their wallets to web dApps. Most importantly, WalletConnect allows users to interact with dApps without sharing their private keys with third parties.
- ZeroDev supplies developer tooling for account abstraction wallets. By simplifying the complexity of AA implementation, ZeroDev allows developers to create custom wallet experiences for their applications, subsidize transaction costs, and batch multiple transactions for a smoother user experience.
About Slow Burn
Weekly explorations into emerging crypto trends and how to navigate 2023 from the Slow Crypto Team, Sam Lessin, Clay Robbins, and Caroline Cline.