What is WalletFi?
WalletFi is a narrative surrounding enhanced smart wallet applications that prioritize high security and improved user experiences through account abstraction technology. Smart wallets also integrate financial tools, allowing users to lend, borrow, swap, and more like on traditional exchanges while retaining full control over their assets.
What is Account Abstraction?
Account Abstraction is a breakthrough technology that simplifies on-chain operations and enhances security. Unlike traditional wallets, where users have to manage multiple private keys and interact directly with smart contracts, Account Abstraction introduces a layer of abstraction, eliminating these complexities. This approach not only simplifies the user experience but also reduces the risk of errors and security breaches.
Holdstation and Account Abstraction
Holdstation was built as a “native project” of the zkSync ecosystem, inheriting core values and Account Abstraction technology of this layer-2 protocol:
- Paymaster: allows users to pay gas fees with stablecoins like USDC/USDT across all activities and experience gas-free trading positions, including Crypto ($5,000), Forex ($20,000), and Commodities ($20,000).
- One-click Trading: enables fast and low-cost transactions by batching multiple transactions into a single proof and submitting them to the Ethereum network.
- Spending Limit: set maximum spending amounts for transactions, preventing unauthorized access and potential losses.
- Social Login: allows users to create accounts using their existing social media credentials. This eliminates the need for lengthy KYC procedures and complex seed phrase management, making it easier for newcomers to enter the DeFi space.
- Seedless Recovery: users can break down their encrypted seed phrase into multiple fragments, storing them separately for enhanced security.
Holdstation DeFutures: PerpDex with leverage up to 500x
Holdstation DeFutures is a decentralized derivatives exchange offering a wide range of trading options, including cryptocurrencies, forex and commodities, with leverage up to 500x. Holdstation DeFutures offers users many advanced technologies such as:
- Dynamic Price Feed (DPF): ensures accurate pricing for all assets traded on the platform by calculating an accurate average price for all assets from spot oracles of centralized exchanges. This helps to ensure that the pricing data is as accurate and reliable as possible.
- Batch Transaction and Paymaster: allows users to trade with just one click and pay gas fees with stablecoins, offering experiences similar to a centralized exchange like Binance, OKX.
- Referral Program: Users can earn up to 70% of trading fees from friends they invite.
- Holdstation Launchpad: provides a fair mechanism for everyone to participate in token sales without complex conditions. Users all have an equal opportunity to join token purchases regardless of the size of their investment.
Other Features
- Direct Revoke: Similar to revoke.cash but users don’t have to connect the wallet to a third party.
- Contract Scanner: Holdstation integrates a De.Fi contract scanner, providing users with an early warning system for potential malicious smart contracts. It scans smart contracts for suspicious code, alerting users before they engage in a potentially risky transaction.
- In-app Browser: Interact with dApps directly in Holdstation.
- Aggregator Swap: Powered by KyberSwap and Syncswap, providing users with the best possible prices for swaps.
- Low fees: 0.2% for swaps, significantly lower than other popular DeFi wallets (0.4% – 0.875%).
- Self-custodial: users have full control over their assets.
- Free Trading: Holdstation will cover gas fees for certain popular trading pairs.
- Dual-Tokenomic: Holdstation applies the Dual-Tokenomic model with two main tokens $GOLD and $uGOLD.
Tokenomic
$GOLD is an off-chain token that enables holders to participate in the decision-making process through voting on DAO proposals, real yield farming and multiple fees discount.
$uGOLD is an on-chain token that facilitates the conversion of GOLD Reward Points to uGOLD, which can then be used to trade and transact on the platform, pay fees, etc.
$HOLD is the governance token of the Holdstation ecosystem. HOLD holders can participate in the DAO and vote on decisions of the project. 40% of Holdstation revenue is shared with HOLD stakers.
HOLD tokenomic:
- Initial Circulation Supply: 5,173,500 HOLD (17.25%)
- Intial Market Cap: 5,173,500
- Total HOLD Supply: 30,000,000 HOLD
- Allocation:
Impressive growth
After more than a year of launch, Holdstation has achieved notable milestones:
- Total users: 76,000
- Total trading volume: $440,000,000
- Total fees collected: $292,000
- Total number of transactions: ~300,000 txns
- Total number of AA wallets: 22,000
- Funds 4.1 $ETH gas fees for users
- Gas fees paid by users in stablecoins: ~2.6 $ETH
Holdstation ranks 2nd in protocols by fee/revenue and 1st in derivatives protocols by fee/revenue on zkSync.
Final words
Holdstation is a smart wallet driven by Account Abstraction technology, providing a better user experience and higher security than traditional wallets. Holdstation also integrates the DeFutures decentralized derivatives exchange with leverage up to 500x, offering users with a variety of trading options. It can be said that Holdstation is a potential candidate in the WalletFi trend with outstanding features and impressive growth in recent times.