Synthetix Founder Re-Entrepreneurship Launches User-Friendly Multichain Wallet

Synthetix is a derivatives protocol deployed on multichains such as Ethereum, OP, ARB, and BASE. As one of the earliest DeFi projects, its TVL once reached 6 billion USD. Recently, a new wallet project initiated by the founder of Synthetix has attracted the attention of the community.

This new wallet is a non-custodial multichain wallet without private keys. Users can register and recover their wallets using their email, and also use Google Authenticator for two-factor authentication. While reducing the usage threshold for users, it ensures decentralization and aims to create a wallet product that is more suitable for ordinary users.

The reason for launching such a user-friendly Wallet may be that the founders realized the barrier to entry for ordinary users participating in DeFi was too high while operating Synthetix. Traditional users often encounter difficulties at the step of registering a cryptocurrency Wallet, as the concepts of private keys and mnemonic phrases are relatively unfamiliar to them, and once lost, funds cannot be recovered. Therefore, the goal of this new Wallet project is to attract more non-cryptocurrency users into the DeFi world.

As the second startup project of the founder, this Multichain Wallet has received support from numerous well-known institutions and individuals in the industry. Investors include top institutions such as Bankless Ventures, Framenetwork Ventures, Wintermute, Solana Ventures, as well as industry veterans like Solana founder Anatoly Yakovenko, BeraChain co-founder Smokey, Frax founder Sam Kazemian, and Kaito founder Yu Hu, among dozens of others.

The financing method of this project is quite unique, using NFTs for fundraising, and all investors, whether institutional or individual, enjoy the same price and circulation method, reflecting the concept of a fair launch.

Currently, this Wallet has launched several interesting features:

1. Vault: When users are unable to retrieve assets through conventional means, they can recover funds via an alternative vault address. Users can use their Google or Apple accounts as off-chain identity verification; once verified, they can restore their account, and funds will be returned to the pre-set vault address. Currently, EVM and Solana addresses are supported.

2. Swidge: A convenient cross-chain exchange and trading feature that supports asset exchange and trading between major EVM chains and multichain assets like Solana. In the future, it will also support assets like BTC, DOGE, and XRP.

3. Earn: Selected and combined yield protocols on the SOL and ETH chains, users can participate in multiple yields with one click. Currently, the highest APY is MSOL (Stake SOL wrapped by the Marinade protocol), with a SOL-based annualized rate reaching 9.76%, a 30-day average APY of 8.35%, and a TVL of approximately $603 million.

4. Bullrun: This is a points game section where users can open 5 cards every 24 hours, with each card representing a cryptocurrency. If the corresponding currency rises by 1%, the user earns 100 points; if it falls by 1%, the user loses 100 points. Participation requires an account to hold assets worth more than 50 dollars.

5. Airdrop: As part of the early promotion strategy, the Wallet provides various airdrop rewards to early users.

The project conducted four rounds of community financing from September 20 to 24, 2024, with the financing medium being "Patron NFT". All investors, whether institutional or individual, participated in the investment at the same price and unlocking method. There are three pricing options for Patron NFT: $5000 per piece (no lock-up), $3000 per piece (12 months linear release), and $1250 per piece (locked for 12 months, then 24 months linear release).

In the end, a total of 43,244 Patron NFTs were sold, raising $67.69 million. Among them, 25 strategic investment institutions purchased 31,575 NFTs, 6 foundations bought 2,071 NFTs, and 1,601 community members purchased 9,598 NFTs. Holders are spread across 88 countries and regions worldwide, with the highest proportion of users from Europe and Asia, reaching 67%.

In terms of token economics, the total number of Patron NFTs is 100,000, allocated as follows:

• NFT Sales: 43.24%
• Activity Incentive: 10% (5.81% released, 4.18% to be released)
• Core Working Group: 20% (TGE locked for 12 months, then linear release over 24 months)
• Ministry of Finance: 26.75% (for ecological construction expenditure)

Ordinary users can participate in the project through the following ways:

1. Experience the wallet features and participate in the points game to gain airdrop opportunities. It is recommended to deposit assets of no less than 50 dollars for each address.
2. Buying Patron NFTs on secondary markets (such as Opensea and Blur) is equivalent to directly participating in early investment.
3. Content creators can pay attention to the project's activities on the Kaito platform.

This innovative Wallet project aims to lower the barrier to entry for DeFi participation through user-friendly design and diverse features, attracting more ordinary users into the cryptocurrency world.