Radix showed a demo of the new Radix wallet during the RadFi 2022 livestream. The new wallet offers a mainstream-ready user experience for DeFi. This demo was een preview of what will be release with Babylon, but Matthew Hines (CPO) has already mentioned on Telegram that not all of it will be in version 1, yet. Nevertheless, what we saw was pretty mind-blowing.
Required technologies for a user-friendly DeFi wallet
To offer a good DeFi user experience, Radix integrates five technologies into the network which the new wallet can leverage:
- Smart Accounts
- Personas
- Radix Connect
- Native assets
- Transaction manifests
Smart Accounts
Smart Accounts are Radix’ replacement for seed phrases and it aims to tackle the problem of losing your seed phrase, or only having a single key to access your funds. Smart Accounts aren’t just an address. They are functional containers for assets that have multi-signature signing and multi-factor recovery built-in on the network, even supporting Yubikey directly on-ledger. Since these features are integrated into the network, the Radix wallet can rely on them.
Personas
Personas are a way to login to dApps with one of your identities. They are basically Smart Accounts for identity, using the same on-ledger security features, such as the multi-factor recovery. Thanks to Personas you can do password-less login to dApps with a tap on your phone.
Radix Connect
With Radix Connect you connect your desktop with your phone to login to dApps, approve transactions, etc.
Native assets
On Radix, assets are first-class citizens. They have defined behavior that is safeguarded by the Radix Engine. The tokens reside in your wallet, not in a smart contract, and opposed to smart contracts, tokens on Radix cannot have unexpected behavior. The Radix wallet wil be able to utilize the token’s metadata to provide a better experience in the wallet.
Transaction manifest
Transaction manifests remove the dangers of blind signing in wallets such as MetaMask. A manifest defines exactly which steps will happen in a transaction and the wallet presents you with these steps so that you can clearly see what you should expect. Thanks to atomic composability, you can be assured that the transaction happens completely as presented, or it will fail completely. Even better: you can add your own rules such as “I want at least 98% of the estimated return, otherwise don’t let the transaction go through.”
Wallet interface
The new wallet opens with an overview of your accounts showing your balances and tokens in those accounts. When you open one of your accounts, you will see four tabs:
- Tokens
- NFTs
- LP tokens
- Badges
The tokens tab will show you all regular tokens you own and because tokens are native and in your wallet, you can be assured that the information is correct and not manipulated by a smart contract.
Because NFTs are, like other tokens, native to the network, the wallet will be able to display your NFTs with its metadata directly in your wallet.
LP tokens are also neatly grouped per dApp from which you received them. Along with these, you will find tokens that represent your staked XRD, thanks to liquid staking, which will also be introduced with Babylon.
Badges are a means of authorization. You might have to present a badge to make a withdrawal, for example. In the RadFi wallet demo, a badge is used to claim royalty rewards from a music album investment, alongside with an NFT that proves you are a funder of that music album.
Watch the full demo
We really recommend watching the full demonstration to get a grasp of what Radix and the wallet will offer for DeFi. Our minds were blown.