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Ambire Wallet

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Discover Ambire Wallet's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Ambire Wallet?

Ambire Wallet (WALLET) is a self-custodial, open-source, and hybrid smart wallet designed for Web3, focusing on DeFi and EVM compatibility. It offers a user-friendly interface, robust features like automatic gas management, hardware wallet support, and email/password authentication, making it suitable for both new and experienced users. The wallet supports over 10 EVM chains, including Ethereum, Polygon, and Binance Smart Chain, and has a native token, $WALLET, enhancing its utility within the ecosystem.

How is Ambire Wallet used?

The Ambire Wallet (WALLET) is a self-custodial smart crypto wallet designed for both new and experienced users. It offers a user-friendly interface, integrating seamlessly with the Web3 ecosystem. Key features include:

  • Gas Tank & Cashback: Users can prepay for gas fees in various cryptocurrencies, including stablecoins and native tokens, and save over 20% on gas fees. The Gas Tank also provides a "Cashback" mechanism, returning any difference between estimated and actual fees.
  • Network Fees Estimation: The wallet estimates network fees for popular actions, allowing users to check costs before executing transactions.
  • Granular Wallet Security: Ambire Wallet is open-source, audited, and follows best security practices. It supports 2-factor authentication and allows users to add or remove signer keys for granular control over the account.
  • Deposit, Swap, or Send: Users can deposit tokens and NFTs, buy crypto with FIAT, and swap tokens directly in the wallet using Uniswap. Cross-chain swaps are also supported.
  • Transaction Batching and Management: Multiple transactions can be combined to reduce fees.

Overall, Ambire Wallet provides a comprehensive and secure platform for managing crypto assets, making it suitable for both beginners and experienced users.

How do I store Ambire Wallet?

To store Ambire Wallet (WALLET) tokens, you can use the Ambire Wallet app, which supports over 19,000 cryptocurrencies across 10+ EVM chains, including Ethereum, Polygon, Arbitrum, Optimism, and more. The app allows you to store, send, and receive tokens at the same address on all supported networks. Additionally, you can hide tokens or add custom tokens as needed.

How to buy Ambire Wallet?

To buy Ambire Wallet (WALLET) tokens, you have several options:

  1. Centralized Exchanges: You can purchase WALLET tokens through a centralized exchange like Coinbase Wallet or KuCoin. First, create an account, verify your identity, and add a payment method. Then, you can buy WALLET tokens using fiat currency or by exchanging a popular cryptocurrency like USDT for WALLET.

  2. Crypto Wallets: Another option is to use a crypto wallet that supports Ambire Wallet (WALLET). Download the wallet app, create a new wallet address, and purchase WALLET tokens directly using a supported payment method. If the wallet doesn't support direct fiat-to-WALLET purchases, you can first buy a popular cryptocurrency and then exchange it for WALLET.

  3. Airdrop: Ambire Wallet also offers a continuous airdrop through which you can receive WALLET tokens.

Before making a purchase, ensure you choose a reliable and reputable exchange or wallet, and consider the fees associated with each method.

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History of Ambire Wallet

The Ambire Wallet, represented by the ticker symbol $WALLET, is a cryptocurrency token that plays a crucial role in the Ambire ecosystem. Ambire Wallet is a self-custodial, full-featured cryptocurrency wallet designed to cater to both beginners and experienced users in the crypto and DeFi spaces. It offers a user-friendly interface and innovative features like account abstraction, automatic gas management, and the ability to pay network fees in stablecoins.

Launch and Milestones

Ambire Wallet was launched on December 16, 2021, with a comprehensive set of features, including multi-account and cross-chain support, WalletConnect integration, and an NFT dashboard. Following the launch, the $WALLET token was introduced on January 29, 2022, through a Huobi Primelist event, where 6 million tokens were sold in two hours.

Key Developments
  • Mobile App: The mobile app for Ambire Wallet was planned to be released in 2022, supporting the same features as the web app, with additional features like biometric authentication and iOS Secure Enclave integration.
  • WalletDAO: The WalletDAO, a decentralized autonomous organization, was introduced to govern Ambire development and integrations. It allows $WALLET token holders to vote on featured plugins and conduct security assessments, making it a community-governed platform.
  • Card: A semi-custodial card was planned for release in 2022, allowing users to deposit funds into a vault and access them at any time, with the option to manually repay blocked amounts.
  • Plugins & WalletDAO Integration: In the fourth quarter of 2022, Ambire aimed to integrate its plugins system with the WalletDAO, enabling token holders to vote on featured plugins and conduct security assessments.
Current Status

Today, Ambire Wallet is available on web, iOS, and Android platforms, offering a seamless user experience and robust features like automatic gas management, hardware wallet support, and human-readable transaction information. The wallet supports over 10 EVM chains, including Ethereum, Polygon, Arbitrum, and others, making it ideal for both new and experienced users in the crypto space.

Governance and Utility

The $WALLET token serves as a governance token, allowing holders to vote on future developments and proposals, incentivizing usage through token distribution, and providing referral bonuses and gas rebates. It also plays a key role in the WalletDAO, determining the future of the Ambire Wallet product.

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How Ambire Wallet works

The Ambire Wallet is a unique crypto wallet that leverages smart contract functionality to provide users with a secure and user-friendly experience. Here's how it works:

Account Creation

Creating an Ambire Wallet account is straightforward. You can sign up using an email address and a password, similar to any other online service. This approach eliminates the need to download a browser extension or set up a separate wallet app. The wallet is accessible directly through the official website, making it more convenient and secure.

Wallet Management

Ambire Wallet stands out from traditional hot wallets due to its smart wallet design. It allows users to manage their cryptocurrencies without the need for a browser extension or a separate app. Instead, users can access their wallet through the website, using their email and password. This design also enables an alternative method of securing cryptocurrencies, aside from traditional private key creation.

Security Features

Ambire Wallet prioritizes security by offering a backup feature for users' keys. If a user forgets their password, they can restore their key through a 3-day time-locked transaction. This ensures that users can recover their wallet even if they lose access to their key.

Wallet Address

One of the key benefits of Ambire Wallet is its universal wallet address. This means that users can receive various crypto assets, including ETH, BSC tokens, and AVAX tokens, to the same address. The wallet supports multiple networks, making it a versatile tool for managing different cryptocurrencies.

Sending and Receiving Crypto

Sending and receiving crypto assets with Ambire Wallet is a seamless process. Users can deposit cryptocurrencies from another wallet by copying and pasting the Ambire Wallet address or scanning a QR code. The process is straightforward and does not involve confusing interfaces or buttons.

Native Token (WALLET)

The native token of Ambire Wallet is WALLET. This token serves multiple purposes, including staking for passive returns, liquidity provision, and trading. It also allows users to participate in the WalletDAO, a decentralized autonomous organization that governs the development and management of the Ambire wallet ecosystem.

WalletDAO

The WalletDAO is a fully-fledged DAO system that oversees the Ambire wallet. It has its own treasury, tokenomics, and proposal submission processes, ensuring that users have a say in the wallet's development and governance.

User Benefits

Users of the Ambire wallet can receive WALLET tokens simply by keeping their funds in the wallet. This incentivizes users to store their cryptocurrencies in the Ambire wallet, further enhancing its ecosystem.

Overall, the Ambire Wallet offers a unique blend of security, user-friendliness, and versatility, making it an attractive option for those looking to manage their cryptocurrencies effectively.

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Ambire Wallet's strengths

The token Ambire Wallet (WALLET) has several strengths:

  1. Rewarding Users: The WALLET token is designed to reward Ambire Wallet users. It can be used for personal financial gain through staking, liquidity provision, and trading, earning passive returns over time.

  2. Governance: The WALLET token enables governance through the WalletDAO, a decentralized autonomous organization that makes decisions about the wallet's development and governance. This DAO has its own treasury and proposal submission processes, ensuring community involvement in the wallet's future.

  3. Native Token Benefits: Unlike many other tokens, WALLET serves a wide array of essential functions within the Ambire Wallet ecosystem, making it a vital part of the platform.

  1. Staking and xWallet: WALLET holders can stake their tokens in a single staking pool, earning xWallet tokens that represent their share in the pool. This staking pool has a lock-up period of 20 days and allows for immediate unstaking if needed.

  2. WalletDAO Treasury: The WalletDAO treasury is managed by a multisig controlled by delegates and consists of a significant token allocation and revenues from transaction fees and swaps. This treasury is used to fund proposals voted on by the DAO.

These strengths highlight the WALLET token's importance in the Ambire Wallet ecosystem, providing users with various benefits and a say in the wallet's governance.

Ambire Wallet's risks

Ambire Wallet (WALLET) faces several financial risks that are inherent to digital wallets. These risks include:

  • Financial Loss: Users are susceptible to financial loss due to various security breaches, such as unauthorized transactions or theft of assets.
  • Identity Theft: Malicious actors can steal sensitive user information, leading to identity theft and potential financial fraud.
  • Reputation Damage: Security breaches can damage the reputation of Ambire Wallet, leading to a loss of user trust and potential financial consequences.

Additionally, Ambire Wallet is also vulnerable to specific threats such as:

  • Private Key Breaches: Weaknesses in private key storage can result in direct financial loss.
  • Social Engineering: Users can be tricked into divulging sensitive information, leading to unauthorized access to their assets.
  • Data Transmission Risks: Intercepting data between the application and backend services can reveal sensitive information.
  • Device Compromises: Jailbroken or rooted devices are particularly vulnerable to attacks.
  • Third-Party Service Risks: Vulnerabilities in third-party libraries and services used by the wallet can be exploited by attackers.
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Did Ambire Wallet raise funds?

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Ambire Wallet's ecosystem

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Ambire Wallet’s team

  • Ivo Georgiev: Co-founder and CEO of Ambire Wallet, leading a team of skilled developers and designers to build innovative products for the crypto space.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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