As the Avalanche (AVAX) ecosystem is about to begin its expansion, Ava Labs introduces the Core wallet. The wallet is designed to provide a user experience optimised for the arrival of the Subnets that will make up the network
Core, the new wallet dedicated to the Avalanche ecosystem
Ava Labs, the company that develops the Avalanche blockchain (AVAX), is about to release a new wallet, specially designed for browsing on its network. Avalanche is not just a blockchain. Although the network is still in its infancy, Subnets will eventually give rise to a set of interconnected blockchains, each with its own specificity.
While until now, digital wallets such as MetaMask or Frame were sufficient to connect to the C-Chain, the blockchain compatible with the Ethereum Virtual Machine (EVM), this will no longer be the case when the network reaches maturity.
Indeed, Ava Labs would like each subnet to be dedicated to a particular application. This would make the network run more smoothly, reducing costs to a minimum and increasing the speed of the network considerably. This is why a wallet named Core, specially designed for the Avalanche ecosystem, has been created:
Announcing the launch of Core, a high-powered, non-custodial wallet engineered specifically for apps on Avalanche, including subnets and next gen Web3 projects.
Developed by @avalabsofficial, Core will include both a mobile wallet and browser extension.https://t.co/y7epk6LoeU
– Avalanche (@avalancheavax) March 22, 2022
According to Nick Mussallem, Product Manager at Ava Labs, Core will not just be a digital wallet, but a full-fledged operating system specifically designed for ease of use and mass adoption. From early reports, we already know that it will offer the following features:
- Compatibility with a Ledger hardware wallet;
- Display of non-fungible tokens (NFT) visuals;
- Token swap with Paraswap integration;
- AVAX purchase with MoonPay integration;
- An address book;
- The ability to derive a private key to create multiple public addresses from it.
While most competing wallets also support many of the above features, the Paraswap integration may be a very interesting addition, but we’ll have to wait for more information.
A two-step launch
The Core Wallet will be available in two versions, one as a web browser and one as a smartphone application. Given that the web version was announced for the end of the month, we can logically expect it to be launched between now and next week. If at least the deadlines are met.
The application, for its part, is scheduled for the beginning of the second quarter, which is potentially during April, but this remains speculative.
Beware of the security dimension, if the smartphone application does not support Ledger (we don’t know anything about it yet), we strongly recommend that you limit yourself to the web version, but that’s your choice.
According to DefiLlama, Avalanche is the fourth largest network in terms of total value locked into DeFi protocols, with $10.6 billion.
The announcement of the Core wallet comes as the Avalanche ecosystem continues to grow and has a lot of room for improvement compared to Ethereum (ETH). Indeed, the latter has over $120 billion of assets locked in DeFi applications and is still far ahead of it.
