How Pillar’s Multichain Wallet Changes the Game

Written byJack BassJuly 7, 2021
Pillar’s new multichain wallet is the first to offer low-to-no gas fees, speedy transactions, a user-friendly interface, and a community-run ethos.

Introduction

Pillar’s new multichain wallet is the first to offer low-to-no gas fees, speedy transactions, a user-friendly interface, and a community-run ethos that lets users self-govern product development and ‘learn to earn’ directly within the app.

Challenges to Multichain: Slow Speeds, High Fees

The growing popularity of decentralized apps, NFTs, and DeFi have brought more and more users to Ethereum, which resulted in network congestion throughout 2020 and 2021. And as transaction rates increase, so do the fees, even for simple daily transactions.

The Multichain Future

Many scaling solutions are springing up in response to the challenges facing Ethereum.

For example, many crypto users have turned to xDai to make all kinds of transactions, from trading and investing in DeFi products, to selling and buying NFTs and participating in DAOs.

The Binance Smart Chain (BSC) is another example that has evolved from the original Binance Chain. BSC supports the development of high-performance dApps by adding smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM).

Polygon is another protocol and framework for building and connecting Ethereum-compatible blockchain networks, combining the best of Ethereum and sovereign blockchains into a unified multichain system.

All of these sidechains and L2 networks offer users lower fees, greater stability, and faster transaction speeds.

Navigation Issues

L2 blockchain network and sidechain solutions are helping define the future of DeFi, but navigating between them is burdensome for wallet users.

For example, the journey from Ethereum into various L2 worlds involves a number of extra steps like getting ETH, converting it into another currency, and bridging it with the main sidechain provider.

Wait times can be 10 minutes or longer and involve multiple fees. Also, most of these networks operate in a silo, making cross-chain portfolio management difficult.

The Pillar Solution

The engine behind the Pillar wallet is our native Etherspot, a blockchain framework for building bridges between users and L2s and sidechains. Etherspot facilitates seamless and instant transactions with low-to-no gas fees—all from one wallet and address. 

Now users can deploy and manage wallets for all individual side chains, and their assets across chains, from one dashboard: the Pillar wallet.

Etherspot also offers a Software Development Kit (SDK) that lets developers build dApps on top of Etherspot, contributing to the broader community.

Our V2 update of Wallet Connect will also support automatic network switching, meaning wallet users can easily connect to multiple sidechains and L2 dApps and manage their entire crypto portfolio in one place.

Faster, Cost-Efficient, User-Friendly 

Batching transactions is the only way to approach cross-portfolio management. By grouping the token allowance transaction together with the user’s first actual transaction, only one fee is paid and confirmation is only required once.

This is why our DeFi wallet can offer low-to-no gas fees, speedy transactions, and an intuitive and fluid user experience.

Those new to crypto no longer have to understand the more technical aspects of DeFi to participate, and the community-run ethos behind Pillar puts users in control of the product itself.

Plus, our partner Ramp Network makes in-app fiat purchases possible on EVM chains, reducing purchase fees by 80 percent. And data-driven analytics will be provided by partner Novum Insights, a market intelligence company based in London.

Please join us on this exciting journey as we roll out new features for Pillar V2.