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9.3 / 10
Cryptocurrency wallets are a critical pillar of Web3 and yet still users don’t have an option that combines security, usability and practicality. Wallets such as Metamask have risen to fame and are one of the most popular options amongst the Web3 community. Yet its users are often complaining about the lack of security when used as a hot wallet (keys in browser) and the bad usability when used with a hardware wallet (keys off browser). Moreover, they claim it has not adapted to new market demands such as seedphrase recovery with encryption, integrated fiat onramps and accurate portfolio tracking to view and manage funds across different protocols and chains.
Smart contract wallets have grown in popularity over the past months due to the extra features that they offer to users. They are a way to hold your assets in a smart contract without the need to use a traditional wallet (a.k.a Externally Owned Account or “EOA”). This allows new features as smart contracts are programmable and can increase security and functionality as opposed to holding funds in a traditional cryptocurrency wallet. Ambire wallet is a smart contract wallet that opens doors to new features in the Crypto ecosystem and aims to be the next all-in-one wallet everyone needs.
Ambire allows you to set up your wallet easily using a variety of methods such as, creating your wallet with an email address or with your existing web3 wallet such as Metamask or Ledger. This provides the ability for less experienced users to enter the web3 space without the stress associated with writing down or backing up their recovery seedphrase.
Ambire offers the highest level of security with the option to add signers to process transactions and the ability to create an encrypted back-up of your recovery seed phrase that can be saved on cloud sharing services such as iCloud/google drive without the worry of 3rd party interference. Accounts that use email and password login are actually 2/2 multi signature wallets. One of the keys is in-browser and password-encrypted and the other is on a hardware-security module (HSM) on Ambire backend. Ambire can not do anything with its share of the key without your consent and signature which makes it entirely non-custodial.
Moreover, Ambire allows integration with traditional wallets for example Metamask and also hardware wallets such as Trezor and Ledger. Existing wallets can be registered and used as signers to the smart contract wallet increasing security by requiring multiple approvals for a given transaction.
Once a user has registered using an existing wallet, they need to transfer funds out of their current wallet into the Ambire smart contract wallet. Once that's done, the user benefits from various functionalities of the smart contract wallet such as batching multiple transactions, emergency account freezing, adding daily transaction limits and also a whitelisting feature which reduces the likelihood of transferring to an incorrect address. Furthermore, users are able to add a contacts page which adds addresses that they often interact with, reducing the chances of an error even further. On top of that, Ambire stands by its commitment to provide the highest level of security by having open source code and being audited as part of the Code4arena competition.
Ambire protects users from sandwiching/frontrunning attacks by using Flashbots and Eden to avoid those common pitfalls ocurring in DeFi trading. Sandwich attacks often occur when a pair is traded and an MEV bot places an order right before the user does and then one right after. This extracts value from the individual trading by not giving them the most optimal price available on the market.
Furthermore, Ambire gives users the ability to swap tokens within the app easily without the need to switch connection and use external DEX UIs. This gives the user the ability to interact with smart contract applications without the need to worry about going to external sites and potentially avoiding the risk of running into a phishing scam. This may be advantageous to new users when bundled with email log in, as it creates a user-friendly interface which is perfect for individuals starting out in crypto.
Ambire has added a neat feature which allows users to pay gas in other tokens such as USDC, DAI or WALLET without using ETH to cover transaction fees. This means that the user is able to cover gas costs for every transaction using a wide variety of different tokens, something that no other wallet on the market currently offers.
Continuing with native in-wallet integrations, Ambire allows users to earn yield on the most popular tokens using vetted DeFi protocols like Aave and Yearn. Users can easily deposit a range of assets directly from their wallet into these protocols, hassle free.
On top, users automatically earn $WALLET, Ambire’s own native token. For example, simply holding $USDC in the wallet, users currently earn about 11% APY. If deposited into Aave they earn 2.5%** plus the additional 11% from farming $WALLET**. Needless to say that these interest rates are not constant as they fluctuate based on how many users take advantage of this liquidity mining campaign. However, Ambire has stated that it plans to let this campaign run for several years.
In addition to that, a user is able to perform cross-chain transfers by using a built in bridge integration. This means that they can move their funds across a wide variety of different L2s with the click of a button. Blockchains such as Arbitrum, Polygon, Avalanche, Fantom and BSC are supported.
Ambire cross-chain bridging is powered by SOCKET, a bridge aggregator leveraging popular bridges like Hop, Multichain, Connext and many others to offer users cheapest routes and fast transfers. No need to worry about long withdrawal periods that traditional blockchain native bridges have, for example Arbitrum’s 7 day withdrawal period.
Ambire allows users to easily connect to various external Dapps using Wallet Connect. Wallet connect is an open-source protocol for connecting wallets with dapps hassle-free. All the user needs to do is just copy the WalletConnect URL from the dapp and add it to the Ambire wallet app. With this feature, users are always connected to the Dapp as it stays permanently, not needing to reconnect unless the Dapp requires it.
In addition to all that, Ambire.com hosts a clean UI that enables the user to manoeuvre around all its features with ease. The dashboard allows the user to see all the different tokens they have in their wallet easily as well as all the protocols that they have deposited into. Enabling the user to monitor all their blockchain activity and perform transactions all within one wallet, as multiple wallets may be linked to a single dashboard.
Ambire wallet has found a way to combine the most important features DeFi users are looking for into one simple wallet and enable a high level of security. With the ability to purchase cryptocurrencies directly with fiat it serves as the steppingstone for many people with no previous crypto experience. On the other hand, Ambire gives the flexibility that any crypto veteran requires by easily integrating with various existing Web3 wallets. With many upcoming features such as the Ambire debit card offering to easily spend your crypto, there are many things to be excited about if you decide to make Ambire wallet your next wallet of choice.
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