The field of web3 non-custodial wallets just gained a new contender from an old face. SWIFT is the product of Trust Wallet, one of the longest established and most popular crypto wallets. It’s now unveiled the beta of its new product: SWIFT. The user-friendly wallet, which is incorporated into the Trust app, makes use of account abstraction, the latest tool being leveraged to simplify web3 onboarding.
Wen SWIFT?
It’s no secret that getting started in web3 can be confusing, as anyone who’s tried introducing a nocoiner friend to crypto will attest. What seems simple to long-term users, such as seed storage and authentication, can be downright confusing to new users, who’ve never encountered such technology. SWIFT has been designed to overcome many of these challenges, particularly when it comes to seed phrase and private key management.
According to Trust Wallet CEO Eowyn Chen, “By integrating account abstraction technology with practical, yet secure key management solutions, we anticipate a significant upgrade in user experience, pre-empting a surge in web3 adoption when a potential bull market is around the corner.” The decision to release SWIFT as a complementary wallet, inside the Trust app, will ensure that Trust’s existing securitization method as favored by 80 million users can be retained while tapping into the many benefits afforded by account abstraction. SWIFT is currently available in public beta at present with the full release of the wallet set to follow.
Seven Chains That Work as One
One of the key differentiators between Trust Wallet and SWIFT is that the latter is a smart contract wallet. This means that its parameters are governed by blockchain-based code that’s written in Solidity. SWIFT supports seven EVM chains initially in the form of Arbitrum, Polygon, BSC, opBNB, Base, Optimism, and Avalanche and there’s the promise of more to come.
Among other things, account abstraction enables gas abstraction, allowing new users to make their first transaction without holding the network token, usually ETH, to pay network fees. To facilitate this with SWIFT, Trust has enabled its own native token, TWT, to be used to cover gas, complete with a subsidy to further reduce costs.
While SWIFT is only the latest in a string of web3 wallets to be released that make use of account abstraction, it’s the first to come built inside an existing wallet. While the concept may seem unorthodox, it makes sense in this context given Trust’s unusually high number of active users. The proficiency of these users varies greatly, from the barely crypto-literate to the OGs that need no introduction to how blockchain works.
The greatest beneficiaries of SWIFT are likely to be new users seeking to branch out and do more than simply hodl. Making the step from a passive investment strategy to a dynamic one that involves interacting onchain can be daunting. Trust hopes its new web3 wallet will ease that transition, helping its existing users expand their horizons and unlock new opportunities for growing their digital wealth.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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