[REDACTED] 2024 | Workshop Launching HOT Protocol on Mainnet

Summary

Nick, co-founder of Hot Wallet, introduces their multi-chain wallet integrated with Telegram, aiming to simplify blockchain interactions. Hot Wallet supports seamless cross-chain transactions, with a user base of 30 million and growing. The protocol’s innovative features include fast bridging, a token-to-earn mechanism, airdrops, and strong security via MPC technology. Hot Wallet’s impact on the Near ecosystem is significant, handling nearly half of all Near transactions and onboarding 50,000 new users daily. The presentation highlights upcoming products like a browser extension and marketplace, positioning Hot Wallet as a decentralized platform like Binance, but with a focus on user accessibility and Web3 adoption.

Takeaways

• 😀 Hot Wallet is a multichain wallet integrated within Telegram, allowing easy access to blockchain services with just a few clicks.
• 😀 The app has over 30 million users, including 5 million monthly active users, and ranks consistently in the top DApps on DApp Radar for unique active wallets.
• 😀 Hot Wallet is expanding its ecosystem with new products, including a browser extension and an NFT marketplace.
• 😀 The Hot Bridge feature allows seamless, low-cost bridging between networks in under 30 seconds.
• 😀 Hot Wallet is deeply integrated with the Near ecosystem, onboarding 50,000+ new accounts daily and processing nearly 50% of Near's transactions.
• 😀 Hot Wallet has launched successful NFT collections, including a recent one with Near, which sold out 3,000 NFTs in 91 seconds.
• 😀 Hot Wallet’s vision is to create a decentralized platform similar to Binance, but with Web3 principles, having already implemented chain signatures and omni tokens for gas-free swaps.
• 😀 The app utilizes a 'Task-to-Earn' mechanic, allowing users to earn tokens by completing tasks, which has led to the rapid onboarding of millions of users.
• 😀 Hot Wallet uses Multi-Party Computation (MPC) technology to ensure secure, encrypted transactions, where no validator has full access to a user's wallet or transaction details.
• 😀 Developers can integrate with Hot Wallet via APIs for smart contracts, a Wallet SDK, and browser extensions, making it easy to build on the platform.
• 😀 Users can earn 'firedrops,' which are on-chain rewards that can be withdrawn across multiple chains, providing an innovative way to distribute tokens and engage with the community.

Q & A

What is Hot Wallet, and how is it different from its previous version, Here Wallet?

Hot Wallet, formerly known as Here Wallet, is a multi-chain wallet integrated within Telegram. Unlike its previous version, Hot Wallet now supports multiple blockchain networks and aims to build the Hot Protocol for broader ecosystem expansion, including new products like the browser extension and a marketplace.

What are the key metrics that Hot Wallet has achieved so far?

Hot Wallet has reached 30 million total users, with over 2.5 million users holding a $1 balance and 5 million monthly active users. It has also been ranked in the top 1 or 2 on DappRadar for unique active wallets for the last 8 months.

What are the primary products currently offered by Hot Wallet?

Currently, Hot Wallet offers the Hot Telegram Wallet, which is a multi-chain wallet within Telegram, and Hot Scan, an explorer for the Hot Protocol. Additionally, Hot Wallet is preparing to launch a browser extension and a marketplace for selling user accounts.

How does the Hot Bridge work, and what are its benefits?

The Hot Bridge is a fast cross-chain bridge that allows users to transfer assets between different blockchain networks in under 30 seconds with low gas fees. It is integrated directly into the Hot Wallet for easy access.

What impact does Hot Wallet have on the NEAR ecosystem?

Hot Wallet plays a significant role in the NEAR ecosystem, onboarding 50,000 new accounts daily and covering over 50% of all transactions within the NEAR blockchain.

What is the 'T to Earn' mechanic mentioned in the presentation, and how did it contribute to Hot Wallet's growth?

The 'T to Earn' mechanic is a user acquisition strategy that allowed Hot Wallet to rapidly onboard users from Web2 to Web3 by rewarding them with tokens for completing tasks. This contributed to Hot Wallet’s growth from 200,000 to 30 million users in just 8 months.

What are 'firedrops,' and how do they work within the Hot Wallet ecosystem?

Firedrops are airdrops distributed within Hot Wallet, where influencers or users can send tokens to others as a form of reward. These tokens can be withdrawn across multiple supported blockchains like NEAR, BNB, and Solana, allowing for flexible use.

What blockchain networks does Hot Wallet currently support?

Hot Wallet currently supports NEAR, Ethereum, Solana, Tron, Binance Smart Chain (BNB), and other EVM chains, with plans to support more chains in the future.

What security measures does Hot Wallet employ to protect users' funds?

Hot Wallet uses Multi-Party Computation (MPC) for secure wallet management. Validators are not privy to users' full addresses or transaction details. Additionally, all messages between users and nodes are end-to-end encrypted, and users can restore their addresses and signatures locally.

What tools does Hot Wallet offer for developers?

Hot Wallet provides a variety of developer tools, including APIs for smart contracts, a Wallet SDK, and wallet extensions to integrate with the Hot Protocol. These tools are available for developers interested in building on the Hot Wallet ecosystem.