DeFi's (decentralized finance) entrance to the cryptocurrency scene has forced users, for the first time, to create special wallets that could interact with decentralized markets. We often call these new wallets offline wallets, web wallets, Web3 wallets, decentralized wallets, 3rd party wallets, etc. They come in the form of extensions on popular web browsers, like MetaMask for instance, but eventually, developers have found a way to design mobile wallets in such a way that they provide direct access to online decentralized applications - as seen in the case of 1Inch Wallet.
1Inch primarily owes its reputation to the 1Inch DEX liquidity aggregator, which at times used to rank among the top 5 DEXs. In 2021 the protocol's developers have decided to push for higher DeFi adoption rates and more flexible accessibility up a notch by creating a new lightweight wallet designed to tackle crypto's most painful vector, user experience.
In this review, we will find how 1Inch Wallet works and how it assists newbies in rushing into DeFi headfirst without suffering headaches. Our goal here is to provide you with an objective understanding of the wallet, including its pros and cons. To start, let's answer the first question: What is 1Inch Wallet?
What is 1Inch Wallet?
1Inch Wallet is a mobile wallet developed by Anton Bukov and his team of blockchain devs, creators behind the decentralized exchange (DEX) of the same name. The wallet is designed to provide investors with effortless access to the enormous DeFi market, and it does so by packaging a fast and secure crypto wallet with token swapping functionality provided by the 1Inch DEX aggregator into a light and portable mobile application.
Users can use the wallet to store, trade, and transfer cryptocurrencies. But which ones? 1Inch wallet currently supports two major networks: Ethereum and Binance Smart Chain. It is worth noting that this ecosystem includes more than 70 protocols and $19 billion in liquidity.
There is one small caveat accessibility-wise. At the time of writing, the 1Inch Wallet is exclusively available on iOS devices. Although an Android version is planned for launch and is 'coming soon' per the official website, the team has not disclosed an official release date so far. As one can presume, this leaves out a significant portion of the community.
Nevertheless, we can still review the version that we have on our hands in order to test and acknowledge the wallet's superiority. So to start, let's start with the app's features and user interface.
1Inch Wallet - Features and User Interface
The 1Inch Wallet is a lightweight and portable mobile wallet available to iOS users that enables them to:
The app is divided into three main compartments. While at the first tab, investors see their portfolio, its live valuation, and the individual assets owned. From here, you can also send cryptocurrencies or receive them, as well as take a look at your transfer history.
At the second tab, users access 1Inch's liquidity aggregator. The built-in DEX offers users liquidity from the Ethereum and Binance Smart Chain networks. Just as on the 1Inch DEX itself, users can swap tokens at the best rates possible.
The key difference is that in this case, we do not have to access the DEX online or interact with it after subsequently connecting to 1Inch with a 3rd-party wallet. In fact, swapping tokens is conducted by trading directly from the wallet. And when one does interact with DEXs other than 1inch, users are granted flexibility by relying on WalletConnect to connect with other DeFi decentralized exchanges, lending platforms, yield farming protocols, and so on. What's more important is the fact that transactions are approved and signed instantaneously both when interacting with the built-in DEX or other dApps via WalletConnect.
There are a few special features granted by Apple's OS design. For example, users enjoy an admirable level of security thanks to Secure Enclave, a physical subsystem on Apple's chips dedicated to harboring security. This infrastructure layout keeps sensitive user information isolated from the rest of the chip. We won't head into the technicals but what this effectively means is that users have no reasons to be scared of a hack or another digital security vector, considering that Secure Enclave is enabled by default.
Secondly, users can securely backup their wallet's data to Apple iCloud. This allows them to download and effortlessly access the 1Inch Wallet on another device. The last minor, and perhaps most useful, feature is the wallet's push notifications. Wallet holders who also own Apple Watch devices can receive push notifications and approve transactions without having to log in every time or have their smartphone on hand.
By reviewing the 1Inch Wallet we have reached an obvious conclusion. The wallet is heavily focused on minimalism, designed to provide the barebones for beginners who have clear intentions to join the DeFi market without wasting too much time on setting up a wallet or dealing with learning how to use a new one.
For all it's worth, the app does offer everything one needs. It is possible to swap, store, and transfer tokens with ease. We were even surprised to find out there is a staking feature, albeit limited solely to the 1Inch token.
Taking the aforementioned factors in mind, the 1Inch team has mastered the art of convenience by creating one of the simplest blockchain wallets in the market. What it lacks in complex features, it makes up with a level of minimalism and great user experience that aids even the newest DeFi explorers with their journey. But we will not end this review without any criticism. Considering the fact that 1Inch is a serious competitor that has, at times, broken records, seeing that there is still no Android version of the wallet is incredibly disappointing. Without knowing a release date or potential timeframe for the app's launch on non-iOS devices, anyone in dire need of a wallet will, without a doubt, set up MetaMask or other notable solutions such as Atomic and Trust Wallet.