The Heartbeat of Cardano.

GeroWallet: Your Master Key to DeFi

One year after the launch of GeroWallet, I will tell you about the current status and evolution of this complete Cardano native wallet.

The GeroWallet development team chose the name in honor of Gerolamo Cardano, who was an Italian Renaissance physician and mathematician, astrologer, and a student of chance, (September 24, 1501 – September 21, 1576).

GeroWallet is a Web3 wallet, which in addition to traditional functionality, provides users with the ability to purchase digital assets using fiat money. GeroWallet also allows users to trade, delegate and margin trade synthetic assets.

In addition to the browser extension version, Gerowallet will also be a desktop and mobile app wallet.

Blockchain adoption introduced Web3 wallets and other DeFi (Decentralized Finance) that provide alternative solutions to the current financial system. However, DeFi has a high barrier to entry due to the steep learning curve, which prevents a significant number of people from taking advantage of these products.

The mission is to create the “ultimate Cardano wallet” that features cross-chain and multi-chain compatibility, and enables people to access DeFi technology, by integrating with sister protocols and additional decentralized applications.

The breakthrough in DeFi starts with the friendly interface, and that is where the true power of GeroWallet lies, which will provide essential DeFi tools for both new and experienced users, with a user-centric, feature-rich, secure and easy-to-use interface.

The multi-chain mission seeks interoperability with other blockchains, as it moves towards multi-chain support. The first will be Nervos Network, an open source public blockchain ecosystem, with a collection of protocols that create the foundation for a universal public network similar to the Internet.

Thus, GeroWallet users will have access to the Nervos blockchain, being an excellent early option, since Cardano has a partnership with this blockchain and shares the same vision of interoperability: Nervos partnership to build the first cross-chain bridge with Cardano.

How It Works

GeroWallet provides a multitude of integrations and then chains these integrations together in the back-end, to ensure superior functionality. Let’s demonstrate this with some simple examples.

Case 1 – Buy/Swap Cardano Native Tokens with Fiat Money.

Service A: integration with a fiat ramp to buy/sell native ADA.

Service B: Integration with a Cardano DEX, such as CardSwap, to exchange native tokens.

The chaining of A with B under the hood provides a seamless UI for the user to purchase Cardano tokens directly with fiat.

Case 2 – Deposit Your Fiat Money to Earn Interest.

Service A: integration with a fiat ramp to buy/sell native ADA.

Service B: Integration with CardSwap to exchange ADA for stablecoins on Cardano.

Service C: Integration with an interest rate protocol similar to AAVE (liquidity protocol running on Ethereum) to deposit stablecoins with yield on Cardano.

Case 3 – Buy Global Stocks and Precious Metals with Fiat Money.

Service A: integration with a fiat ramp to buy/sell native ADA. 

Service B: integration with a synthetic asset protocol on Cardano.

Various complex but much-needed use case requirements are provided to unlock the full power of decentralized finance for average and experienced users.

The Security

Non-custodial wallets represent the highest level of privacy and security for every blockchain user, but they can be easily compromised if a user interacts with an exploitation contract that requires the wallet to connect to a DeFi platform, or reveals their keys of security. 

A hardware wallet, which is also non-custodial, offers superior security compared to a web or mobile wallet app as the physical device never interacts with the internet and the private keys are stored offline. The Gerowallet team has developed compatibility with Ledger and Trezor. With the 1.9.0 update, users will have the option to create a new wallet that is linked to a hardware wallet of choice. Once successfully linked, users will be able to perform regular tasks such as token transfers and contractual interactions through the Gerowallet interface and approve transactions in hardware. How to link GeroWallet to a hardware wallet?

The Tokenomics

$GERO is the native token of the GeroWallet platform. It was originally available as an ERC-20 token on Uniswap, which was connected to Cardano with the Alonzo Hard Fork.

$GERO comes with 4 main utilities.

  1. Delegate $GERO to receive a portion of the platform fee that is collected from the various services provided through the wallet integrations.
  2. Delegate $GERO to certain set amounts to enjoy fee discounts on a variety of services offered in the wallet.
  3. Delegate the appropriate amount of $GERO tokens to be eligible for a premium tier, which will unlock various features of the wallet, including but not limited to detailed wallet analytics, tracking mechanisms, and alerts.
  4. $GERO will be the governance token for the platform that allows users to decide the address and parameters of the wallet functions. This includes, but is not limited to fees and rewards.

Additionally, $GERO plans to be the token used for all Cardano transaction fee payments made via GeroWallet.

The issuance of $GERO will be for a total of 500 million. The initial working capital market capitalization was estimated at $700,000, with $300,000 locked up for liquidity at launch.

  • Private sale accounts for 36% of total tokens, for 12 months
  • IDO (Initial DEX Offering) accounts for 7% of total token supply and is unlocked at launch.
  • Advisors will receive 3% of total tokens for 12 months.
  • Liquidity is made up of 4% of total tokens and is unlocked at launch
  • . Team and developers will receive 20% of total token supply for 24 months.
  • Ecosystem and community rewards will hold 30% of the total token supply, ideally awarded over 54 months.

 Sales include:

  1. Private sale of $977,778 at $0.005, 15% unlocked at TGE (Token Generation Event) followed by a linear daily unlock between months TGE +3-12 (179.6M tokens; 36% of total token supply). 
  2. IDO of $300,000 at $.008 with max allocation based on tiers, 100% Unlocked at TGE (36.9M tokens; 7% total token supply).

From April 30: $GERO/ADA pairing is now live on SundaeSwap! 

From May 4: $GERO/ADA pairing is now trading live on MinswapDEX!

The Governance

With the ownership of $GERO tokens, users can vote on proposals, such as selecting new blockchain integrations and fee/reward structures. Holders of $GERO tokens will access rewards, such as discounts on wallet services and access to premium features and integrations.

GeroWallet Stake Pool

The purpose of the stakepool is to raise funds for the project, in exchange for the distribution of $GERO tokens as a reward, in the Initial Staking Pool Offering (ISPO) format. The ISPO is a mechanism that allows developers to obtain funds from the network consensus, setting up a pool with a high variable margin, generally for 100% of the staking, and the delegators of a PoS (Proof-of-Stake) network. earn tokens from a project of your choice, instead of ADA rewards. 

To participate you can use GeroWallet or an ADA compatible wallet, and delegate to the GERO stakepool.

Users will be able to cancel their ADA delegation at any time, as $GERO token rewards are calculated for each epoch (5 days) and will be distributed starting June 25, 2022.

How rewards are calculated

Three variables determine how much $GERO participants in the stakepool will receive:

  1. Amount of ADAs delegated
  2. Amount of time in delegation (total epochs)
  3. $GERO reward ratio (originally 0.0125 then raised to 0.0625)

For example, if you delegate 1,000 ADAs per 6 epochs, you will receive 375 $GERO tokens (1,000∗6∗0.0625=375), to be claimed on the DripDropz, a token distribution platform.

Participation Basics

  • Starts on May 25th, 2022 or Epoch 341
  • Ending on June 25th, 2022 or Epoch 347
  • GERO rewards are claimable on June 25th, 2022
  • Total duration is 6 Epochs (1 epoch = 5 days)
  • Participation pool: GERO
  • $GERO rewards are calculated at the end of each epoch
  • Participants will ONLY receive $GERO instead of ADA rewards.
  • There are 6,000,000 $GERO total available as rewards for the GERO pool participation.
  • You are free to spend your ADA at any time while you’re stake to the GERO stake pool

The Audit

The development team announced an external security audit, by Tweag, of the programming code for smart contracts in Cardano, which MLABS has developed, to detect vulnerabilities that can be exploited by bad actors. Smart contracts enable the development of $GERO token public services, by providing decentralized governance, native staking, and unlocking premium features within Gerowallet.

Tweag Software Innovation Lab is a software innovation lab, providing solutions for scaling and productivity to customers in the FinTech, Biotech and Autonomous driving space. In the blockchain space, they are leading Haskell experts and were directly involved in the development of Plutus, Cardano’s smart contract programming language. https://www.tweag.io/ 

The audit was scheduled to be completed in February, but at the time of writing the article, the results have not been published.

The RoadMap

Q2 2022 April 1 – June 30

  • Bridge ERC-20 $GERO to CNT $GERO
  • $GERO Cardano DEX Liquidity
  • $GERO smart contracts launched
  • $GERO staking on Cardano
  • Android & iOS beta
  • In-wallet token swap
  • Mobile dApp Connector
  • GeroWallet Stake Pool
  • NFT Staking

Q3 2022 July 1 – September 30

  • GeroWallet Dashboard beta
  • Expanded view support
  • NFT Marketplace
  • Cross-chain swapping
  • Multi-chain support
  • DAO-Governance beta

Q4 2022+

  • Borrowing and lending
  • Yield farming
  • Synthetic assets support
  • Future contracts
  • Derivatives support

The Partnerships

During the year 2021, the Gerowallet team celebrated 18 partnerships: PARSIQ, CHARLI3, Moralis, Cornucopias Games, MLabs, Ridotto, MoonPay, Paribus, Don-Key Finance, ADAX, ADA Handle, Matrixswap, Canucks Publishing, Everlens, PhotoChromic, Tokhun, AADA Finance and Credefi , which you can see in detail at A Year In Review: GeroWallet Partnerships.

During this year, 2022, it entered into another 3 strategic partnerships to date, with Indigo Protocol, with Liqwid Finance, and another with COTI to support the Djed stablecoin along with building support for ADPay from COTI.

The Team

The team members present themselves as a group of developers, designers, blockchain enthusiasts, and IT professionals, dedicated to bringing the next generation of banking solutions to the world. 

The team says: “We believe that the future is based on blockchain technology. This is why everyone should be able to access DeFi products. Promoting the next generation of strong user experience starts with filling in the missing UX gaps. Cardano was chosen because we believe that it will play an important role in the future of DeFi. By leveraging our deep experience with DeFi applications, we can deliver a decentralized banking future for everyone, one transaction at a time.”

Shawn is a co-founder, and has a master’s of science with a background in applied psychological research, as well as professional UX experience working on site for Google and NASA. In 2015, I discovered bitcoin mining. Since then he has contributed to the crypto community by combining his psychology background, user experience expertise, and passion for blockchain. Today, Shawn is focused on bringing decentralized finance to the masses for both new users and experts.

Panos is the other co-founder. His background started in the medical field and was bridged into crypto in 2017. He started making connections in the DeFi space with the vision of generating utilities that are practical and easy for all levels of users. He is passionate about translating the technical underpinnings of DeFi to a language more accessible to the daily user, with the ultimate goal of advancing mainstream adoption of cryptocurrency.

 Website: https://gerowallet.io/ 

Total
0
Shares
1 comment
Leave a Reply

Your email address will not be published.

Related Posts