How XDEFI Plans to Provide the Best Wallet Experience for Web3 Users and Why It's Crucial

17 Jun 2024

In this captivating interview, we dive deep into the world of Web3 and blockchain technology with Emile Dubié, the visionary co-founder of XDEFI. Discover the inspiring journey behind XDEFI's creation, its mission to revolutionize the multi-chain ecosystem, and its unique approach to navigating the competitive landscape of Web3 and blockchain interoperability.

Ishan Pandey: Hello Emile, It's a pleasure to welcome you to our 'Behind the Startup' series. Can you tell us about the founding journey of XDEFI and what inspired you to create XDEFI?

Emile Dubié: Hello Ishan. Thank you for having me. Both my co-founder and I were early investors and community members of the THORChain ecosystem. At that time, MetaMask was the only wallet extension available, and it was exclusively focused on Ethereum. We were convinced that the future would be multi-chain, and we decided to address this gap in the market. Our initial goal was to create the best wallet for users to interact with any interfaces built on top of THORChain. This goal then evolved into providing the best wallet for anyone.

Ishan Pandey: How does XDEFI plan to differentiate itself in the Web3 and blockchain interoperability competitive landscape?

Emile Dubié: As of today, we are the wallet that supports the most chains, with over 1,700 networks. We provide the best way for users to navigate from one ecosystem to another. Our swap feature supports more assets than any other wallet, and our gas tank abstracts the concept of gas, allowing users to migrate seamlessly between ecosystems without leaving the wallet or worrying about gas. We have implemented chain and account abstraction features that make the overall experience for the end users seamless when interacting with several ecosystems.

Ishan Pandey: How are you navigating these challenges to ensure compliance with increasing regulatory scrutiny on cryptocurrencies and blockchain projects?

Emile Dubié: We are following closely what is happening at a regulatory level. As we are not in the custody of users' funds, we do not have the same requirements as centralized venues. We believe that self-custody is a fundamental right.

Ishan Pandey: Given the rising price of Bitcoin and other cryptocurrencies, how do you see this trend affecting the adoption and development of crypto wallet platforms?

Emile Dubié: We estimate there are over 500 million crypto holders globally, but only 10% currently use a self-custody wallet. Most opportunities are now on-chain, requiring a wallet to access them. We believe that in the next 24 months, more users will install wallets for on-chain activities. In the long term, we anticipate users will interact with wallets daily without realizing it's different from the fintech apps like Revolut or N26 they use regularly. As more corporations enter the space, further adoption will drive the necessity for wallets among users.

Ishan Pandey: Can you discuss XDEFI's business model and how it aims to generate revenue while providing value to its users?

Emile Dubié: We generate revenue from fees collected on swaps and bridging happening directly within the wallet. More revenue-generating features will be added in the future. Wallets are the first interfaces users interact with when they start on-chain. We believe they will add differentiating features that are easier to use than those on a dApp, creating new opportunities for revenue generation.

Ishan Pandey: How do you envision the future of Web3, and what role do you believe you can play in shaping that future?

Emile Dubié: The future of web3 lies in its potential to create a decentralized, user-controlled internet. Our mission is to help people access more attractive financial opportunities than they would if they kept their assets off-chain.

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