The only thing better than having one wallet within a mobile app is having two. That’s the view taken by Trust, whose acclaimed non-custodial wallet has just gained a second wallet, integrated into the same app. SWIFT is the name of the new wallet that’s built in to Trust and currently available in beta. While existing Trust users are under no obligation to utilize SWIFT, there are some compelling reasons to check it out.
The main difference between Trust and SWIFT is that SWIFT uses account abstraction (AA). This describes a range of powers that standards such as ERC4337 support. Gas costs can be subsidized, for example, while the same tech can be used to abstract the mnemonic phrase and private key required to create a wallet. Combined, these features make it much easier for a beginner to set up a web3 wallet that is enhanced by AA.
What You Should Know About Smart Contract Wallet SWIFT
The beta release of SWIFT, which is now live within the Trust Wallet app, supports seven EVM chains including Avalanche and Arbitrum. It’s a smart contract wallet, since the account abstraction technology must be introduced at the protocol level using ERC4337 or a similar standard. Trust has chosen to focus on AA’s suitability to subsidizing gas fees, something which is critical to user experience when first interacting onchain.
Ordinarily, after setting up a non-custodial wallet, the user is required to deposit crypto to be able to make a transaction. Not only is this suboptimal in terms of user experience, but it over-complicates what should be a simple process. For example, many web3 users first create a wallet in order to claim a free NFT drop by a brand or influencer they follow. The ability to complete this process without needing to purchase the network’s native token to cover gas dramatically improves UX.
Straight out the box, SWIFT allows gas fees to be paid in more than 200 tokens, significantly more than comparable wallets offer. This has been achieved with the aid of a partnership with Stackup and Biconomy. There’s the option of receiving a discount on gas for users who make use of the Trust native token, TWT. This adds further utility for TWT while rewarding loyal Trust users, who now have an incentive to put their TWT to work.
Making Web3 Work Like Web2
The overarching goal for web3 developers in 2024 is to make wallets – the industry’s primary entry point – feel as familiar as a slick web2 app. For example, a user who installs a conventional app on their smartphone has no trouble creating an account and signing in, since it will support authentication methods they are accustomed to such as Google or Apple ID. These same capabilities are now coming to web3 wallets, which can eliminate the need to key management by supporting social login.
Clever use of complementary technology such as Multi-Part Computation (MPC) is also being popularized, allowing a wallet’s private key to be split into parts, or shares, and stored by separate entities. Combined, these tools are making the latest wave of web3 wallets more accessible and user-friendly than ever.
As Trust Wallet CEO Eowyn Chen enthuses, the release of SWIFT will “help evangelize Account Abstraction (AA) technology to more people…By integrating AA 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.”