- XDEFI rebrands to Ctrl, a user-friendly self-custodial wallet.
- Ctrl offers free gas fees across multiple chains.
- The new interface removes the need for seed phrases.
Decentralized application (dApp) technology has been available for some time but has failed to reach a wider audience. One of the main reasons for this is user experience, with most dApps being too complex for the average user. However, several companies have been working to change this, including Ctrl, formerly XDEFI.
The company recently unveiled the Ctrl Wallet, which features zero-gas fee transactions and no seed phrases. Ctrl hopes these user-friendly improvements will make self-custody a right for all crypto users and bring dApps to the masses.
Making Crypto User-Friendly with Free Gas
Crypto companies are increasingly focusing on usability, recognizing it as one of the most important factors for adoption. On Wednesday, July 17, XDEFI rebranded to Ctrl and announced the Ctrl Wallet, with a range of features that appeal to a wide audience.
Sponsored
Ctrl Wallet is a self-custodial wallet that will address several pain points for most potential crypto users. For one, it will offer free gas fees, eliminating the need to manage gas coins, a feature absent in most non-crypto transactions.
In addition to gas-free transactions, Ctrl incorporates social login capabilities, allowing users to authenticate securely using their Google or social media accounts. This eliminates the need for traditional seed phrases, which are often seen as a hurdle for new users. By eliminating these pain points, Crtl hopes to make self-custody accessible to everyone.
Ctrl Wallet on Bring Self-Custody to Everyone
In traditional finance, users have to rely on banks or other intermediaries, which exposes users to several issues. For instance, these intermediaries can block transactions and use the funds to their own ends. The same goes for centralized crypto entities like FTX, which made risky investments with users’ funds, eventually collapsing and leading to billions in losses for its users.
DeFi offers users a way to be fully in control of their assets. Blockchain technology enables users to securely store funds and perform transactions without having to trust any third party. According to Emile Dubié, XDEFI CEO, this is what Ctrl hopes to achieve with its user-friendly self-custodial wallet.
“I believe self-custody is a fundamental right, and as a wallet provider, our responsibility is to make it accessible and secure for everyone,” Dubié. “People should be able to have full sovereignty over their financial assets without the hurdles associated with traditional crypto wallets.”
On the Flipside
- While social logins in the Ctrl Wallet simplify the user experience, they may introduce security vulnerabilities if not implemented correctly.
- The decentralized nature of self-custody means there is no recourse in case of user error. For instance, if users mistype an address, they may never get their funds back.
Why This Matters
Making self-custodial wallets more accessible is crucial for the widespread adoption of DeFi. If Ctrl attracts more people to self-custody, it will also expand the user base for a wider range of dApps.
Read more about the LI.FI hack:
LI.FI Hack Steals $10M from Users: How to Protect Your Funds
Read more about DeFi:
What Is DeFi? Uncovering the Mysteries of Decentralized Finance
