As a user of Infinity Wallet I don’t really agree with this Con for Infinity Wallet:
You are correct that the market is crowded with wallets on Mobile and even Browser Extensions, but Infinity Wallet is a Desktop wallet and there is not many of them. In fact I believe it’s the only wallet I know of it’s kind on Desktop, which is providing full access to web3 directly within the wallet, along with many other unique things they have.
The current wallet market for mobile and browser extensions is saturated mainly because the majority of wallets are just all the same thing cloning each other with little innovation, with most lacking in nearly everything, providing a terrible user experience, unprofessional and old user interfaces, lacking in providing a variety of services and literally no user support.
If you look at the market and search for quality wallets you will be lucky if you can find more than 5 wallets at best. Yes the market for mobile and browser extensions may be crowded, but the problem is that it’s with a lot of low quality projects that won’t be around for the long term. It’s the exact same issue with DeFi where majority of projects are just cloning each other. This market needs to focus more on funding the projects that are driving innovation and providing quality for long term mass adoption of the space.
This is why I love using the Infinity Wallet, their team has a clear focus on the long term to drive adoption and is always bringing new developments. They provide a range of unique services, one of the best user interfaces in the market and provide the best user experience. Also they are the only platform I know that has live support on a decentralized wallet and they have helped me on a couple of occasions. Live support in the Defi space will make a massive difference on the overall user experience and make users more comfortable in using Defi or entering the space.
Note: When I contacted their live support it was related to some DApps I was trying to use via their wallet, because the DApps didn’t have support of their own I contacted the Infinity Wallet live support and they were very helpful in providing support for a platform they didn’t even operate.
At the moment I am currently using Trust Wallet on mobile and Infinity Wallet on Desktop. I am really looking forward to when they release mobile so I can switch over to something far better, from the sneak peaks they shared a while back it looked to be one of the best designed mobile platforms I have seen in the fintech and crypto space.
This proposal fits into Gov Fund Phase 1 but the proposal is not convincing: Voting No
Value-add: Okay - many bigger wallets are also supporting Op Amount: Ok Op distribution: Bad Co-incentives: None
This funding round’s goal is primarily in increasing liquidity and users on Optimism. Top Wallets can definitely help with that. We are not fully convinced that Infinity Wallet can add significant value based on this proposal & the market share. We are not very supportive of funding internal development or an airdrop - as that does not help growing the Optimism ecosystem in the long-term but might rather have negative consequences. Incentivization of developers sounds good but is very broad in the proposal. Looking forward to a more detailed, long-term sustainable proposal in one of the next Phases.
@ScaleWeb3 I am reading your replies all over the forum and I am trying to understand how you evaluate projects since it looks like you don’t base your replies on the project and show little research on projects.
It looks like you look at what sector the project is in and based your opinion on that rather then the project its self.
IW proposal from what I can see if funding developers to build on OP similar to ParaSwap, so two similar cases yet one you say distribution BAD and other its GOOD.
As also shown on WardenSwap your decisions seem to be biased based on what you have used as you know those platforms and little research on the platforms you haven’t used. Your replies on a couple of projects show clear lack of knowledge or minimum research which is not good as a delegate.
At this point, we have to assume you’re trolling but we will give one more answer to show that we have best interests for the Optimism ecosystem, token holders and ecosystem apps.
The proposals differ significantly in quality and value for the Op ecosystem:
Paraswap is a top 3 DEX Aggregator. Infinity Wallet is not a top 10 Wallet.
Paraswap shows high long-term alignment with Optimism (Permanent liquidity, etc.). IW not to the same degree.
IW uses 55% of funds for low-value airdrop & internal integrations. Paraswap incentivizes with 65% others to also build on Optimism, integrate Paraswap Optimism integrations.
50% $OP will be distributed to new dApp and app developers that integrate ParaSwap into their swaps and interact directly with the Optimism ecosystem. If any particular type of dApp is preferred, we can work with the OP governance to further decide what kinds of apps receive a certain amount of the allocations.
35% of $OP will be used to establish permanent, protocol-owned liquidity on Optimism. This would lead to no dumping of $OP onto the market compared to liquidity mining rewards.
15% $OP will be distributed to successful DexLib integrations in the Optimism ecosystem. We will provide a flat reward for any integration, followed by a bonus depending on success metrics.
15% for Optimism marketing campaign (Airdrop to 150,000+ users, rewards for completing activities and other marketing initiatives to drive awareness and adoption);
45% for developers that deploy on Optimism and work with Infinity Wallet to receive a reward, incentivizing additional DApp development on Optimism;
40% for ongoing Optimism support into new features/services and continued DApp integrations. Thereby directly benefitting Optimism DApps by allowing us to waive our usual fee for Optimism DApp integrations. In addition to working with our partners to provide support for Optimism to be as easy as possible to onboard to, as it is for our other supported chains;
While market share is important (of which we are a top 10 desktop wallet, and the first non-browser extension Web3 desktop wallet), I would ask you to also consider market innovation. Access to Optimism and DApps on desktop is currently restrained to unintuitive browser extension wallets. We look to change that by integrating Optimism into the Infinity Wallet to provide an enhanced Web3 experience, enabling access for all users regardless of their technical ability.
Our proposal is focused around both short, and sustainable long term adoption of Optimism.
In the short term:
In addition to the upcoming initial Optimism support within Infinity Wallet, we look to introduce Optimism to our users through various airdrops/events. We see this as a great potential opportunity to bring new users to Optimism, which should have a low overlap with other Optimism airdrops since our users did not previously have access to Optimism within the Infinity Wallet. Additionally, due to being a multi chain wallet, it could attract users that may have never looked into or been incentivized to try Optimism before. From Web3 uninitiated Bitcoin holders, to Web3 veterans actively using other chain’s DApps in the wallet.
In regard to potential negative consequences you mention, to be able to sell the airdropped OP tokens would require Optimistic Ethereum as gas. Bridging ETH to and from Optimism could consume most or all of any potential profit from the small airdropped amount, and would currently require some research on how to acquire it (Although we do look to make onboarding ETH to Optimism for gas much easier from within the wallet in the future). Once a user has onboarded to Optimism, we believe it would be much more likely that they would stick around to see the benefits on offer (especially as we hope to provide them with a rich selection of Optimism DApps to discover and connect with as part of this proposal).
In the long term:
Long term is the main focus of the proposal. To attract further DApp development on Optimism, and to support them as part of a rich selection of Optimism DApps for users to easily discover and use, from within a user focused all-in-one platform.
We see this as sustainable long after the incentives have been distributed, as we look to create real value. Laying the foundation for user focused DApp usage on Optimism. With a large proportion of any DApps deployed expected to remain on Optimism indefinitely.
Regarding alignment, as a multi-chain wallet ecosystem with a strong focus on ease of Web3 adoption, we are absolutely aligned to support Optimism and leverage its benefits for the years to come. With the more DApps and developers we support on Optimism, the more features and services that support Optimism, the more opportunities it can bring to the overall ecosystem, leading to lasting long term adoption.
Appreciate your responsiveness and input which indeed helps to better understand your proposal.
I hope to see your support for Optimism - no matter the outcome of the vote. And, If you aren’t successful this time, we would be happy to see another proposal with a slightly higher focus on user onboarding to Optimism, co-incentives and a bit more detail, i.e. a more specific breakdown of use and distribution of funds, for example (as you briefly touched on) incentivizing users to bridge to Op and provide long-term liquidity to key trading pairs through the Infinity Wallet, or incentivizing the use of unique Op apps such as DCAing into tokens by subsidizing the costs (ofc while avoiding that users game the incentives/system).
Overall, as stated before, we are not very supportive of funding internal development of ventures. Also, we tend to be sceptic of metrics that we can not doublecheck ourselves but we’re very much looking forward to your Optimism support and to specific Op adoption/growth KPIs - if you can share them with us.
We have voted yes and look forward to seeing Infinity Wallet integrating Optimism into their wallets. Even though the wallet market is crowded, we believe that users should have a variety of options to choose from. 20% seems a tad too high for marketing especially if it is mainly airdropped, so we would prefer to see more activity-based campaigns to encourage adoption.
What I like is that infinity wallet is a desktop only wallet. People who know me and my work know how much I appreciate local apps and dislike the browser-based webapps that have become the standard laely.
Interesting UI. I downloaded and tried the wallet before making a decision.
The main reason I vote NO is that this is a closed source product. I tried to find the source code of the product and could not find any references to opensource or anything in Github. I may be mistaken here, so please correct me if I am wrong but it seems this is a closed source product.
Then the ask amount is big. half a million OP tokens at the current price is $262,000.
This is going to be split between marketing and development of a closed source product which I think is really not what should be in the scope of these funding rounds.