Software hot wallets have progressed in leaps and bounds over the last year or so. Previously, they were just an internet connected dumb wallet to store crypto in an easily accessible manner. They had the held the strange middle ground between being less secure than hardware/cold wallets and just leaving crypto easily accessible on exchange.
Now, with the boom of DeFi, there have been more software hot wallets launching with cross-chain compatibility. Combined with in-app web-browsers and simple wallet sign-ins, it is now easy to participate in DeFi protocols on Ethereum (ETH) and Binance Smart Chain (BSC) directly from a mobile app. This gives the software hot wallets real purpose as an easy bridge into DeFi and NFTs and the wider decentralised Web 3.0 protocols that might follow in the future.
The wallet that I prefer to use for this is Trust Wallet. However, a newcomer has burst onto the scene in SafePal. SafePal is a software and hardware wallet combination... although, it is possible to use one without the other. In my case, I'm using the software hot wallet on my mobile device.
Now, software wallets are a dime a dozen on the various app stores... and it is hard to tell what is ultimately trustworthy or not. Remember that they will be storing your cryptocurrency in an internet connected wallet, so... you will need to really trust the development team to not be scammers AND to secure their app properly.
This is the main reason that I don't just install any old crypto wallet on my devices. However, both Trust Wallet and SafePal have been developed under the Binance banner. So, there is at least a mark of respectability and trust that you wouldn't have from a random store or .apk download from the internet.
So, the second round of the SafePal (SFP) airdrop is now running until the end of January. To be eligible, you need to download the SafePal wallet for your mobile device: here. You will need to complete several tasks to be eligible for shares of the airdrop... and these range from the trivial retweet tasks through to the more involved ones.
How much will the SFP token be worth and what is it likely to be used for? At the moment, this is a completely open question. Similar to the Trust Wallet token (TWT), I don't currently see a compelling use case for a wallet token. TWT is currently used in DeFi pools and for governance votes. Governance is not really for the little guys, but they have distributed rewards for those who have participated in governance votes previously... so, there is some point to it. Fee sharing from in-app swaps and exchanges might be a possibility... but discounts on transactions is not really feasible as all the transactions are on various chains (ETH/BSC....) and outside the control of the wallet developers. TWT currently trades at 0.1 USD per TWT and it has a similar use case to what SFP might be.
So, in short... I'm not sure what the SFP token will be worth in the future, or what it's eventual use case would be. However, many of these tasks are simple enough to complete if you already have a Binance account or use the Binance Smart Chain already!
Tips and Tricks
First things first... do the twitter retweet for the simple 0.2 share and use my referral code (MNE3YN) to get an easy 10% multiplier on your shares.
Before starting, familiarise yourself with the Binance Smart Chain tokens. BSC tokens are BEP20 (NOT BEP2), and the address will have a similar format to Ethereum addresses (0x.....). When withdrawing to the BEP20 address from Binance, make SURE THAT YOU select the BSC (BEP20) withdrawal option. NOT ERC20 (Ethereum), and NOT BEP2 (Binance Chain)!
BNB (BEP20 version) is the "gas" for paying transactions on Binance Smart Chain, it functions in the same way as ETH on Ethereum. However, the gas costs are MUCH smaller (on the order of cents) and the transactions are much faster (on the order of seconds)! You WILL need at least a tiny amount of BNB already in your wallet to complete the tasks or to do any transactions on BSC. 0.1 BNB (~3 USD) is more than enough! You can easily purchase BNB on Binance.
For the current three tasks. NOTE that the BNB and CAKE tasks are for IN-APP swaps and hold for 7 days. So, don't purchase on exchange and then transfer into the wallet... it won't count! 3 BNB is around 120 USD and 200 CAKE is around 110 USD at the time of writing. You will need to use the in-app swap function (0.3 percent fee is taken by the wallet) to be eligible... other DeFi swaps or exchanges DON'T count! The in-app swap has a little tab that lets you easily select the tokens eligible for "SFP Claim".
The TWT task is different, you only need to transfer in 1000 TWT (BEP20 version and roughly 100USD) and hold it there for 7 days. You can do this easily if you already use Trust Wallet and already have TWT sitting there. Or you can use the wallet Dapp browser to go to PancakeSwap (Binance Smart Chain) to swap other tokens to TWT.
USDT or BUSD or BTC or any other tokens can be easily transferred to the wallet in order to fund the swaps. Just look up the appropriate addresses on the wallet app homepage!
DON'T FORGET to navigate back to the the SFP claim page in the wallet to mark off the tasks that you have completed to claim your shares! You will have to wait until the holding period is completed to be fully eligible!
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