Ambire Wallet Review

3 min read

About Ambire Wallet

Ambire Wallet is a cryptocurrency wallet that is gaining popularity for its combination of security, usability, and practicality. Wallets such as Metamask have become popular options in the Web3 community. Still, users often complain about the lack of security when used as a hot wallet and the usability issues with a hardware wallet. Ambire Wallet has been designed to meet the needs of modern users, with features such as seed phrase recovery with encryption, integrated fiat onramps, and accurate portfolio tracking.

What are smart contract wallets, and how do they work?

The Ambire Wallet is a smart contract wallet that offers users a variety of features not available with traditional cryptocurrency wallets. These features include security enhancements and the ability to use smart contracts to increase functionality. The Ambire Wallet is the next all-in-one wallet for Crypto users.

Email login

Ambire makes it easy for you to create your wallet using various methods, including an email address or existing web3 wallets like Metamask or Ledger. Less experienced users can enter the web3 space without worrying about writing down or backing up their recovery seed phrase.ambire_1.png

Ambire Wallet is a very secure and user-friendly wallet that offers the highest level of security. You have the option to add signers to process transactions and create an encrypted backup of your recovery seed phrase. This can be saved on cloud sharing services such as iCloud or google drive without the worry of 3rd party interference. Ambire is also a 2/2 multi-signature wallet, meaning one of the keys is in-browser and password-encrypted, while the other is on a hardware-security module (HSM) on Ambire’s backend. Ambire cannot do anything with its share of the key without your consent and signature, making it entirely non-custodial.

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Wallet integrations & Features

Ambire also supports integration with traditional wallets like Metamask and hardware wallets like Trezor and Ledger. By allowing existing wallets to be registered and utilized as signers to the smart contract wallet, security is increased by requiring numerous approvals for each transaction.

Users must transfer their funds from an external wallet into the Ambire smart contract wallet. After that, they can use multiple features such as batching transactions, emergency account freezing, setting daily transaction limits, and whitelisting addresses.

Ambire also offers a contacts page to store the addresses of people you frequently interact with, reducing the likelihood of errors. In addition, Ambire is committed to providing top-notch security by having open source code and being audited as part of the Code4arena competition.

By employing Flashbots and Eden, Amire protects consumers from being front-run. Sandwiching/frontrunning attacks are avoided by using Flashbots and Eden to avoid the typical pitfalls that occur in DeFi trading. When a pair is exchanged, an MEV bot places an order right before the user does and then one immediately afterward; this extracts value from the individual trading by not offering them the most optimal price on the market.

Funding

  • Users may send and receive tokens on the network supported by Ambire; Ethereum, Avalanche, Binance Smart Chain, and Polygon are linked.
  • When it comes to Ambire wallet funding, users can buy crypto with cash or transfer coins to their wallet.

Ethless swaps

Furthermore, Ambire allows users to quickly exchange tokens inside the app without changing connections or using external DEX UIs. This allows consumers to interact with smart contract apps without worrying about going outside of the app and risking a phishing scam. Combined with email log-in, this may benefit new customers since it provides a user-friendly experience perfect for newcomers getting into crypto.

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Ambire has implemented a nifty function that allows customers to pay for gas in alternative coins like USDC, DAI, or WALLET instead of using ETH to cover transaction expenses. This means that users can cover gas fees for every operation using various currencies, which no other wallet on the market currently provides.

In-wallet yield farming

Ambire has native in-wallet integrations, allowing users to earn a return on the most popular cryptocurrencies using validated DeFi protocols like Aave and Yearn. Users may simply deposit various assets directly into these protocols easily, removing the need for additional software or setup steps.

On top of that, users earn $WALLET, Ambire’s native currency, as soon as they sign up. Users who keep $USDC in their wallet currently obtain around 11% APY. If you deposit them into Aave, you’ll receive 2.5% plus the additional 11% from farming $WALLET. these interest rates will not be consistent because they depend on how many people participate in this liquidity mining campaign. However, Ambire has announced that it intends to keep the campaign open for several years.

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Cross-Chain Swaps Via Socket

Furthermore, by utilizing a built-in bridge integration, users can easily transfer their funds across numerous L2s. Blockchains such as Arbitrum, Polygon, Avalanche, Fantom and BSC are compatible with this function.

Ambire is a cross-chain bridge that uses SOCKET, an aggregator that leverages popular bridges like Hop, Multichain, Connext, and many others. This provides users with cheap routes and fast transfers without the long withdrawal periods typical of traditional blockchain native bridges; for example Arbitrum’s 7-day withdrawal period.

Connecting to Other Apps via Wallet Connect

Ambire allows for simple access to various external Dapps via Wallet Connect. Wallet connect is a free open-source technology that allows wallets and dApps to communicate smoothly. Simply copy the WalletConnect URL from the dapp and paste it into the Ambire wallet app. Users are always connected to the Dapp since it remains permanently, with no need to reconnect unless the Dapp demands it.

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Wallet Dashboard & UI

Aside from that, Ambire.com has a clear interface that allows users to access all of its features easily. The dashboard shows the user the different tokens they have in their wallet and the protocols they’ve deposited money into. Allow users to keep track of all their blockchain activities and execute transactions within one wallet by allowing them to connect several wallets to a single dashboard.

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Final Verdict

Overall, Ambire seems like a very user-friendly and functional wallet. Its features allow users to interact with various blockchains and protocols without worrying about complex setup processes or using multiple wallets. The interest rates it offers for depositing into its in-wallet integrations are also quite competitive compared to other services currently available. If you’re looking for an all-inclusive cross-chain bridge wallet with great functionality, Ambire is worth considering.


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