Pillar has released a new version of its non-custodial cryptocurrency wallet that includes a sophisticated recovery mechanism that protects user funds without compromising security. The wallet also comes with in-app cross-chain swaps and meta-transactions, which allow users to pay for gas fees on any chain with stablecoins housed on any other chain.
One of the main benefits of non-custodial wallets is their security, but this can also be a risk for users if they lose their private or public key. Without this key, there is no way to regain access to the wallet. Many people lose access to their funds because they wrote their private key on a piece of paper that was then lost.
Pillar Wallet has found a solution to this single point of failure without compromising security. The private keys to a Pillar Wallet are secured by a smart contract, which means that even if the owner loses access to their key, they can still recover their funds. At the same time, Pillar never retains knowledge of the private key.
Pillar Wallet is a community-run, multichain DeFi wallet that supports Ethereum, Polygon, Gnosis Chain, BNB Chain, and Optimism, with more to come. It is powered by Etherspot SDK. While private key wallets are usually free, smart wallets come with a small cost because a smart contract must be deployed on the blockchain. However, Pillar Wallet offers to deploy Polygon and Gnosis wallets for free, covering all deployment fees.
Some of the features of Pillar Wallet include the ability to store, buy, send, trade, and swap assets with low-to-no gas fees on numerous EVM-compatible chains within the app, buy crypto directly on Ethereum or Polygon with card or bank transfer via implemented on-ramps, move funds seamlessly between different EVM chains without the need for external bridging apps, perform cross-chain swaps without gas tokens on the destination chain, and use Wallet Connect to interact with a wide range of supported DeFi applications directly within the in-app browser.
Pillar is a fully decentralized, open-source, non-custodial, and community-run wallet. Users are free to join the Pillar DAO, help manage the project’s treasury, make proposals to the DAO, and shape future developments.