Litepaper — Obvious Multi-Chain Wallet
Obvious Wallet is a user-first wallet that makes managing assets across different blockchains seamless. We see a world where the user focuses on managing their digital belongings without worrying about the complexity of the underlying rails. If you are someone who has witnessed the madness of a multi-chain ecosystem, well, the answer is Obvious!
Multi Chain Spaghetti
The future is clearly multi-chain. Ethereum is scaling out with multiple L2 networks to address the huge demand for its block space. Applications are moving towards custom chains to address their scaling needs, be it dYdX building on Starkware or Axie infinity moving to Ronin chain. This trend is going to continue where applications will pick blockchains that best fit their needs. This has introduced a few challenges
- Developers are forced to deploy and maintain their apps on multiple chains to attract liquidity from users native to a particular chain.
- Users are stuck in a messy tangle of multiple wallets managing their private keys to separate blockchains.
- Keeping track of assets across various chains and protocols is turning out to be tricky and complex exercise to the user, everyone has come up with their own ways of how to stay on top of their positions.
Wallets like Metamask have taken a very functional approach to multi-chain by integrating different networks. They have retrofitted a single-chain behaviour and made it available for multiple chains. So far, this model has worked as these networks were mostly isolated with minimal cross-chain traffic. However, with the trend clearly moving towards a heterogeneous mix of chains, with no one chain being the clear winner, existing wallet models are showing their age.
To move assets across chains, various bridges have come up with their own design philosophies and security trade-offs. Thus, leaving users to navigate through the tedious process of managing their assets across chains on their own.
Reimagining the multi-chain experience from a user lens is something that is the need of the hour. A seamless multi-chain experience will make the users more comfortable exploring opportunities on various chains and maximise the utilisation of their assets.
At Obvious, we are enabling a future where you can operate from your wallet in a chain agnostic manner. Thereby, easing the pain of managing your funds in various tokens that are invested in various apps, and put these funds to work. We believe in a world where users are not worried about which chain, which wrapped version of the token, or which gas denomination the transaction has to be paid in.
For the dapp developer, we enable them to focus on building the dapp on the chain that best suits their needs. They get to optimise for the chain and not worry about deploying onto other chains. We bring the liquidity and users to the dapps whichever chain they might be on.
How do we get there
The wallet is where you manage your funds and that is where we believe the solution for the multi-chain puzzle should be. With wallet being your entry point, this is where we can step in and abstract away the complexities of the various chains, tokens, and transactions. Furthermore, we can then orchestrate the various infrastructure pieces like dex’s, bridges, cross-chain messaging to get you what you want. We look to solve this puzzle with the following key differentiators.
The wallet presents you with an asset first view. Assets are clubbed across chains and across variants. ETH, WETH, WETH on Polygon, OETH on Optimism, etc are all clubbed together to a single line item on the asset view as ETH. You are invested in ETH the asset and should not be bothered about the intricacies of the various representations across various chains or on the same chain.
You will have the ability to drill down and understand the spread across chains in subsequent views but the snapshot presented is that of a single asset. Assets mean a lot more than tokens and we will support all forms of fungible and non-fungible tokens across chains.
With cross-chain messaging layers like Wormhole and Layer Zero, we now have the infrastructure to do reliable cross-chain messaging. This allows us to trigger transactions across chains where you can specify to move funds from one protocol to another. For eg; say you want to move USDT from Aave which is currently giving a variable return to an NFT purchase on MagicEden marketplace of Solana. Underneath the wallet will orchestrate:
- Withdraw of USDT from Aave (Polygon)
- Swap USDT to whSOL on Quickswap
- Bridge whSOL via Wormhole to Solana
- Purchase the NFT on MagicEden
Discovering yield opportunities is an art and the sophisticated user is always on the hunt for better opportunities. With cross-chain transactions happening in a breeze, we now have the ability to aggregate opportunities across chains to you and let you decide on where you are most comfortable deploying your assets to work.
We make it really convenient for you to discover the best yields, by showing them to you in the wallet and then executing them in a single click on your behalf. This is magic, for you, the user as you spend time on the actual decision-making process and not on the menial tasks involved around discovery, fund routing, and execution.
A common use case is sending assets to another wallet address. We enable that to be seamless in a multi-chain world. You have the option to send an asset to an address, we understand which chain the address is for and route via the best bridge available. Advanced options allow you to specify which target asset you would like to receive the funds in and override the chain selection if needed.
Safety, Security, and Trust
Users have their favorite self custody wallets and the inertia of moving to a new wallet to manage their keys will be high, be it for security reasons or lack of trust in a newcomer. We want to make the experience seamless by providing the ability to work with existing wallets. We will launch with wallet connect support both as a client and provider.
We will also provide support for hardware wallets natively. This will allow you to experience the Obvious wallet while still using your existing preferred wallets. You can connect all your existing wallets (Metamask, Phantom, Kepler, Terra Station, Temple, Ledger, Trezor, etc) with Obvious across various chains and we will provide the multi-chain experience across your existing wallets.
We are a team of passionate builders and blockchain enthusiasts, dedicated to the mission of building the next generation of consumer infrastructure for the world. We truly believe that everyone should have access to blockchain technology and that no single blockchain will suffice all user needs
Serial entrepreneur, 14+ years of Engineering. Ex — Freight Tiger, Ola, Citrix
https://twitter.com/jebui | https://www.linkedin.com/in/hretarekar/
Serial entrepreneur, 25+ years of Engineering, Deep crypto expertise, Ex — Freight Tiger, Ola, Yahoo, Infosys
https://twitter.com/jebui | https://www.linkedin.com/in/jebuittiachen/
Serial entrepreneur, 20+ years of Engineering, Product, Strategy & Growth, Ex — Swiggy, Grab, Ola, Flipkart, Yahoo
https://twitter.com/pradeepbv | https://www.linkedin.com/in/pradeepbv/
Obvious empowers you to break the shackles of isolated chain ecosystems and experience the interoperable web3 world. We would love to have you on this journey. So come along and talk to us. We are incredibly excited about this piece of technology and looking forward to being your Obvious choice. Join the waitlist today!