What Is Core?External - Press Release
More Than Just Your Average Crypto Wallet & Portfolio
By: Rahul Nambiampurath •DeFi Explainers
After the FTX meltdown, everyone had a crash course on self-custodial wallets. But not all are created equal. Core wallet emerged from the Avalanche ecosystem, offering full Bitcoin, Ethereum, and EVM chain support in addition to Bitcoin and Ethereum bridging. And this is just the beginning of Core’s holistic approach to the fusion of legacy coins and a seamless Web3 experience.
Core’s Three Facets
Core wallet. Source: Official website
MetaMask gained popularity by counting on the convenience of browser extensions. As such, it made DeFi’s dApps within reach of a few clicks, alongside regular internet browsing. But the experience is not full unless all bases are covered.
This is why Core employs a tri-part approach to accessing DeFi and viewing portfolios, the precious online treasures:
- Core web: For users who want the broadest view of their assets, including NFTs, access to dApps, Web3 educational content and developer tools, start here. Core web is an all-in-one Web3 command center that abstracts away typical obstacles.
The best part? Core web connects with ALL wallets and lets you seamlessly swap, send, and receive crypto and NFTs alongside a beautiful dashboard view of your portfolio. However, to access additional features like the Avalanche Bridge (where you can bridge Bitcoin for BTC.b and Ethereum for WETH.e on the Avalanche network), users are encouraged to download Core wallet on mobile or Chrome extension.
- Core extension: Going beyond the regular self-custodial wallet, this browser extension also boasts an in-built blockchain explorer and bridge. It uses native ERC-20 and BTC bridging just as well as bridging assets across the Avalanche Subnets. Likewise, Core extension allows direct token swaps thanks to ParaSwap integration.
Users can buy AVAX directly from Core, via credit card through MoonPay or with their Coinbase account. Core makes it easier to transact across multiple chains by eliminating the need to switch networks every time you change chains, setting a new standard for transaction signing UX. Unlike other EVM only compatible browser extensions, Core is Bitcoin compatible, so you can HODL and participate in DeFi at the same time.
Lastly, Core extension can be plugged into Ledger hardware wallets, in addition to creating multiple addresses under the same seed/recovery phrase.
- Core mobile: What would be a Web3 wallet without a smartphone app? Core is available both on Android and iOS, providing the same features as Core extension. Keep track of price movements with Core’s watchlist, send and receive NFTs and the Avalanche Bridge on-the-go. Plus, Core mobile also has integrated WalletConnect for easy dApp access.
Core Is All About Bridging
The Avalanche Bridge, available exclusively on Core, is a cross-chain solution enabling seamless asset transfers between blockchain networks such as Ethereum for WETH.e and Bitcoin for BTC.b. Its user experience features, such as the post-transaction flow, allow users to track every moment of the transfer process.
The bridge’s advantages over Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH) include:
- Seamless bridging: The Avalanche Bridge offers a more efficient and cost-effective solution for transferring tokens between networks compared to WBTC and WETH.
- Minuscule cost: Users can bridge between Bitcoin and Avalanche at a low cost, making it attractive for earning yield through DeFi on BTC holdings.
- Enhanced liquidity: BTC.b on Avalanche eliminates fragmented liquidity, enabling users to interact with dApps and easily convert BTC.b back to native Bitcoin.
The Avalanche Bridge facilitates asset transfers between different blockchain networks, promoting cross-chain collaboration and interoperability.
Core and Avalanche Subnets
In addition to Avalanche Bridge transfers, Core wallet is the only product to support Avalanche Subnets. Subnets are application-specific blockchains that live in parallel to the Avalanche C-Chain, each with its own set of validators, transaction fees, and governance rules.
Avalanche’s horizontally scaling architecture creates an enterprise-grade network with both high-performance and ultra-low fees.
By natively supporting Avalanche Subnets, Core can interact with each one, executing transactions without needing additional software or third-party integrations. Taken as a whole, this makes Core highly flexible, with unparalleled (pun intended) interoperability with dApps across the Avalanche ecosystem.
Lastly, Core has preloaded Subnets. This is an extra convenience layer, as the user doesn’t have to manually configure the connections. As a result, Core wallet provides easy access to DeFi protocols, effectively breaking barrier-to-entry and increasing the adoption of Avalanche Subnets.
Core: The Next Gen Web3 Wallet
Navigating through the fragmented Web3 complexities can be off putting and tiresome. Certainly, not something to be called ready for mass adoption.
Core taps into that demand by allowing users to focus on what they want to do, not how and where to do it. Computer enthusiasts from the 1990s era may already know the feeling. Built with this user empathy in mind, Core unifies and optimizes the Web3 journey.
As consumers become less willing to share personal data, the crypto wallet becomes the gateway for sovereign ownership of identity. Core is the digital operating system for the next generation, leading the way in decentralized technology for finance, DeFi, art, and more, from government to enterprise. The best part of Core web is that it is compatible with ALL crypto wallets. For users who are ready to take control of their assets and unlock the full potential of the platform, create a wallet with Core mobile or extension. Whether you’re a crypto enthusiast, NFT collector, or a newbie, Core has something for you.
Note: This explainer was sponsored by Core
This series article is intended for general guidance and information purposes only for beginners participating in cryptocurrencies and DeFi. The contents of this article are not to be construed as legal, business, investment, or tax advice. You should consult with your advisors for all legal, business, investment, and tax implications and advice. The Defiant is not responsible for any lost funds. Please use your best judgment and practice due diligence before interacting with smart contracts.