Pillar V2: A Community-Run Multichain Wallet That Cuts Gas Fees by 99%

On June 28th, 2021, London Based Pillar launched V2 of their multichain crypto wallet. This the first crypto wallet to be completely community-run. The company’s founders will be holding a webinar launch event called “Will DeFi Cross the Chasm?” at 6 pm CET on June 30th. Pillar will show attendees how the V2 multichain wallet can guide them on their crypto journeys during this webinar. Registration for the event can be viewed here.

New Features & Services In Pillar V2

Pillar V2 contains a plethora of new features and services tailored for both crypto newcomers and natives. One of these new features already mentioned is Community DAO, where Pillar token holders govern the product roadmap, fund initiatives; manage the treasury of 100M PLR tokens, and get rewarded for their community contributions. Pillar V2 is also outfitted with lower and faster transaction speeds:  users can now connect to dApps on sidechains and Layer 2 networks, all while paying up to 99 percent lower fees when compared to Ethereum. Another feature offered by Pillar V2 is Cross-portfolio management.

Pillar V2 is now able to integrate users’ crypto wallets under one address and one dashboard to manage crypto assets like dApps, DeFi services, and NFTS across networks. This makes for a unified and streamlined multichain experience. Additionally, users on Pillar V2 can also directly access industry news, trends, and educational materials from directly within the Pillar Stories App. Finally, Pillar V2’s smart contract-based wallets are fully decentralized and secure through enhanced security that allows for recoverability.

pillar wallet
Source: Pillar website snapshot

A Role To Play

CEO Michael Messele of Pillar emphasizes the key part Pillar will play in introducing DeFi to newcomers:

“Pillar aims to play a vital role in bringing DeFi to a mainstream audience with this release… the V2 launch brings together the expertise we’ve gained from building and scaling smart wallet solutions in the decentralized space over the past three years with exceptional UX/UI”

Similarly, CCO Aldin Ademovic reiterates Pillar’s crucial role as a guide for newcomers, specifically on guiding users to industry leader Ethereum:

“Ethereum remains the industry leader for innovation and liquidity, and Pillar V2 will guide users there, but with more intent and purpose by educating them on the basic characteristics of EVM-compatible chains and the benefits of smart contract wallets.”

A key part of Pillar as mentioned by Ademovic is educating users: Pillar includes in-app curated insights and educational materials, while also having a support team of real people, also accessible within the app.

Pillar’s updated WalletConnect feature will include automatic network switching that will bridge to chains like xDAI, Binance Smart Chain, and Polygon. Pillar’s own native SDK, Etherspot, provides the backbone for the multichain aspect of the V2 smart wallet. In turn, this creates an entirely seamless user experience, where developers can leverage their technology for broader DeFi adoption.

Pillar Partner Ramp Network enables in-app fiat purchases possible on EVM-chains, which can reduce purchasing fees by 80 percent. On top of this, Data-driven analytics will be provided by partner Novum Insights, a market intelligence company based in London.

About Pillar Project

Pillar is the first open-source, community-run crypto wallet that makes DeFi markets accessible, affordable, and easier to navigate. Pillar has its own native token called the PLR token, which is verified on Uniswap, Quickswap, and PancakeSwap PLR Token holders can participate in the community DAO through product development, project road mapping, partnerships, marketing initiative funding, and more.

Pillar is powered by its native Etherspot, a Blockchain development framework that aims to make decentralized apps multichain through the use of direct state channel bridges, providing a seamless user experience across EVM-compatible chains. This enables Pillar to be the sole destination for all of a user’s digital assets.

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