Asset Box
๐ An Ethereum EVM smart contract wallet is designed to enhance security by isolating commonly used assets from the hot wallet, thereby reducing the risk of asset theft.
Last updated
๐ An Ethereum EVM smart contract wallet is designed to enhance security by isolating commonly used assets from the hot wallet, thereby reducing the risk of asset theft.
Last updated
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โ EVM Wallet: Create a Contract Wallet that only the user owns. This wallet can hold assets, including ETH, ERC20, ERC721, and ERC1155.
โ Flexibility: Compared to the independent authorization of Cold Wallet, the control of Contract Wallet still resides in your Hot Wallet. Therefore, assets stored in Contract Wallet are more flexible. You don't have to frequently transfer assets in and out of Cold Wallet, to balance asset security and DeFi interactions.
โ Privacy: Since the Contract Wallet is essentially separate from the user's Hot Wallet, it is not easy to be discovered, and it is difficult for hackers to directly observe its existence through the user's Hot Wallet. This means that even if the user's Hot Wallet private key is compromised, hackers cannot immediately detect the presence of the Contract Wallet and steal assets, unless they scan the records of all transaction addresses and can find the Contract Wallet. However, this also buys time for users to transfer the ownership of the Contract Wallet.
โ Security: Users' Hot Wallet should not hold too many assets; long-term reserve assets should be stored in Cold Wallet, while DeFi assets that require frequent interaction should be kept in Contract Wallet. When users navigate through the vast ocean of Web3 applications, it's inevitable that they might mistakenly authorize some phishing programs, leading to the loss of assets in their Hot Wallet. Therefore, diversifying assets between Cold Wallet and Contract Wallet is currently the safest practice to avoid risks.
โ Extensibility: When users wish to interact with other smart contracts within the Ethereum ecosystem, they don't need to withdraw their assets. Instead, they can interact directly with other smart contracts through the Contract Wallet, avoiding frequent asset transfers between the Hot Wallet and the Contract Wallet.