Fuse Wallet Review: The First Smart Wallet for Solana

Fuse Wallet states that it revolutionizes the way people work with digital assets. Managing your digital assets with Fuse Wallet is the most advanced and secure, thanks to innovative smart accounts. Fuse protects your money through innovative recovery options and two-factor authentification, so that your funds are always safe and accessible.

What is Fuse Wallet?

Fuse is the first smart wallet built on the Solana blockchain. Its design goes through smart accounts, allowing for advanced and highly secure, professional management of digital assets. Most conventional crypto wallets, beginning with the security model up to the recovery mechanism, are based on seed phrases.

It also applies to smart wallets like Fuse, being powered by better user experience and accessibility; hence, they present characteristics that include biometric authentication, cloud synchronization, advanced security features, and simplified processes in handling cryptocurrencies. Smart account technology allows Solana users to use Fuse for the first time, with Fuse already built as its major protocols, teams, and most early investors.

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Main Feature of Fuse Wallet

• Security two-fold mechanism: first, the script of this device lock is stored locally on the user’s phone and is thus protected by Apple’s biometric authentication means Face ID and, secondly, the 2FA lock adds two-factor authentication to all made transactions. After creating Fuse wallet, it gets installed automatically into the iCloud although it’s possible to switch it for more security into the Ledger.
• No seed phrase: No complex seed phrase for the user to remember and protect, which makes usage and securing of the wallet much easier.
• Groundbreaking wallet recovery: Fuse provides innovative wallet recovery whereby users are allowed to add up to three recovery keys, which will have restricted authorizations, hence easy to recover the wallet without compromising security. A single recovery key combined with one or two locks of the device or 2FA lock enables users to regain access to the wallet.
• Advanced security: Make use of basic out-of-the-box security that would be extended at a later point in time, and also make integrations with cold wallets, which would provide an option to change the security keys .
• Spending limits: So, for example, a user would specify spending limits for any token and a certain time frame; it would help to control expenditure better whereby 2FA won’t be required if some transaction is predefined.
• Gas fee optimization: Fuse automatically pays for the network fee for all of the users so that it ensures a seamless experience of the transaction without worrying about the complex balances in SOL.
• Staking: Users are provided with staking so that they gain good profit from SOL.

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Why choose Fuse Wallet

• Highest Security: The double-layer security technology, together with new recovery measures, protects your assets completely while being perfectly accessible.
• Ease of use: A user-friendly interface combined with advanced security features empowers users to manage digital assets with ease.
• Doesn’t depend on Seed phrase: minimizes chances of losing information, and recovering wallets becomes easy.

Team and Investors

Team

Squads Labs, headed by CEO Stepan Simkin and its co-founder and Distributed Systems expert Deni Ershtukaev, provides a safe smart contract wallet on the Solana chain. They build multi-sig functionality and spending limits to create a better experience in managing digital assets. The company is seeded with $12.5 million in investments among which are Multicoin Capital, Solana Ventures; the geographically distributed team invests many resources in security via formal verification and independent audits.

Investors and partners

Squads Labs, the creators of the leading Squads multisig wallet on Solana, has raised $10 million in a Series A funding round. The round was led by Electric Capital and included investors such as RockawayX, Coinbase Ventures, L1D, Placeholder, and Helius CEO Mert Mumtaz. This new funding brings Squads Labs’ total capital raised to $22.2 million, following earlier rounds that accumulated $12.2 million.

The Roadmap

No official roadmap is available yet for the project.

How to create and use a Fuse wallet

Step 1: Download TestFlight on iOS because the Fuse app is currently available only as a trial on TestFlight.

Step 2. Follow this link: https://testflight.apple.com/join/sQkNVD2s, sign up, click “Start Testing”

Step 3: Open the Fuse app. Tap “Create New Wallet”. Enter this invite code: be731bf8-95c4-4370-8188-369f675e14bd.

Step 4: Follow the Fuse instructions to set up the wallet, then fill in the code that was emailed in.

Step 5: Click “Create Smart Account” to complete the creation of your wallet.

Step 6: After creating the wallet, you will receive a 0.00612 SOL airdrop from the project.

Conclusion

Fuse is a premium Solana-based smart contract wallet. It has multi-signature schemes, spending limits, and account abstraction for heightened security and increased levels of control exercised by the users. After all, in essence, this makes the notion of self-custody easier and far more secure.

CoinCu has rated this project highly enough to recommend it as one experience worth having, as well as a shot at getting involved with highly expected airdrops.

FAQs

1. What security does Squads Labs implement on Fuse Wallet?

Squads Labs implements security-first development with formal verification and multiple independent audits among firms such as OtterSec and Trail of Bits. Protocols undergo rigorous testing for mathematical integrity and security.

2. What is Squads Labs’ mission in building Fuse Wallet?

The mission of Squads Labs is to build robust smart contract wallet infrastructure that makes self-custody easier and more secure at scale. They aim to offer secure, scalable, and easy to use solutions to manage digital assets on the Solana blockchain

3. How does Fuse Wallet improve the user experience when managing digital assets?

An example would be multi-signature schemes needing several approvals for every transaction, or spending limits so as not to make unauthorized transfers. These let a user have more control and security over his or her digital assets and allow easier, safer management of funds on the blockchain​.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.