👜The Cofi Wallet
The Cofi non-custodial wallet is the new hotness, (don't) trust us.
Last updated
The Cofi non-custodial wallet is the new hotness, (don't) trust us.
Last updated
The Cofi wallet is the default mode of interaction with the Cofi platform. That's not to say it's the only way (or even the primary) way to interact with our application and its features, but we've designed Cofi to work for users of all types in a way that we think best melds the security of self-custody and the protection of central recovery mechanisms.
The Cofi wallet is a Hierarchically Deterministic (HD) Wallet. This means that the wallet can store any cryptocurrency asset in the long-term, though we are only supporting three at launch.
The Cofi wallet is primarily a Solana account as the primary source of interest generation lives on Solend, located on the Solana blockchain. Solana offers low fees, secure transactions, and scalability that we prefer. With that in mind, we've also rolled in Ethereum and Bitcoin wallets for both asset storage and recovery.
The Cofi wallet contains an Ethereum account wallet as the original smart contracts used to generate and direct interest as well as create rewards are deployed to the Ethereum network. At launch, you can store and use Ethereum in a Cofi wallet to fuel transactions directly or simply as a tool to track your portfolio.
The Cofi wallet supports bitcoin storage. Because Bitcoin cannot be transferred on the Ethereum blockchain, you cannot use bitcoin to make stake-streams.
If you lose access to your account, you can use a combination of your other credentials to attempt wallet recovery.
Because the Cofi wallet is non-custodial, Cofi itself cannot recover your wallet if the following steps are impossible. For this reason, you should keep backups of your seed phrase in a safe and memorable location.
The usual method of decrypting and using the Cofi wallet is through a combination of password and a 4-8 digit PIN. You will notice that every transaction on the Cofi platform requires confirmation through your stored PIN. This decodes the version of your wallet that instances when you log in to the Cofi application, allowing you to make stake-streams and withdraw interest (as well as any other blockchain actions)
If you lose your password, use your security question to send a verification link to your email address. This will allow you to reset your password and continue using the Cofi app.
Make sure to make you security question hard to figure out! If it's too easy, bad actors can access your account if they can access your emails.
The wallet seed phrase is a 12-word mnemonic that can be used to recover your wallet. This mechanism will instance any Ethereum wallet, even in the case the Cofi ceases to exist. We highly recommend you store this phrase in a secure location.
