Integate Ledger Wallet connectivity to the Verse DEX

Introduction

Greetings Verse Community,

As you may know, there are three ways a user can connect their wallet to the Verse DEX to access our DeFi services today: a) via a Bitcoin.com account, b) via WalletConnect, and c) via browser extension wallets like Metamask.

The Verse DEX handled 22k+ connections in December 2023, 79% of which were via WalletConnect.

We are considering Ledger Wallet connectivity to the Verse DEX, to accommodate users who prefer to store their funds in the Ledger wallet.

The Ledger Wallet is a hardware wallet which stores private keys in an offline environment, away from the internet and potential online threats. Unlike computers or mobile devices, which are always connected to the internet and can be vulnerable to hacking, a hardware wallet is mostly offline. It only connects to the internet when the users wants to make a transaction.

New cryptocurrency users often opt for hardware wallets because these devices offer a higher level of security. In the world of digital currencies, security is a paramount concern, and a hardware wallet addresses this concern by providing a physical, offline storage solution for their crypto.

To date, there are over 6 Million+ Ledger devices sold worldwide, 170+ compatible chains, and 200+ compatible dApps.

Proposal

In the spirit of community engagement and decentralized decision-making, we present this proposal to determine the future connectivity options for the Verse DEX and wider Verse dApp Ecosystem. The community is invited to vote on the following options:

Option 1: Yes, Integrate Ledger Wallet connectivity with the Verse DEX

Specifically, after this integration, users would be able to see Ledger Hardware Wallet as a connection option when connecting to the Verse DEX.

Pros:

1. User Trust and Adoption: Ledger is a well-known and trusted brand in the cryptocurrency community. Integrating Ledger Wallet connectivity may signal to users, even those who don’t use Ledger, that Verse DEX is a trusted platform.
2. Broader User Accessibility: Ledger hardware wallets support a variety of cryptocurrencies. Integrating Ledger connectivity could make the Verse DEX more accessible to users who hold their assets on Ledger devices, expanding our user base.

Cons:

1. Development Resources: Integrating Ledger Wallet connectivity requires development resources and time. The implementation process needs careful consideration and testing to ensure a seamless and secure user experience. This could divert resources from other development priorities. We estimate around two weeks worth of development and testing to be incurred.

Option 2: Yes, Integrate Ledger Wallet connectivity with the Verse DEX and all Verse Dapps

Specifically, after this integration, users would be able to see Ledger Hardware Wallet as a connection option when connecting any dApp within the Verse Ecosystem eg. Verse Scratcher.

Pros:

1. Consistent User Experience: Users who prefer Ledger hardware wallets will appreciate a consistent and familiar experience across all dApps within the Verse Ecosystem. Integration ensures that Ledger users can manage their assets securely and seamlessly within the entire Verse ecosystem, promoting a cohesive user experience.
2. Competitive Advantage: Offering Ledger Wallet connectivity across the Verse Ecosystem could help the Verse Ecosystem gain a competitive advantage, as users increasingly seek secure and user-friendly platforms for their DeFi activities.

Cons:

1. Development Complexity and Resources: Integrating Ledger Wallet connectivity across all Verse dApps introduces development complexity. It may require significant resources and careful coordination to ensure a smooth and secure integration process. We estimate around four weeks worth of development and testing to be incurred.
2. Maintenance Challenges: Ongoing maintenance and updates may be more challenging. Changes in Ledger's technology may require prompt adjustments within the Verse ecosystem to ensure compatibility.

Option 3: No, do not integrate Ledger Wallet connectivity with the Verse DEX

Pros:

1. Resource Allocation: By not integrating Ledger Wallet connectivity, resources can be allocated to other aspects of the Verse Ecosystem. This could include improving existing features, enhancing user experience, or developing new functionalities that contribute to the overall ecosystem.
2. Faster Development: Focusing on other priorities may lead to faster development cycles for critical components of the Verse ecosystem. This agility can help the platform adapt to market trends and user needs more quickly.

Cons:

1. Reduced Appeal to Ledger Users: Users who are accustomed to Ledger devices may find other platforms that support Ledger connectivity more appealing. This could result in a missed opportunity to attract Ledger users.

Voting Period

The voting period for this proposal will commence on 6 February and will conclude on 7 March. During this time, we encourage all members of the Verse community to express their preferences and actively contribute to this significant decision.

Discussion

To share your sharing thoughts, suggestions, and feedback regarding the proposal, please join the conversation in the Verse Lounge, our verified community Telegram group. Visit guild.xyz/verse to connect and contribute to the dialogue.

Your involvement is crucial in determining the direction of the Verse Ecosystem. We appreciate your dedication to the Verse community and look forward to hearing from you!

Thank you for being an integral part of the Verse journey. Together, let's create something extraordinary!