What is the Instant Wallet?
Essentially, the Instant Wallet is a normal DeFi wallet. The uniqueness in the mechanism is that the Instant Wallet is controlled by a Holding wallet and the transactions executed from it are bound to Smart Contracts.
What is Holding wallet?
The Holding wallet is the DeFi wallet you have connected to your Axon account. This wallet is the owner of your Instant Wallet and only through that DeFi wallet can a transaction be approved and then executed in relation to assets in your Instant Wallet.
Example: You want to buy WETH with USDC coins you have in your Instant Wallet.
You select the coins you want to swap. In our case USDC -> WETH
You select the Instant Wallet as Swap account
On the quote screen you will have a Swipe button, which will redirect you to the connected DeFi wallet to approve the transaction
During the whole process, no private keys or recovery phrases will be required due to the fact that your Instant Wallet is under the control of your Holding wallet.
Who holds the private keys to my Instant Wallet?
Due to the unique mechanisms behind the Instant Wallet, it does not require private keys. The owner of the wallet is the Holding wallet. Any attempt for initiating a transaction related to your Instant Wallet will require approval from the Holding wallet.
How can I open an Instant Wallet?
There is no manual action required on your end. The creation of an Instant Wallet will be triggered as soon as you connect your DeFi wallet to the Axon account and initiate a transaction.
What can I do with the Instant Wallet?
You can perform any action which you’d normally perform with any DeFi wallet, perform instant on and off ramps with zero trust required and all transactions will be gasless. Within the Axon app you will see subwallets of the Instant Wallet, to which assets will be distributed depending on the action taken.
What is the Instant Wallet composed of?
Savings Wallet
Funds deposited to this wallet are staked directly into Aave against which you receive interest. Said interest is automatically credited to this wallet.
Trading Wallet
Assets in the trading wallet can be used towards swaps, send and sell to fiat. Purchased tokens with fiat currency will also be credited to this wallet. Keep in mind that clearing period is enforced on coins bought with fiat.
Collateral Wallet
Here, you deposit a collateral amount against which you can borrow from Aave. Have in mind that only assets outside the clearing period can be moved to the collateral wallet and get loans against. Amounts deposited into the collateral wallet are also accruing interest.
Debt Wallet
This wallet will display the amount you’ve borrowed from Aave and needs to be repaid. All interest accrued for the loan will also be added to this amount.
Which coins are supported for the Instant Wallet?
For full details on the supported tokens, please visit Which cryptocurrencies are supported in the Axon app?