A Brief Analysis of Frontier: A Unified Multi-Platform, Multi-Chain Non-Custodial Wallet

Foreword:

On June 26, 2023, Frontier acquired Hot Cross. Hot Cross’s mission has always been to make Web 3 accessible and more user-friendly.

On January 19, 2024, Frontier announced a rebranding and merger with Hot Cross, migrating to Self Chain. Self Chain is the first modular, intent-based Layer1 blockchain access and non-custodial wallet infrastructure service using MPC-TSS/AA for multi-chain Web3 access.

1. Project introduction:

Frontier is a unified non-custodial wallet designed for storing, staking, and exchanging cryptocurrencies and NFTs. Initially, Frontier positioned itself as a blockchain-agnostic DeFi aggregation layer. In simple terms, it is a platform that aggregates decentralized financial applications supporting various underlying blockchain networks.

In August 2020, Frontier completed a $1.85 million private fundraising round, with investors including Alameda Research, FTX, Woodstock Fund, Mechanism Capital, NGC Ventures, and CoinGecko.

Official website:https://www.frontier.xyz/

2. Products and innovation:

Product

1. Frontier Wallet: A unified non-custodial wallet, multi-platform, multi-chain.

Trade

1. Swap: Through 8+ decentralized exchanges (DEX) and DEX aggregators, Frontier provides better exchange rates and liquidity. Additionally, it allows users to paste smart contract addresses for tokens not found in the listings.
3. Cross-chain bridges: Frontier has integrated with 6+ trusted bridge providers, eliminating the need for different bridges for other chains. All of these are available within the Frontier wallet, allowing for seamless switching.
5. Buying cryptocurrencies: Integrated with 4 trusted crypto on-ramp services, supporting 160+ countries/regions and 30+ fiat currencies. It’s legally compliant and conducts KYC based on the user’s country/region of residence.

Earn

1. Staking: Frontier enables cross-chain staking directly within the wallet, allowing users to stake and manage assets securely. All validators are verified, mitigating the risk of asset exposure.
2. Liquidity pools: Frontier helps users find suitable liquidity pools, with native integration of dApps for enhanced security. Additionally, it securely connects to liquidity pools using secure modules.
3. Liquidity mining: By consolidating 23+ chains in one wallet, Frontier allows users to view all DeFi investments in a single interface.

4. Lending: Users can store and manage tokens from 35+ chains within one wallet. Utilizing the built-in fraud detection engine, Frontier securely interacts with protocols online, providing users with risk alerts and transaction insights.

5. Self Chain: Modular, intent-based access to Layer 1 blockchain and non-custodial wallet infrastructure services, utilizing MPC-TSS/AA for multi-chain Web3 access. (Detailed interpretation will be provided in subsequent research reports).

Innovation

1. Multi-platform: Supports web, browser extensions, and mobile apps (iOS and Android).
2. Multi-chain: Supports 65+ blockchain networks & 100+ dApps, making it even more comprehensive than OK Wallet.
3. Beyond self-custody security: Fraud prevention - Frontier simulates every transaction before execution, alerting users to potential threats and fraud, and safeguarding funds from attack risks. In the current web3 landscape full of pitfalls, this security feature is highly practical.
4. Native dApp experience: In-wallet native functionalities such as swapping, bridging, staking, and more are supported by industry-verified and trusted dApps. Essentially, all DeFi operations can be completed within the wallet, ensuring security and reliability.
5. Open-source and audits: Frontier Wallet undergoes security testing and audits by reputable security firms trusted by industry leaders. Built upon the proven open-source library “WalletCore”.
6. Key custody: Frontier does not custody user keys, ensuring user control over their assets.

3. Community:

Social media:

1. Twitter：https://twitter.com/FrontierDotXYZ，149K followers
2. Telegram：https://t.me/FrontierDotXYZ，6.6k members
3. Discord：https://discord.com/invite/FYkhaKkxuX， 7.1k members

4. Tokenomics:

1. The total supply of $FRONT is 100 million, with 10 million tokens burned, resulting in an actual total supply of 90 million. Approximately 87 million tokens are currently in circulation, which is close to full circulation. The market capitalization is approximately $120 million.
2. After the launch of the SELF Chain mainnet, 90 million tokens will be converted into SELF, accounting for 25% of the total SELF supply.

1. Number of currency holders: 9,678
2. Number of token holders: 9,678
3. Token distribution: The top 10 holders account for 78.16% of the tokens, the top 20 hold 87.42%, and the top 50 hold 94.03%. The distribution of tokens is relatively concentrated.

1. Exchange tokens have been experiencing sustained small net outflows.

5. Financing and Team:

Financing:

1. On August 26, 2020, Frontier completed a $1.85 million private fundraising round. Investors included Alameda Research, FTX, Woodstock Fund, Mechanism Capital, NGC Ventures, and CoinGecko, among others.

Team:

1. Dhawal Shah: Co-founder of Frontier and Chief Investment Officer at Bison Fund.
2. CEO Ravindra Kumar (now departed): Former CTO of InstaDApp and Woodstock, an early developer in the Ethereum ecosystem with over 9 years of development experience and strong technical expertise.
3. CMO Palash Jain (now departed): With several years of experience in the blockchain field, Palash has collaborated with numerous well-known projects including IOST, BitMax, Matic, and Lambda.

6. Summary:

1. As a veteran DeFi project, Frontier has been continuously under development and iterating rapidly. Its wallet product, widely acclaimed among practitioners abroad, has truly achieved its initial positioning: a blockchain-agnostic DeFi aggregation layer, all unified within the Frontier wallet.
2. Transitioning from the DeFi track to the wallet track, Frontier excels in DeFi interaction within its wallet, demonstrating clear product advantages. The wallet track is currently highly competitive, with 344 projects listed under the Rootdata wallet tag alone. Additionally, exchanges have recently begun venturing into wallet development, with OK Wallet offering the best user experience. To stand out in this arena, besides product experience, user traffic is also crucial. OK Exchange naturally brings its own user base.
3. The market ceiling for the wallet track is not particularly high, with Trust Wallet leading the pack with a market cap of $530 million, followed by SafePal at $330 million, and Coin98 at $260 million. Wallets are indeed a lucrative business due to serving as the entry point for Web3 users, connecting multiple chains, dApps, bridges, and almost all Web3 projects. They generate profits through various avenues such as swaps, cross-chain fees, and token issuance fees.
4. To achieve mass adoption of Web3, the wallet track is a battleground that will benefit the earliest and most significantly. Nowadays, with multi-chain fragmentation and user asset dispersion, a unified entry and management platform become increasingly important. Can Frontier seize this opportunity? From the current perspective, Frontier’s forthcoming intent-based Layer 1 blockchain and non-custodial wallet infrastructure services are likely to attract more users.
5. From the distribution of the FRONT token’s chips and the net outflow from exchanges, the fundamentals remain optimistic, albeit undergoing a weekly adjustment. Although the project has been active, releasing positive news, it has also been affected by market movements and has undergone adjustments accordingly.
6. In the long run, benefiting from the upcoming launch of Self Chain, Frontier will no longer be just a wallet but a layer of public chain + wallet. This will lead to a significant change in valuation logic, and the market cap ceiling for wallets will no longer be the limit for Frontier.

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