Security and Accessibility: The Crux of Next-Generation DeFi Wallet Applications

Decentralized Finance (DeFi) has emerged as a revolutionary force in the financial world, thanks to the transformative potential of blockchain technology.

The creation of DeFi wallet applications has introduced a completely new paradigm to the traditional financial system, allowing users to securely access and manage their digital assets directly from their mobile devices.

However, with such innovation comes the need for robust security measures to protect users' assets from potential vulnerabilities.

In this interview, Kirill Suslov, CEO of TabTrader, explores the importance of security and mobile-friendliness in developing next-generation DeFi wallet applications.

He also discusses how the latest DeFi technological advancements are implemented in their recently launched mobile application wallet, which is aimed at bringing cryptocurrency to the masses.

Kirill explains how this innovative wallet offers a secure and user-friendly interface that enables users to transact and store digital assets in a safe and efficient way.

Q: Can you please introduce yourself and provide some background on TabTrader? What was the motivation behind creating this platform?

I graduated in 2008 during the Great Financial Crisis and witnessed people leaving London-based offices in the City with their boxes. I was unable to secure a job in an investment bank, and one of my classmates remained unemployed for two years due to the crisis.

Bitcoin and crypto trading were not yet available, so I decided to move back in with my parents and pursue a career in algorithmic trading.

My team and I successfully traded using algorithms based on my master’s thesis, but we were young and couldn't manage the administrative burden or raise external capital.

Again in 2012, we faced the banking crisis in Cyprus, where we were unable to withdraw any of our money from the bank.

I reached out to a classmate who worked at a bank, and with their help, we were able to withdraw our funds after being charged a 33% haircut on the balance by the regulator.

Other depositors could only withdraw around 200 euros per day. This experience led me to understand that governments and central banks lack insight into their actions and that they own our money, not us.

Afterward, I came across crypto and gathered a small team of developers to attend crypto conferences and create blockchain applications as an outsourcing team.

Over the years, we have developed six successful projects together and finally decided that TabTrader — a mobile app for bitcoin trading — has huge potential as a disruptive innovation if well harnessed.

Q: TabTrader launched a free mobile non-custodial DeFi wallet on April 13. How does this wallet address the concerns around trust, safety, and security that have arisen in the wake of the US banking crisis and the collapse of FTX?

The recent banking crisis in the USA and the collapse of FTX showed how regular people are vulnerable to trusting banks and other centralized entities. Bailouts saved deposits in SVB and Signature Bank, while, unfortunately, there was no one to save the depositors of FTX and Luna.

I personally was a victim of a bank run in 2012 that made me get into crypto.

TabTrader raised $5.8 million in a seed round a year ago to build a decentralized investment service to solve the trust issue for crypto investors by letting people store their assets in non-custodial wallets, earn a yield on dormant assets, and trade on decentralized exchanges.

Storing own funds locally and using DEXes is important because it eliminates trust in banks and exchanges. Meanwhile, DEXes are now the main venue for up-and-coming opportunities, like ETH once had the potential to provide generational wealth during its ICO.

Q: For users new to cryptocurrency and DeFi, can you explain the concept of non-custodial wallets and how they differ from custodial wallets? What are the benefits of using a non-custodial wallet like TabTrader's DeFi wallet?

In the world of cryptocurrency, a wallet is a software program that stores the private keys, which are used to access and manage your cryptocurrency assets. A custodial wallet is a type of wallet where a third-party company or service provider stores your private keys on your behalf.

This means that you do not have complete control over your cryptocurrency assets, and you have to trust the company or service provider to keep your assets safe.

On the other hand, a non-custodial wallet is a type of wallet where you are in complete control of your private keys.

With a non-custodial wallet such as TabTrader Wallet, you are the only one who has access to your cryptocurrency assets, and you are responsible for keeping your private keys safe.

Non-custodial wallets can be accessed through a variety of platforms, including desktop and mobile applications, web-based interfaces, and even hardware devices.

Q: How does TabTrader's DeFi wallet cater to both crypto enthusiasts and non-crypto users? What features make the wallet accessible and user-friendly?

TabTrader Wallet allows users to securely transfer and receive crypto assets, view transaction history, and monitor their account balances. Furthermore, the TabTrader wallet can be used to trade on decentralized exchanges that are integrated with the app, such as OpenBook.

We are continuously expanding the range of supported decentralized exchanges and plan to add more in the near future. The TabTrader wallet is integrated with a credit payment processing service through which users can buy crypto with a credit or debit card.

By simply hitting the “Buy” button on the wallet’s main screen, you can replenish your wallet inside the TabTrader app.

Q: TabTrader has its own token, TTT, which has multiple uses on the platform. Can you elaborate on the role of the TTT token within the ecosystem? How does it benefit users and contribute to the growth of the platform?

Currently, the TTT token can be used to purchase a monthly subscription for a TabTrader PRO plan with a 25% discount. Future plans for the token utility are underway.

Q: With the increasing adoption of DeFi, many users are turning to decentralized exchanges (DEXes) for trading and investment opportunities. How does TabTrader's DeFi wallet facilitate seamless integration with DEXes, and what benefits does it offer users when trading on these platforms?

We are building investing tools to enable every human to become financially independent. We started with a crypto trading app that connects all your accounts on centralized exchanges in one interface.

Now, we are enabling investing, earning interest, and storing crypto in a trustless way with our new DeFi wallet. We believe that DeFi should be mobile, that’s why we have built a cross-platform DeFi wallet for Android and iOS.

With our wallet app, you can get an overview of all your assets and move them across CeFi and DeFi platforms in the same app, with several centralized exchanges alongside decentralized exchanges like OpenBook.

Q: With the growing number of DeFi wallets and platforms on the market, what sets TabTrader apart from its competitors? What are the key drivers for user adoption and long-term success of the TabTrader Wallet?

Before TabTrader, DeFi wallets were either custodial, browser-based, or just too simplistic – merely displaying the account balance and featuring send and receive buttons. TabTrader, however, caters to the predominant use cases of crypto: investing, trading, and speculation.

It does this by providing specialized tools such as charts, price change alerts, and portfolio monitoring. Built natively for Android and iOS, it effectively removes the vulnerability associated with browser extensions.

TabTrader Wallet allows users to do everything they could want to do with their assets in DeFi: store crypto, get yield on dormant assets with vetted protocols, and invest and trade on integrated DEXs.

In the end, TabTrader Wallet is a powerful wallet that allows users to have custody of their own funds at all times, including while trading on DEXes without giving up assets to a third party.

Q: Can you discuss the technology behind the TabTrader Wallet and how it ensures a secure and user-friendly experience for both Android and iOS users? What measures have been taken to prevent security breaches or hacks?

TabTrader has been developed specifically for Android and iOS, and which eliminates the security vulnerabilities associated with browser extensions.

While browsers are generally vulnerable to remote hacks, browser extensions are potential threats to anything related to managing sensitive information like your private keys.

Additionally, it's a known problem that many extensions, some of which you may have installed alongside your wallet, can get compromised upstream or be sold to malicious actors who then use them to target your browser.

Browser extensions have the ability to access and modify all of the data that is entered into your browser, including your passwords. If a malicious extension gains access to this data, it could be used for nefarious purposes.

TabTrader, therefore, offers an app developed specifically for Android and iOS. This is a more secure approach to crypto trading because of the architecture of mobile platforms and how apps interact with the system and one another.

Furthermore, you can store your funds in any other wallet of your choice while still being able to access the various DeFi services via the TabTrader app. The app achieves this by incorporating a mobile wallet adapter that can securely connect third-party wallets to the TabTrader.

Finally, you can run TabTrader on your Saga phone and store your seed phrase in an isolated environment of a Seed Vault, similar to a hardware wallet.

Q: One of the key features of TabTrader's DeFi wallet is the ability to earn a yield on idle assets. Can you explain how this works and what protocols are used to ensure users can safely maximize their returns?

This feature is still in development. But our team is curating the best yield opportunities from the most secure players in DeFi so that you can be sure that your funds are safe and are earning a decent yield.

Q: What are your future plans for the TabTrader platform, and how do you envision the role of the DeFi wallet within the broader cryptocurrency ecosystem? Are there any upcoming features or partnerships that you can share with us which will further enhance the capabilities and reach of the TabTrader Wallet?

Our plan is to bring crypto and DeFi to the next billion users. These billion users sit in developing regions like Africa, South-East Asia, and South America. They are mobile-only and are generally believed to be excluded from the global financial industry.

Sometimes currencies of countries in these regions are unstable. TabTrader, therefore, offers a mobile-based solution to becoming financially independent from the state, national currency, employers, parents, or anyone impeding an individual’s ability to participate in global finance.

Q: TabTrader aims to make DeFi accessible to users in mobile-only regions like Africa, Southeast Asia, and South America. How do you plan to reach and engage users in these markets, and what challenges do you foresee in promoting the adoption of your DeFi wallet in these areas?

Generally, we would like to lower the barrier to entry into the crypto ecosystem for retail traders by offering an intuitive, fully-featured mobile trading wallet. Decentralized finance means peer-to-peer, person-to-person, that is, complete personal interaction.

And there is nothing more personal to any individual than his or her smartphone. So we believe that DeFi should be mobile.

We want to attract millions more people, especially in the developing world where a large chunk of the population does not have a laptop and can't afford ten-dollar Ethereum transaction fees.

Additionally, we have been doubling down on Solana because it offers better inclusion and accessibility.

Q: TabTrader's DeFi wallet aims to cater to both experienced crypto traders and newcomers. How do you plan to educate and onboard new users to ensure they can effectively utilize the wallet and its features while minimizing potential risks?

TabTrader believes in a clean UI design principle where users do not need a tutorial to understand the app. That is why we have over 54,000 five-star reviews across Google Play and Appstore. We will carry these principles forward into the DeFi world.

If something in the app is unclear, users can read an extensive self-service help center or chat in the native language with our live in-app support team.

Q: As regulations around cryptocurrency and DeFi evolve, how does TabTrader plan to navigate these changes and ensure compliance while still preserving user privacy and maintaining user control over their assets?

TabTrader is not a custodian of users’ funds or credentials and is not a counterparty to any transactions. It can therefore easily scale globally while staying compliant with local regulations.

Q: In light of the recent crises affecting centralized institutions, how do you see the future of decentralized finance and the role of non-custodial wallets like TabTrader's DeFi wallet in shaping this landscape? What are the potential challenges and opportunities that lie ahead for DeFi as a whole?

Due to the recurrent crises affecting centralized and traditional financial institutions, decentralized finance (DeFi) has come to stay and is the future of global finance.

It demonstrates the potential of blockchain technology to improve financial intermediation and provide more accessible and inclusive financial systems.

Financial transactions seek to be tamper-proof and transparent with non-custodial wallets like TabTrader's DeFi wallet, built with sophisticated security features. Functionalities such as staking and yield farming will enable users to harness the full potential of their digital assets.

However, the adoption of DeFi protocols and non-custodial wallets is still in its early stages. Several potential challenges lie ahead for DeFi, including regulatory risks, market volatility, liquidity issues, and security concerns.

These challenges may slow down the adoption of DeFi and hinder its growth in the short term. On the other hand, the opportunities in DeFi are vast, including transparent and open financial systems, decentralized lending and borrowing, and opportunities for yield and liquidity provision.

With the help of artificial intelligence (AI) and machine learning (ML), DeFi also has the potential to improve financial inclusion by providing access to financial services to underserved communities.

In the end, the TabTrader wallet marks an exciting new chapter in the world of DeFi and DEX technology. With its focus on accessibility and security, the wallet is positioned to drive the widespread adoption of cryptocurrencies across all sectors of society.