A brief analysis of Frontier: a unified multi-platform, multi-chain non-custodial wallet

Preface:

On June 26, 2023, Frontier acquired Hot Cross, whose mission has always been to make Web 3 accessible and more user-friendly. An Analysis of Frontier: A Unified Multi-Platform Multi-Chain Non-Custodial Wallet

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

I. Project Introduction:

Frontier is a unified non-custodial wallet for storing, staking, and exchanging cryptocurrencies and NFTs.

Initially, Frontier positioned itself as a chain-agnostic DeFi aggregation layer. In simple terms, it is a decentralized finance application aggregation platform that supports multiple underlying blockchain platforms.

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

Official website: https://www.frontier.xyz/ An Analysis of Frontier: A Unified Multi-Platform Multi-Chain Non-Custodial Wallet

II. Products and Innovations:

Products

Frontier Wallet: A unified non-custodial wallet for multiple platforms and chains.

Trading

Swap: Obtain better exchange rates and liquidity through 8+ decentralized exchanges (DEX) and DEX aggregators. It also allows pasting smart contract addresses for tokens not found in the list.
Cross-chain bridge: Frontier has integrated with 6+ reputable bridge providers, eliminating the need for different cross-chain bridges for other chains, all within the Frontier wallet for seamless switching.
Cryptocurrency purchase: Integrated with 4 trusted cryptocurrency entry services, supporting 160+ countries/regions and 30+ fiat currencies; legally compliant with KYC based on the resident's country/region.

Earning

Staking: Frontier brings cross-chain staking, allowing direct staking and management within the wallet. All validators are verified to prevent user assets from exposure to risks.
Liquidity pools: Frontier can help find suitable liquidity pools, with native integration of dApps for security and reliability. Additionally, it securely connects to liquidity pools using a security module.
Liquidity mining: By consolidating 23+ chains in one wallet, Frontier enables viewing all DeFi investments in one place.
Lending: Store and manage tokens from 35+ chains within one wallet. Safely interact with protocols using the built-in fraud detection engine, providing users with risk alerts and trading insights.

Self Chain: Intent-based access Layer1 blockchain and non-private key wallet infrastructure service using MPC-TSS/AA for multi-chain WEB3 access. (Detailed analysis will be provided in a subsequent research report)

Innovation

Multi-platform: Supports web, browser plugins, and mobile apps (iOS and Android).
Multi-chain: Supports 65+ blockchain networks & 100+ dApps, surprisingly more comprehensive than OK Wallet.
Enhanced self-custody security: Fraud prevention - Frontier simulates each transaction before execution, notifying potential threats and fraud to protect funds and mitigate attack risks. Given the prevalence of web3 scams, this security feature in the wallet design is highly practical.
Native dApp experience: Native exchange, bridging, staking, and more built-in features within the wallet are supported by industry-verified and trusted dApps. Essentially, all DeFi operations can be completed within the wallet, securely and reliably.
Open-source and auditing: Frontier wallet undergoes security testing and auditing by reputable security firms respected and trusted by industry leaders. Built on a proven open-source library "WalletCore."
Key custody: Frontier does not custody user keys.

III. Community:

Social Media:

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

IV. Token Economics:

Total supply of $FRONT: 100 million, with 10 million burned, resulting in an actual total of 90 million, with over $87 million in circulation, nearly fully circulated. Market cap is approximately $120 million.
90 million tokens will be converted to SELF after the launch of the SELF Chain mainnet, accounting for 25% of the total SELF supply.
Number of token holders: 9,678
Token distribution: The top 10 holders account for 78.16%, the top 20 hold 87.42%, and the top 50 hold 94.03%, indicating a relatively concentrated chip distribution.
Tokens continue to experience small net outflows from exchanges.

V. Financing and Team:

Financing:

2020-08-26: Completed a $1.85 million private placement, with investors including Alameda Research, FTX, Woodstock Fund, Mechanism Capital, NGC Ventures, and CoinGecko.

Team:

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

VI. Conclusion:

As a veteran DeFi project, Frontier has been under development and iterating rapidly. The wallet product it launched has been well-received among foreign practitioners, truly achieving its initial positioning as a chain-agnostic DeFi aggregation layer, all unified within the Frontier wallet.
Transitioning from the DeFi track to the wallet track, Frontier understands the interaction between wallets and DeFi, demonstrating clear product advantages. The wallet track is currently crowded, with 344 projects under the Rootdata wallet label, and in the past year or two, exchanges have also begun to enter the wallet space, with OK Wallet providing the best user experience. In order to stand out in this track, in addition to product experience, user traffic is also crucial. OK Exchange naturally brings its own traffic.
The market cap ceiling for the wallet track is not high, with Trust Wallet ranking first at $530 million in market cap, followed by SafePal at $330 million, and Coin98 at $260 million. Wallets are truly a good business, as they serve as the entry point for Web3 users, connecting almost all Web3 projects such as multiple chains, DApps, bridges, and more, allowing for coin issuance and fee collection. There are also multiple profit points, such as swap fees, cross-chain transaction fees, and coin issuance deposit fees.
To achieve mass adoption of Web3, the wallet track is a battleground and will be the earliest and biggest beneficiary. With multiple chains in control and user assets diversified, a unified entry and management platform becomes crucial. Can Frontier seize this opportunity? From the current perspective, the intent-based Layer1 blockchain and non-private key wallet infrastructure services that Frontier will launch are expected to attract more users.
From the chip distribution and net outflows from exchanges of the FRONT token, the fundamentals are still optimistic. It is currently in a weekly adjustment phase, and although the project has been active and releasing positive news, it is also affected by the overall market adjustment.
In the long run, benefiting from the upcoming Self Chain, Frontier will no longer be just a wallet, but a layer of public chain + wallet. The valuation logic will undergo a major transformation, and the market cap ceiling for wallets will no longer be the limit for Frontier.

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