Preface:
On June 26, 2023, Frontier acquired Hot Cross, whose mission has always been to make Web 3 accessible and more user-friendly.
On January 19, 2024, Frontier announced a rebranding, merged with Hot Cross and migrated to Self Chain. Self Chain is the first modular, intent-centric access Layer1 blockchain and keyless wallet infrastructure service using MPC-TSS/AA for multi-chain Web3 access.
1. Project Introduction:
Frontier is a unified non-custodial wallet for storing, staking, and exchanging cryptocurrencies and NFTs.
Frontier was initially positioned as a chain-independent DeFi aggregation layer. In simple terms, it is a decentralized financial application aggregation platform that supports multiple blockchain underlying layers.
In August 2020, Frontier completed a private placement financing of US$1.85 million. Investors included Alameda Research, FTX, Woodstock Fund, Mechanism Capital, NGC Ventures, and CoinGecko.
Official website: https://www.frontier.xyz/
2. Products and Innovation:
product
Frontier Wallet: A unified non-custodial wallet, multi-platform, multi-chain.
trade
Swap: Get better swap rates and liquidity through 8+ decentralized exchanges (DEX) and DEX aggregators. Also allows pasting smart contract addresses of tokens that are not found in the list.
Cross-chain bridges: Frontier has integrated with 6+ trusted bridge providers, so you don’t have to use different cross-chain bridges for other chains, all of which are under the Frontier wallet and can be switched freely.
Buy cryptocurrency: Integrates 4 trusted crypto-entry services, supports 160+ countries/regions, and has 30+ legal currencies; legal and compliant, KYC will be performed based on the country/region of residence.
earn
Staking: Frontier enables staking across multiple chains, which can be managed directly in the wallet. All validators are verified, which prevents user assets from being exposed to risks.
Liquidity Pool: Frontier can help find the right liquidity pool. It is natively integrated with dApps, safe and reliable. In addition, the security module is used to safely connect to the liquidity pool.
Liquidity Mining: Frontier allows you to see all your DeFi investments in one wallet by bringing 23+ chains under one wallet.
Lending: Store and manage tokens from 35+ chains under one wallet. Interact with the protocol securely online using a built-in fraud detection engine, providing users with risk alerts and transaction insights.
2. Self Chain: Modular intent-centric access to layer 1 blockchain and keyless wallet infrastructure services, using MPC-TSS/AA for multi-chain WEB3 access. (Detailed explanation in subsequent research reports)
Innovation
Multi-platform: supports web version, browser plug-in, and mobile app (IOS and Android).
Multichain: supports 65+ blockchain networks & 100+ dApps. In comparison, it is even more comprehensive than OK Wallet.
Security beyond self-custody: Fraud prevention, Frontier simulates each transaction before it is made and notifies potential threats and scams, protecting your funds and the risk of vulnerability. Now that web3 is full of pitfalls, this design of a potential wallet in a security prompt is very practical.
Native dApp experience: Native exchange, bridging, staking and more built-in features in the wallet are all powered by proven and trusted dApps in the industry. Basically, all DeFi operations can be completed in the wallet, and it is safe and reliable.
Open Source and Audited: Frontier Wallet is security tested and audited by unbiased security firms respected and trusted by industry leaders. Built on a battle-tested open source library called “WalletCore”.
Key custody: Frontier does not hold your keys.
3. 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
4. Token Economy:
The total amount of $FRONT is 100 million, 10 million of which have been destroyed, the actual total amount is 90 million, and the circulation is more than $87 million, which is close to full circulation. The market value is about $120 million.
90 million tokens will be converted into SELF after the SELF Chain mainnet is launched, accounting for 25% of the total SELF.
Number of Coin Holders: 9,678
Token distribution: The top 10 coin holding addresses hold 78.16%, the top 20 hold 87.42%, and the top 50 hold 94.03%. The chip distribution is relatively concentrated.
Exchange tokens continue to experience small net outflows.
5. Financing and Team:
Financing:
2020–08–26: Completed $1.85 million in private financing from investors including Alameda Research, FTX, Woodstock Fund, Mechanism Capital, NGC Ventures, and CoinGecko
team:
Dhawal Shah: is the Chief Investment Officer of Bison Fund and co-founder of Frontier.
CEO Ravindra Kumar (resigned): He was the CTO of InstaDApp and Woodstock, and an early developer of the Ethereum ecosystem. He has more than 9 years of development experience and strong technical capabilities.
CMO Palash Jain (resigned): has many years of experience in the blockchain field and has worked with several well-known projects, including IOST, BitMax, Matic and Lambda.
VI. Summary:
As an old DeFi project, Frontier has been under development and iterating rapidly. The wallet products it launched have been widely praised by foreign practitioners, truly realizing its initial positioning: the chain-independent DeFi aggregation layer is unified in the Frontier wallet.
As a company switching from the DeFi track to the wallet track, Frontier understands the DeFi interaction of wallets the best and has obvious product advantages. The current wallet track is extremely crowded, with 344 projects under the Rootdata wallet label, and in the past one or two years, exchanges have also begun to make wallets, among which OK Wallet has the best experience. In order to stand out in this track, in addition to product experience, user traffic is also very important. OK Exchange has its own traffic.
The market cap ceiling of the wallet track is not high. The first Trust Wallet MC is $530 million. SafePal is $330 million, and Coin98 is $260 million. Wallets are a really good business because, as the entrance for Web3 users, they connect almost all Web3 projects such as multi-chain, Dapp, and bridges. They can issue coins and charge fees. There are also many profit points, such as swap, cross-chain fees, coin issuance and deposit fees, etc.
To achieve Web3 Mass Adoption, the wallet track is a battleground, and it will also be the earliest and biggest beneficiary. Nowadays, with multiple chains and scattered user assets, a unified entry and management platform has become very important. Can Frontier seize this opportunity? From the current perspective, the intent-centric layer 1 blockchain and keyless wallet infrastructure services that Frontier will launch will attract more users.
Judging from the distribution of FRONT token chips and the net outflow from exchanges, the fundamentals are still optimistic. It is currently in a weekly adjustment. Although the project party has been taking actions and releasing positive news, it is still affected by the overall market and is also adjusting accordingly.
In the long run, thanks to the upcoming Self Chain, it will no longer be a wallet, but a public chain + wallet. The valuation logic will undergo a major shift, and the ceiling of wallet market value will no longer be the upper limit of Frontier.