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Delegate.cash is a new protocol intended to make airdrops and token claims safer. This allows you to use the utility of your assets safe from a hot wallet, without your cold wallet assets being at risk. Let’s dive into this hot wallet and why is an option that is growing in popularity.
Self-custody is a major feature of cryptocurrencies and NFTs, where users have full control of their digital assets. The most secure way to store blockchain assets is through “cold wallets,” such as Trezor, Lattice, and Grid Plus. However, in the NFT space, users are often required to store valuable assets in cold wallets, but then use these wallets to claim airdrops provided by the same NFT projects they invested in. This can lead to a security vulnerability if users fall for a scam by using a convincing malicious website that tricks them into signing a transaction they don’t understand.
Delegate.cash addresses this issue by allowing users to protect their valuable NFTs while still actively using them through delegation. It is a smart registry based on smart contracts that enable users to delegate the powers of NFTs from their cold wallet to an “active wallet” of their choice, such as a MetaMask account for example. This way, users’ NFTs will remain in their cold wallet, but their linked burner can act on their behalf.
This delegation system provides the benefits of a hardware wallet without the need to search for it every time a transaction needs to be signed. Additionally, if an NFT ends up being a scam, any consequences will be limited to the delegated burner that the user specifically isolated in case of a malicious attack. The NFTs will remain fully intact in the cold wallet.
Delegate.cash can be used by anyone without permission, and it can be implemented on any EVM-compatible blockchain, such as Polygon, Avalanche, Arbitrum, and Optimism. To use it, users can delegate all NFT powers from their cold wallet to a hot wallet of their choice or delegate the powers of a single NFT to a single desired wallet.
Overall, this is an innovative solution that aims to improve the security of NFTs and turn the tide against fraudsters. It is gaining popularity among users and projects, including large NFT studios such as Yuga Labs, Art Blocks, and Cyber Brokers.
As the Web3 space continues to grow and NFTs proliferate, solutions like delegate.cash will play a crucial role in teaching users how to lock down their valuable NFTs through wallet delegation. foobar, one of the authors of delegate.cash, has a great write up on why this kind of protocol needs to exist.
If you haven’t heard from it yet, the hottest new trend in the Web3 gaming space is Dookey Dash.
A flamboyant skill-based endless runner-style game from Yuga Labs, exclusive to Bored Ape Yacht Club (BAYC) members.
This tweet gives you more context and explains how NFT owners can access Dookey Dash and secure their place on the leaderboard.
Dookie Dash took the internet by storm, from curious folks to leisure gamers to competitive players (and even those looking to get hired for high scores), it seems like everyone wants to take a shot at the game. And who can blame them? NFT sales skyrocketed more than 40 percent in January.
But not everyone can walk in the sewer. You see, without claiming a Sewer Pass (which is only available to BAYC holders) or buying one for around 3 ETH (upwards of $4,500) on a secondary, the average enthusiast has no way of accessing the popular game. There is no way. They didn’t, that is, until very recently — because at reNFT we’ve rolled up our sleeves and we’ve taken it upon ourselves to make the game more accessible.
No Sewer Pass? Just borrow one! By using delegate.cash, our team came up with a fun quick solution that allows everybody to try out the game.
> Players who don’t have a Sewer Pass can now request one to play.
> Sewer Pass holders can now RENT out their passes to players to increase their score/odds of winning, completely trustless and securely.
Head to https://dookey.renft.io/ and happy dashing! 😁
The concept is simple and there's no monetization at any step. You have gamers who want to play the game and you have sewer pass owners eager to share the fun.
Our CTO and mastermind behind the project explains it all. Be sure to check out the following tweet for all the details 👇
So for users who want to find a different way to experience the game without jumping through any hoops, there is still hope. https://dookey.renft.io/
Oh, and did I mention this project is open source? Check it out for yourself, contributors welcome!
