Bankless - Introducing Rainbow Wallet Browser Extension With Mike Demarais

Episode Date: October 11, 2023

Today we welcome to the show today Mike (Rainbow) Demarais. The co-founder of Rainbow Wallet who is here to walk us through Rainbow's newest creation, the browser extension. ----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE ⁠https://k.xyz/bankless-pod-q2 ⁠ 🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING ⁠https://bankless.cc/MetaMask ⚖️ ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum ⁠ 🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/Toku 🦄UNISWAP | ON-CHAIN MARKETPLACE ⁠https://bankless.cc/uniswap 🔗 CELO | CEL2 COMING SOON https://bankless.cc/Celo ------ TIMESTAMPS 0:00 Intro 4:33 Why Did You Make Rainbow? 7:54 Reading The Market 9:49 Solving Wallet Management 11:34 Wallet Management 13:07 Using Ledger's 14:32 Rainbow Walkthrough 18:30 Network Switching 22:07 Bridging 25:04 Fiat Onramp 30:25 Rainbow Roadmap 33:06 Design in Web3 36:23 Rainbow Kit 39:17 Public Good? ----- RESOURCES Rainbow: https://rainbow.me/ Mike: https://twitter.com/mikedemarais ----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Welcome to Bankless, where we explore the frontier of internet money and internet finance. And today on Bankless, we're exploring a wallet. Rainbow Wallet has been a wallet. Usually focus on mobile wallet, one of the first mobile wallets that has been around since 2019. And recently, Rainbow has released their browser extension. I threw Mike my podcast recording link sometime in like 2022. And I said, hey, like so whenever you want to do an episode on Rainbow, click this link. And on October of 2023, we get that done.

I have Rainbow Wallet downloaded on my phone. haven't really opened it up too much, I'll be honest, but I know a lot of members of the bankless community are big fans of it, and as well as just the other people I engage with in the space. So instead of actually exploring it myself, I just got the founder on to walk me through all the bells and whistles that they've got over at Rainbow. Rainbow's kind of got this cult following in the world of NFTs. They were very early to NFTs and just a collaboration with Zora, not a collaboration, but just like shared vibes with Zora and art. And so it certainly got its corner of crypto definitely carved out for it.

So if you're interested in hearing about all the features that Rainbow Wallet has, what differentiates it from other wallets than this episode is for you. We also take a moment to talk about design in Web3 and kind of why that has a bubbling meta going on, increasing in focus. This episode might feel like sponsored content to you. It's not. We don't do sponsored content on bank lists, but sometimes people that have been around in the space for a long time, like Mike, have shown conviction and contributions to the space.

We just want to help elevate. And so this is an episode to do that. I hope you enjoy this exploration into Rainbow Wallet with Mike, Demeret. But first, a moment to talk about some of these fantastic sponsors that make this show possible. Cracken Pro has easily become the best crypto trading platform in the industry. The place I used to check the charts and the crypto prices, even when I'm not looking to place a trade. On Cracken Pro, you'll have access to advanced charting tools, real-time market data, and lightning fast trade execution, all inside their spiffy new modular interface.

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welcome to Bankless. What's up, Bankless? Hey, David, it's been a long time coming. Thanks for having me. It has been a long time. It has. How you doing, my man? I'm doing good, man. You know, happy Monday. Good morning, Wagme. Happy Monday. All the GMs. Yeah. Okay, quick question for you.

Why did you make Rainbow? Great question. Well, we started Rainbow back in 2019. And I think, you know, we, you know, Christian, Jen and I, my co-founders, we just had so much fun playing on chain, right? Like we were quite inspired by a lot of the interesting projects happening, right? There was like Maker Dow, you know, we were using radar relay all the time. And we realized really quickly that in order for this world to sort of take off and flourish the way that we think it can, you know, consumers need to have an amazing wallet, right?

Like, wallets are the prerequisite to interacting with all of the different gaps and cool experiments happening in the space. And we looked at the market and we saw a huge opportunity to build a, you know, a fun, approachable wallet that allows you to, you know, actually interact on chain like, every day, right? Just really, we wanted to build a product for ourselves primarily. And quickly, we realized that, yeah, lots of other people like this. And they also sort of view, you know, Ethereum and DAPs as as fun, right? And they want to have fun on chain just like we do. So yeah, I mean, we started Rainbow to, you know, build a better wallet. And what, what did a better wallet mean back then in 2019? And kind of what does it mean today? What's the niche specifically that Rainbow Wallet is trying to fill in the market?

Yeah, it's a good question. Well, so back then, there were a lot of really low stakes, actually, right? So Rainbow was the first wallet in the market that treated NFTs really as first-class citizens. And back in 2019, that was not normal. Like a few people were even saying the words NFT. Very few people were saying the words NFTs. In fact, you know, when we were going out there and trying to raise our seed round, a lot of investors were telling us that we were quite stupid for putting any importance whatsoever into NFTs. They were like, you know, like, because at the time, right?

I mean, Cryptokitties were really the only NFT that there were like extremely few NFTs that anybody knew about. But to us, we always had this thesis that, you know, ERC standards are like are the developer platform and that as a wallet, all you have to do to make your wallet as like, you know, interoperable as possible is actually just giving. those ERC standards basically to make them work really well in your wallet, right? So in 2019, we, you know, yeah, we have NFTs in our wallet. That was quite novel.

Nobody else was treating NFTs as something that users would really care about. But it was quite clear to us that users would care about these some day. So back then, you know, that certainly was, you know, a niche. This time around, though, with the browser extension product, really, we think that we've built a product that that's going to resonate with people who interact with wallets all the time. Right. I think that the product itself is going to be quite like is quite approachable to everybody.

But we really did build it for people who like use their wallet all the time. Right. And they're taking, you know, dozens of actions every single day on chain. So really, yeah, we built the product, the browser extension, really for power users and what we like to call pre power users. Okay. So power users, pre power users, people that are used. using their wallet, signing with their wallet quite frequently.

What kind of just like market signals were you guys being presented with to tell you that this is what needed to be built? Was this just from like dogfruiting yourself as Ethereum users or like how did you go about doing market research? Like where did you get the signal that you needed to go in this direction? Yeah, that's a great question. Well, yeah, I mean, first and foremost, everyone at Rainbow is basically a power user of Ethereum. And that makes building products a lot easier, right?

because we really get we get to build them for ourselves first and foremost. But yeah, we did also do a lot of user research. So we spent a lot of time out there talking to power users, talking to whales. And really, yeah, they came back with a couple of real pain points that we wanted to address in the product. For example, something that we heard from nearly every whale that we spoke to, right, was they're really feeling a lot of pain around wallet management, right? So what is wallet? Like wallet management essentially just means, you know, hey, like I've got 50 plus wallets. How do I actually use those 50 plus wallets on a regular basis, right? Everything from actually finding the wallet in, you know, like

sorting your your wallet list to actually like, you know, jumping back and forth between them as quickly as possible. So yeah, we took a lot of that feedback into account when design mining rainbow. Oh, interesting. Okay. So this is a problem that I kind of definitely have. I have a, like a layered thing, and it's got three different ledgers on it. And I've actually, like, you know, the metal sheath around a ledger. Yeah. With my drill, I've actually drilled holes through them so I could identify which ones which. I'm sure there's a better way to do that, but that's how I did it. Yeah, yeah, yeah. And so like one's got one dot, two's got two dots and the third doesn't have any. And that's how I manage my ledgers. Yeah, yeah, yeah. So, okay, like go into like how you've

solve some of the the wallet management uh yeah well so a lot of the people we spoke to right um they'll have really sort of like you know special naming conventions for their wallets even right so certain people uh lots of whales out there they'll like segment their wallet usage across like 50 plus wallets right so they'll have a wallet and it'll just be called like miladies right where they'll have another wallet that's just like you know compound finance one and then compound finance two right and so So in the product itself, we have a couple of things that solve their pain. So one is sounds quite simple, but it's really not right.

It's like we let the users drag to reorder their wallets. So no more sort of just like this this like long list and metamask, right? You can actually just drag them around. Second is we allow you to search for wallets by name. So if you do happen to have a specific naming convention, right? It's like it's a lot easier to sort your 50 wallets just by typing something in. than it is to actually like scroll and find it. As far as like switching between them, yeah, we built like the magic menu UI.

So say you're on like any one of your wallets, you can actually just really quickly search all of your wallets and just immediately switch to them. And then again, immediately connect to whatever DAP you're on from your new wallet. So yeah, it's like a very like keyboard driven workflow, which we think, you know, it's one of those things that you really have to try it. And once you try it, we think that there's no going back. Right. Yeah, certainly. But there's no, so there's no way of me just like porting over my wallets from my ledger to rainbow because I have multiple different seed phrases, right? So that I would just have to actually spin up a rainbow wallet kind of with a new version set of seed phrase and then use that as wallet management. Is that correct? Um, well, so we just let you connect your ledgers, right? So, uh, so you can just connect your ledgers to rainbow. Yep. And you don't need to, uh, import your seed phrases or anything like that, right? Because really you're not, when you have hardware wallets, it's, it's not really good practice to be to import seed free, you know, to put those seed braces in anything else. So yeah, rainbow, you can just connect your ledger and get going. It's, it's actually really awesome. Um, we have like, that was another major pain point that that power uses in Wales would talk about. It's just kind of the, you can just kind of the, fragility that they often had interacting with with like metamask for example with their hardware wallets it was he always complained about a very like fragile experience um and with rainbow it just works

interesting okay and this was this is a property of the new browser extension not the mobile wallet obviously right correct you're collecting a little hardware wall to a mobile wall doesn't make any sense oh no you actually can yeah so with rainbow mobile yeah yeah yeah yeah yeah with rainbow mobile uh We actually have truly, I really think it's like the best in-class support for Ledger hardware wallets. Specifically, though, it's the Ledger NanoX, which is the one that has Bluetooth. The Bluetooth is essential here. That's how you do it. Yes, correct.

And that works on iOS and Android. We get, like, lots of praise from users who, you know, strongly prefer using Ledger with Rainbow more than using Ledger with, like, the actual Ledger app. Interesting. Okay. Really quickly, what security concerns are there using a ledger with Bluetooth? Anything that we should know? That's a good question. And that's something that I've thought a lot about over the years. So it really comes down to your level of paranoia, right? Like, I don't actually, you know, I'm not an expert on exactly how, like, ledger uses Bluetooth, for example. but in reality, right?

Like, you still have to use like a pin code. And then additionally, right, like, I don't know. I'm pretty sure that like, you know, like the CIA would have to be posted up like down the block with an antenna, you know, pointed at your room in order for this to be like a real threat, right? I don't perceive there being any serious threat using Bluetooth. it all comes down to your sort of personal preference, but I personally don't have any issue using Bluetooth. Okay, yeah. Maybe if you're sending over a million dollars to take more caution than not.

But other than that, it sounds like a relatively safe consumer behavior. But a topic for more research. Mike, is it time to, can you kind of show me the new browser extension and some of the cool bells and whistles that you guys have put in there? Yeah, yeah, yeah. So let's see here. Just installed the rainbow extension. And the first thing it shows you after setting up your wallets is the rainbow like hotkey.

Right. So if you're within your browser at any time, you can press option shift R to open the extension. And that's, it's quite awesome. Yeah, just being able to kind of like beck in the wallet, summon the wallet whenever you want. Right. So here I am looking at your wallet. I was going to say you have a ton of bank token. I realize you're looking at my wallet.

Looking at your wallet. I got your wallet plugged in here. But I can switch over to my own. There we go. Actually, you know what? I want to reorder these because this wasn't in the order that I was expecting. So what I can do is I can take your wallet. I can move it down here.

And then I can, you know, yeah. And then, yeah, I can like switch to my own here. But yeah, so some of the best, my favorite thing about the browser, the rainbow extension is the keyboard shortcuts for switching between. wallets. It's truly like it's truly a game changer. It sounds so silly. But so if you have a couple of wallets installed, all you have to do is press any of the numbers on your keyboard in, uh, in order to actually just switch to that wallet. Right. So I'm on my wallet here. Um, and you can see actually, you know, so it's like my wallet's in first place, rainbow wallets in second place, your wallets in

third place. And if I just press two on my keyboard, it switches to the second wallet of my list. If I press three on my keyboard. While the rainbow extension is up and open and active, then you can press one or two or three and it'll automatically swap. Yes. Yes. Or so say I have like, you know, a hundred wallets installed, right? I can press Command K to open the magic menu. And from here I can type in, you know, Rainbow wallet and just like switch to that wallet, right?

Yeah. Now RainbowWalladD.Eath, did Rainbow actually pre-populate that because that's it owns Rainbowwalt.Eath or did you just manually name at that? No, this is actually Rainbowwalla. Dot Ethan. This is like, okay, so that's pre-populated. You didn't write that in.

Yes. And I was actually surprised, like, is yours properly set up with reverse resolution? I thought that it is. Everyone tells me that every now and then. It's like, bro, you need to like register your ENS name to you. I thought I have done it. I've, I need to figure it out. Okay.

Yeah, yeah, yeah. But yeah, let me show you some other cool things as well. So if you open up the settings, you can look at, your wallets it's you know it's called the wallet and key section but what's really cool here is how um is how we we we've landed on a new design language for showing users uh their different imported seed phrases in which wallets inside uh their wallets are associated with which seed phrase right so one of the things you can import multiple seed phrases into a rainbow wallet yes you can and that is it sounds silly but it is quite a, you know, that's quite novel, right?

Like, Metamask doesn't let you do that. And again, something that a lot of power uses in Wales had mentioned to us was how they had to really jump through really annoying hoops to actually just use multiple seed phrases, right? They would often have to have different Chrome profiles, you know, installed on their computer to be able to run different instances of MetaMask, right? But with Rainbow, yeah, you can have multiple seed phrases imported at one time, And, you know, say you had a hundred wallets, you would see which seed phrase each wallet is associated with here, right?

Yeah. So let's see. You've got some settings in here. You can turn off analytics. You can hide, you know, balances under a dollar. Of course. Something that we've just added support for is we've internationalized the product, you know, across more than 10 languages here. And we have a bunch more lined up coming soon.

we think that that's quite impactful. Can you show me how you deal with network switching? Yeah, absolutely. So let's go to adapt first, yeah? So let's go to like Zora. So first let's like connect the wallet, like Rainbow. And it wants to connect and it's asking me what network to connect on. We can connect on Ethereum.

So you're asking about network switching. So built into Rainbow, you can, press at, you know, you can open it via this menu here, or you can use keyboard shortcut N to switch between networks. And here, basically, we show you, uh, you know, all of the networks that Rainbow supports. Um, so today it's what you see here. It's Ethereum Polygon, Optimism, Arbogum, base Zora and BSC. Um, now, we don't currently support custom networks, but we understand that is by far and away, the most requested feature. Uh, we, we, we hear everybody. We, we know that that's, That's important and it's really important to us as well. It is our top priority to shift custom networks in the coming month. But yeah, so here I'm connected to Ethereum. And if I want to instead switch to Zora, I can just press N. And I then press like six to switch to Zora network.

Now I'm there. Yeah, yeah. What about getting prompted by the actual app? Yeah, that's a great question. So if you're ever on a website that doesn't show you a rainbow, button and you're using the rainbow extension. You can actually just click Metamask. Oh, funny.

Yeah. So here, I'm on Unistw. But not if you have Metamask installed, right? You have to have one or the other. So there is a, yes, that is a good point. Now, we do support the upcoming EIP. I don't remember the name of it off the top of my head. It's the one that Pedro from Waller Connect is always talking about.

It's like 61 something. The answer is yes. And if you're ever in conflicts between the two wallets, you can toggle this use Rainbow as default wallet toggle and that will make, you know, Rainbow no longer hijack the Metamask button. Cool. Cool. Yeah.

So you're asking about how does network switching work when the DAP itself is requesting the change. So let's try that out here. So we're on Uniswap and you can see that we're connected to Ethereum. Let's go ahead and switch it to optimism. Cool. Wow. It's already done. There's no prompting, right?

Like you don't have to prompt like why do why does anyone need to confirm a network change, right? It's such a silly little just point of friction that no one actually needs to do. Right. So with Rainbow, yeah, no more sort of no more friction to just switch networks. You can just switch between them. Okay. So when you switch it in the app, your wallet follows suit. Your wallet follow suit.

And I can change it from here as well, right? So, you know, I can change it to. Oh, when you change it in the wallet, the app follows suit. Yes, yes. Neat. Yes. So it just like, it just works, man. It just works.

It's like we use wallets all day long, right? And we're quite, you know, we're quite attuned to, uh, the kind of needless friction that, you know, that we're, that we've been putting up with for so long, right? Like everyone who uses wallets on a daily basis, there's all of these little, you know, cuts, you know, uh, you know, what's it called like death by a thousand cuts, right? Like there's all of these little U.S. pain points that, really just drag you down. And yeah,

the Rainbow Extension was designed to really cut those down and get rid of them, right? Yeah, so there's network switching. You know, we also have some other cool stuff built in. So, you know, we have bridging built in as well. So let's see, I can show you how easy it is to bridge, you know, bridge ETH to any of the networks.

So we can click swap here. And I'm going to swap. Who's the service provider behind this? Socket. Yeah. So we work with socket. Yeah. Um, big fans of Socket, shout out socket. Socket's like, uh, the bridge aggregator that we use behind the scenes here. Um, so yeah, you can just select ETH and then see here in the swap flow how there's like this network switcher, right? Essentially all you have to do is select, you know, the destination network that you would like to receive your fun zone. So I can select optimism. And I can even do like, I can either bridge it or I can do a cross chain swap, right? Like I can just, you know, go from main net ETH to optimist.

USDC. Cross-chain swap. How does that... Who's the trader there? Yeah, yeah, yeah. So Rainbow has our own meta-aggregator. So we essentially aggregate the other aggregators. So it's like we have a swap contract that lets us leverage like one inch and zero-x and a couple of other sources to basically always get the user the best quote.

So here, you know, I'm about to... bridge or like basically yeah do a cross-chain swap from eith to us dc on optimism so another a couple other cool features as well right is like i can um i can actually like enable flashbots even this isn't a really good trade uh you know a transaction that really needs flashbots but we do expose it right yeah right how does the wallet handle time of bridge uh because you can wait for longer amounts of time and generally sometimes get a lower price or you can pay a higher price and get it faster. How do you manage that? Yeah, we do return to the user.

You know, so we don't, we don't expose all bridging options. We essentially, we expose, when a user types in a cross-chain swap, right, we are optimizing for bridge speed because very often the difference in cost is like, and our mind's quite negligible. So we do optimize for bridge time. Okay. Yeah.

Cool. Cool. But yeah, so cool. I just made, you know, a swap. from main net to USDC on optimism. Now, we also have, you know, we have NFT section coming very soon to the product. And we also have, you know, the next thing after NFTs is Rainbow, like, we're going to have, like, a rewards program.

So like TBD on the name, but we are going to have like a really fun way that, you know, a fun way to basically get points within Rainbow. and there will be some cool stuff for people, you know, who get a lot of points. Beautiful. Okay, there's one that one button in there, the buy button. Yeah. Is that a Fial on route? Yes.

So. Okay. Moon Pay, Coinbase, ramp. Yes. Yes. Yes. So, yeah, it puns you out. Ah, so it just connects to a Coinbase account.

Okay. Yeah. So specifically Coinbase pay, it lets you, it lets you just connect, it puns you over to Coinbase. You off with Coinbase. And then it lets you, you know, move money from Coinbase over to Rainbow. You know, MoonPay as well, it's a similar flow. Cool. Easy peasy.

Yeah. Okay. I think the last component of this, unless there's others that I'm missing, is mobile wallet to extension syncing. Yeah. What's the umbilical cord between those two things like? Yeah. So that currently, right now, Rainbow mobile and Rainbow desktop, there isn't a way to sink between

them. That's going to be coming soon, though. In the meantime, though, you know, you can, you can like copy and paste, you know, your secret phrase across, across devices, or you can just import on the desktop sort of by hand. Yeah. We are prioritizing mobile syncing. But we are trying to get test net support and custom network support out as urgently as possible because that's basically our most requested feature. and then yeah and then and then follow up to that is going to be mobile syncing i think uh actually just really quick one thing i wanted to show off was uh the magic menu and how uh truly useful it is

right so um so say you're a user and uh yeah you want to watch what's a good wallet we should watch right now vitalic so what i can do is just type in batallic dot eith and so do you see here so basically all i had you know i was on whatever every screen I was on, and I can type anything I want into the magic menu. And cool. So Vitalik shows up, and I can now watch this wallet. And the prompt you're seeing here, right, is basically because I'm on the Uniswap web app, and I just switched wallets, it's asking me, hey, do you want to, like, switch, you know,

do you want to connect to Uniswap from this new wallet? And I can say yes, right? So now I'm connected to Uniswap as if I'm Vitalik. So it's quite handy It's quite handy for You know for the you know Zach XBTs of the world right If you want to sort of use different

DAPs as if you're like logged in To any other user It's really easy to do that with Rainbow But yeah or I can connect You know Right yeah you did it to me at the very beginning Right yeah yeah yeah yeah yeah yeah yeah Yeah anyway that's what's up

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you can store and display your beautiful NFTs, and you can also explore Web3 with the in-app search features, market leaderboards, and price charts, or use Wallet Connect to connect to any Web3 application. So you can now go directly to D5 with the Uniswop mobile wallet, safe, simple custody, most trusted team in Defy. Download the Uniswap wallet today on iOS. There's a link in the show notes. So those are all kind of the big bells and whistles overall. Just like what is, does Rainbow have a roadmap? What is the like the roadmap of Rainbow? Yeah, yeah, yeah. So let's see. Big things on a roadmap right now, specifically with the browser extension product is custom network support. So we hear it, you know, everyone out there, they want to play on more chains, right? And Rainbow

currently supports, I believe it's seven. But yeah, so we'll be supporting custom networks here in the extreme short term. Second to that, I would say, is test net support. So we have what we call test net mode is basically how we're planning to introduce test nets. And what that's going to look like is essentially the whole browser, the rainbow browser extension, when you enter test net mode, the product morphs and sort of like it like will like look different even so if you're a developer it's going to be quite easy to tell whether you're in test net mode or production mode basically like test net mode looks almost like hackery right it's like green tinted and like it looks like you know like

matrix style terminal um after that uh nfti support is coming uh to the browser extension um we also have a bunch of really fun plans around theming so For example, what we want to do is have themes for the Rainbow Browser Extension that are unlockable based on owning an NFT. So for example, like- Oh, neat. Yes, yes. So that's going to be really fun. We have some things lined up and we're working with some NFT communities to sort of make unlockable themes, you know, using their sort of brand aesthetic within our product. we think that that's going to be really fun.

Yeah, and then let me think, as far as sort of like, you know, across, you know, priorities across all of the rainbow products. Yeah, we're also working on, yeah, like a point system that we're quite excited about. And we think that that's going to be both really fun as well as accelerate, you know, rainbow adoption and sort of further eat into Metamask's market share. Well, beautiful. I know the community has been like kind of clamoring for a rainbow. our community, the bankless community, climbing for a rainbow kind of exploration and just having you on.

So I think this definitely covered a lot of ground. But I also kind of want to just zoom out because my kind of take is there seems to be a lot more chit-chatter around design in Web3. Yeah. Like that kind of, there's a lot of things going on in crypto. But like focusing on design, I think has garnered more of a focal point in the last like six months or so than previously. I don't wonder if you just have any just high level thoughts about the topic of like design and Web 3. Yeah. I mean, we have always felt that design is very important.

And it is interesting how I feel like the crypto market awareness for design tends to have its own like cycle. You know, like it is on its own sort of cyclical roller coaster just like the markets are. As far as why it's taking, why people are starting to talk about design right now, you know, I'm not really sure. I think partially it could be because of a lot of the new user experience on locks that are sort of in the pipeline, right? Things like pass keys, things like account abstraction, et cetera. These things have the potential to kind of, yeah, really upend the crypto user experience to date.

and I think that that could be driving a lot of the conversation. Yeah, I'm curious what you think, though. Yeah, I think if people are starting to realize that this is more of a problem than we've previously led on. Like, I think when I was getting into crypto, it was kind of fun and exciting to manage the complexities of getting a wallet and managing a wallet. And that was, it was new because you, like, got over a hurdle and you're like, okay, now I'm a crypto person because I know how to do crypto things. and that is no longer like the meta of crypto that we are in. We are now in the phase of like anyone who was capable of doing that is already a crypto person. And so now it's like design constraint that is a new, the big constraint for getting people to do crypto things.

Yeah. And so I think just the overall designers are becoming more valuable in the crypto meta in this day and age. Yeah. I mean, there's only so many like truly amazing. designers out there that also understand all of the moving parts because it's very hard to abstract something successfully without really knowing all of the sort of without really knowing how it all works right because there's certain ways that you can extract something that actually uh have lots of flaws in it right based on sort of technical for technical reasons um and i think that that's something

that rainbow's done really well is actually tried to move forward design in a way that um that yeah doesn't sort of like really break, right? Or sort of have hit a wall or sort of abstract something too much. Yeah. I also kind of think there's just a growing shared understanding of what the exact problems are. I think crypto in 2017 to 2020 was a little bit more uncertain about its own future. But now in 2023, we kind of know where things are going. It's going to be different networks.

There's like ENS is here to stay. That wasn't around in 2017. Kind of things like this. We just have a more solid foundation. And so the problems that we need to solve, we know are actually like the real problems rather than just like a fake temporal problem. And so I think design has been able to kind of focus this energies on a little bit better because of the nature of this. Hell yeah. You know, something else I just realized I didn't talk about.

So you had asked what's on our roadmap. And something I wanted to talk about was the future of Rainbow Kit. So are you familiar with Rainbow Kit? I feel like I've seen it. No. Okay. So Rainbow Kit today. is by far in a way

the best experience for developers looking to add sorry, it's by far in a way the most popular, right? So if you actually look at the charts of what developers are adopting, by far and away, like Rainbow Kit is dominating those charts.

So you've probably seen this UI around... Yeah, I've seen that UI for sure. Yeah. Yeah, that's a little bit place. It's all over the place. So, and yeah, that's Rainbow Kit. So, yeah, like, I was wondering how, like, all of a sudden

the meta just like, changed and now everyone everyone just use that all at once like really quickly yeah yeah yeah yeah so it's it's it's just it's great right like it's we've really built um a super simple API right that uh is super approachable for people who even just learned react like today right like it's just it it really is is is uh approachable um and yeah it's become kind of the new standard right like coinbase uses it for all of their base chain related user-facing products, you know, optimism, arbitrum, Zora. Really, everyone uses it.

And really what's coming next, though, and something that, you know, we're really excited about is what we call mini wallets. And mini wallets are going to be the evolution of, on top of Rainbow Kit here. So what Rainbow Mini Wallets are going to be is essentially a, it's like our take on embedded wallets, right? So a user will be able to land on any website out there, any DAF, that uses Rainbow Kit.

And they'll be able to, you know, create a wallet by just entering their phone number or email, right? And basically, you know, we're going to be offering that to developers for free, which we think is quite competitive. And we also, what's also, I think, quite critical here is that when a user creates a wallet inside of Rainbow Kit, they'll be able to log in and access that. same wallet on any of the DAPs that use Rainbow Kit. From a different place that uses Rainbow Kit. Yeah. And we think that that's quite powerful. Right.

And we think that's a little bit different than what's currently in the market today. Right. So most products out there that sort of are similar to what we're talking about here, you know, users can create a wallet, but that wallet like lives on the website that created it. Right. It's not interoperable. And we believe in like a much, you know, we believe in like, yeah, like the whole point

of all this stuff is kind of like interoperability, right? And the fact that cool, if I buy an NFT over here, I can go use it anywhere I want, right, on any marketplace I want, right? And so yeah, that's what we're building next here with Rainbow Kid is we're going to be building mini wallets directly into Rainbow Kit itself. And this is just some kind of like public good that you guys are donating to the ecosystem for all websites and apps and developers to use. Yeah, I mean, well, so, you know, I don't know if I would call it.

I mean, yeah, you can view it as a public good. I don't want to like open source piece of software I consider it how well so rainbow kit itself is an open source piece of software um now mini wallets itself though is going to be built on top of like uh uh you know mpc infrastructure um and very likely as well going to have like you know the wallets that we create are very likely going to be you know account abstracted wallets um uh so right okay so the kit is like it's a distribution strategy so the kit is like it's a distribution strategy so the kit is is, you know, free open source public good. Yes. And it's a distribution strategy for Rainbow. Yes. Yes. Correct. Yes. Yep.

And I mean, at the end of the day, though, right? Like, we're going to be offering this embedded wallet solution for free to developers, right? And, you know, that's nothing else in the market today is actually free. So we do think of that as us being good, whether that is a public good or not, I think is up for debate. But yeah, quite excited about getting mini wallets out there. We think that that's going to unlock a lot of fun experimentation and the consumer sort of, you know, we were just talking about design, right? Like we think that something like mini wallets can actually, yeah, be a really big unlock for a lot of these consumer facing applications. Oh, beautiful, Mike.

This has been a fantastic exploration into Rainbow Wall. I've had it on my phone, but I can't say I've actually been a user of it, but this has been a pretty and thorough walkthrough so I can start managing some of my shit. Yeah, you really got to, the keyboard shortcuts are seriously something that once you try and you can't go back. It really becomes, it truly saves you that much time. If you're using wallets all the time, it's really a game changer. Yeah. And if you're in the world of keyboard shortcuts, that's absolutely a power user. So probably something I would need for sure.

Awesome. Mike, this has been fantastic. If people want to learn more about Rainbow or if you guys are like hiring or if there's a call to action that you got, what do you got? Yeah, check out rainbow.me. You can download the browser extension and the mobile wallet from rainbow. combe. Yeah, follow us on Twitter. It's like, you know, at Rainbow DOT me.

Yeah. Check it out. Give us five stars. You know, give us good reviews on all the app stores. Thanks, David. All this stuff. Thanks for coming on, my man. Bank of those HACON, you know the deal.

Crypto is risky. Wallets are risky. Hopefully they're getting less risky as time goes on, but you could still lose what you put in, but we were headed west. This is the frontier. It's not for everyone, but we are glad you are with us

on the bankless journey. Thanks a lot.