Solana has announced the launch of its first smart wallet, Fuse, now available for public Testing on iOS. As per the announcement, Fuse utilizes Squads Protocol smart accounts to deliver a programmable smart wallet experience that abstracts away seed phrases and offers wallet recovery and 2-factor authentication. “Fuse is the ultimate place to securely store your digital wealth without relying on centralized entities or single points of failure,” the post read.
Unlike traditional wallets that use simple data accounts limited to basic storage and transaction capabilities, smart wallets use dynamic, programmable tools, offering enhanced security, ease of use, and a wide range of new possibilities for managing digital assets.
Smart accounts move the industry forward from a one-size-fits-all custody model to one based on programmability and customization. They eliminate existing pain points like seed phrases and unlock new use cases that will soon become standard benefits that users expect. This includes multi-signature capabilities, two-factor authentication (2FA), gas abstraction, time locks, key rotation, and spending limits – leading to a more secure and user-friendly experience for managing digital assets.
The concept of smart wallets is not new as influential figures in the crypto world, such as Vitalik Buterin, advocated for all wallets to transition to smart accounts. Even major players like Coinbase are launching smart wallets, signaling a move towards this new standard.
Solana Ejects Malicious Validators
This comes amidst major development within the Solana community. The Solana Foundation has removed a group of validator operators from its delegation program for their involvement in sandwich attacks against users. A sandwich attack is a type of front-running exploit where an attacker places two transactions around a victim’s transaction to manipulate the price and profit from the difference.
The decision has sparked mixed reactions among community members. Some members have supported the Foundation’s actions, emphasizing that it aligns with the principles of the proof-of-stake [PoS] security model. This model relies on validators behaving in ways that maximize long-term value for all stakeholders, including small stakers who, collectively, can significantly influence the network.