Introducing Rainbow Wallet Browser Extension With Mike Demarais

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

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:03David Hoffman?

  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. Rainbow Wallet has been a wallet, usually a 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 in October of 2023, we get that done. I have Rainbow Wallet downloaded on my phone, but I 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 this space. So instead of actually exploring it myself, I just got the founder on to walk me through all the

• 0:46David Hoffman?

  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's 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, then this episode is for you. We also take a moment to talk about design in Web three 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 Bankless, 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

• 1:28David Hoffman?

  to help elevate. And so this is an episode to do that. I hope you enjoy this exploration into Rainbow Wallet with Mike and Demore. But first, a moment to talk about some of these fantastic sponsors that make this show possible. Kraken Pro has easily become the best crypto trading platform in the industry. The place I use to check the charts and the crypto prices, even when I'm not looking to place a trade. On Kraken 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. Kraken's new customizable modular layout lets you tailor your trading experience to suit your needs. Pick and choose your favorite modules and place them anywhere you want in your screen. With Kraken Pro, you have that power. Whether you are a seasoned pro or just starting out, join thousands of traders who trust Kraken Pro for their

• 2:10David Hoffman?

  Crypto trading needs. Visit prokraken.com to get started today. Cello is the mobile-first, EVM-compatible, carbon-negative blockchain built for the real world. And now, something big is happening. Introducing the Cello Layer 2. It's a game-changing proposal that's going to bring Cello's rapidly-growing ecosystem home to Ethereum. Vitalik has shared its excitement for the Cello Layer 2 on the Cello Forum, so has Ben Jones from Optimism. But why? The Cello Layer 2 will bring huge advantages, like a decentralized sequencer, off-chain data availability, and one-block finality. What does all that mean? Rock-solid security, a trustless bridge to Ethereum, and more real-world use cases for Ethereum without compromise. And real-world adoption is happening. Active addresses on Cello have grown over 500% in the last six months.

• 2:52David Hoffman?

  With the Cello Layer 2, gas fees will stay low, and you can even pay for gas using ERC20 tokens. But Cello is a community-governed protocol. This means that Cello needs you to weigh in and make your voice heard. Join the conversation in the Cello Forum, follow @celloorg on Twitter, and visit cello.org to shape the future of Ethereum. Are you planning to launch a token? Is your token already live? And are you granting your employees and contractors vesting token awards? And are you trying to figure out how to take care of taxable events for your team? Toku makes implementing a global token incentive award simple. With Toku, you will get unmatched legal and tax support to grant and administer your global team's tokens. Toku will help you navigate across the lifecycle of your token, from easy-to-use pre-launch token grant award templates

• 3:36David Hoffman?

  to managing post-cliff taxable events with payroll. For legal, finance, and HR teams, it's a huge, complex task to have to comply with labor laws, payroll and tax obligations, tax reporting, and crypto regulations in every country that you employ someone. It's difficult, time-consuming, manual, and costly, and it's drawing more attention from global regulators and governments. Toku makes it simple for leading companies in the space: Protocol Labs, Hedera, Gitcoin, and many more. So if you want some help navigating the complex world of token compliance, go to toku.com/bankless or click the link in the description below. Bankless Nation, I am here with Mike Demare of Rainbow Wallet. Everyone knows Rainbow. It's the cute, rainbow-themed, mobile wallet for iOS and Android. And today, Mike's got a little announcement out of the Rainbow ecosystem. Mike, welcome to Bankless.

• 4:21Speaker 01

  What's up, Bankless? Hey, David, it's been a long time coming. Thanks for having me.

• 4:24David Hoffman?

  It has been a long time. It has. How you doing, my man?

• 4:27Speaker 01

  I'm doing good, man. You know, happy Monday. Good morning. Wag me.

• 4:31David Hoffman?

  Happy Monday. All the GMs. Okay, quick question for you. Why did you make Rainbow?

• 4:36Speaker 01

  Ooh, great question. Um, 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 MakerDAO, 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 DApps and cool experiments

• 5:18Speaker 01

  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,

• 5:40Speaker 01

  you know, Ethereum and DApps as, 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.

• 5:51David Hoffman?

  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?

• 5:58Speaker 01

  Yeah, it's a good question. Well, so back then, um, 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.

• 6:11David Hoffman?

  And back in 2019, that was not normal. Like, few people were even saying the words "NFT."

• 6:16Speaker 01

  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...

• 6:47Speaker 01

  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 give those ERC standards basically to make them work really well in your wallet, right? So in 2019, we, um, you know, yeah, we had NFTs in our wallet. Uh, that was quite novel. Nobody else was treating NFTs as something that users would really care about, but it was quite, quite clear to us that users would care about these someday. So back then, you know, that certainly was, you know, a niche. Um, this time around though, with the browser extension products, really, we think that we've built a product that, uh, that, that's going to resonate with people who, who interact with wallets all the time.

• 7:30Speaker 01

  Right? Um, I think that, uh, 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. Um, so really, yeah, we, we built the product, uh, the browser extension, really for power users and what we like to call pre-power users.

• 7:54David Hoffman?

  Okay. So power users, pre-power users, people that are using their wallet, signing with their wallet quite frequently. What, 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 dog fooding it yourself as Ethereum users or like, how did you go about doing market research? Like where, where, where did you get the signal that you needed to go in this direction?

• 8:16Speaker 01

  Yeah, that's a great question. Um, well, yeah, I mean, first and foremost, everyone at Rainbow is basically a power user of Ethereum. And, um, that makes building products a lot easier, right? Because we really get, we get to build them for ourselves first and foremost. Um, but yeah, we did also, uh, do a lot of user research. So we spent a lot of time out there talking to power users, talking to whales. Um, and really, uh, 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 like whale that we spoke to, right? Was they're really feeling a lot of pain around wallet management, right?

• 9:00Speaker 01

  So what is wallet? Like wallet management essentially just means, you know, hey, like I've got 50 plus wallets. How do I, 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, your wallet list. To actually like, you know, jumping back and forth between them as quickly as possible. So yeah, we, we took a lot of that feedback into account when designing Rainbow.

• 9:27David Hoffman?

  Oh, interesting. Okay. So this is a problem that I kind of definitely have. I have a like a lanyard thing and it's got three different ledgers on it. And I've actually like, you know, the metal sheath around the ledger.

• 9:38Speaker 01

  Yeah.

• 9:38David Hoffman?

  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.

• 9:45Speaker 01

  Yeah, yeah, yeah.

• 9:45David Hoffman?

  And so like one's got one dot, two's got two dots and then the third doesn't have any. Uh, and that's how I manage my ledgers.

• 9:52Speaker 01

  Yeah, yeah, yeah.

• 9:53David Hoffman?

  And so, okay, like go, go into like how you solve some of the, the wallet management problems.

• 9:58Speaker 01

  Well, so a lot of the people we spoke to, right? They'll have really sort of like, you know, special naming conventions for their wallets even, right? So certain people, 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? Or they'll have another wallet that's just like, you know, Compound Finance one and then Compound Finance two, right? And so in the product itself, we have a couple of things that solve their, their, their pains. 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 in MetaMask, right? You can actually just drag them around.

• 10:44Speaker 01

  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, 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 the magic menu UI. So 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 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.

• 11:25David Hoffman?

  Yeah, certainly. But there's no so there's no way of me just like porting over my wallets from my ledger to 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?

• 11:41Speaker 01

  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 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, you know, to put those seed phrases in anything else. So yeah, Rainbow, you can just connect your ledger and get going. It's it's actually really awesome. We have like that was another major pain point that that power users in Wales would talk about is 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. And with Rainbow, it just works.

• 12:23David Hoffman?

  Interesting. Okay. And this was this is a property of the new browser extension, not the mobile wallet, obviously, right?

• 12:28Speaker 01

  Correct.

• 12:29David Hoffman?

  Collecting a little hardware wallet to a mobile wallet doesn't make any sense.

• 12:32Speaker 01

  Oh, no, you actually can. Yeah. So with Rainbow Mobile. Yeah. Yeah, yeah, yeah. With Rainbow Mobile, we we actually have. Truly, I I really think it's like the best in class support for ledger hardware wallets. Specifically, though, it's the Ledger Nano X, which is the one that has Bluetooth.

• 12:51David Hoffman?

  The Bluetooth is essential here. That's how you do it.

• 12:53Speaker 01

  Yes, correct. Yeah. 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.

• 13:07David Hoffman?

  Interesting. Okay, um, really quickly, what security concerns are there using a Ledger with Bluetooth? Anything that we can know?

• 13:15Speaker 01

  That's a good question, and that's something that I've thought a lot about over the years. So, uh, it really comes down to your level of paranoia, right? Like, um, I don't actually, uh, you know, I'm not an expert on exactly how like Ledger uses Bluetooth, for example, um, but in reality, right? Like, um, uh, uh, like, you still have to use like a PIN code. Um, and then additionally, right? Like, uh, 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?

• 13:57Speaker 01

  Um, I don't perceive there being any serious threat using Bluetooth. Um, it all comes down to your sort of personal, uh, uh, preference. Um, but I personally don't have any issue using Bluetooth.

• 14:12David Hoffman?

  Okay, yeah, maybe, maybe if you're sending over a million dollars, take more caution than than not. But other than that, it sounds like relatively safe consumer behavior, but a topic for more research. Um, Mike, is it time to, can you kind of show me, um, the new browser extension? And some of the, some of the cool bells and whistles that you guys have put in there?

• 14:29Speaker 01

  Yeah, yeah, yeah. So, let's see here. Just installed the Rainbow extension, um, and the first thing it shows you after setting up your wallets is, uh, 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. Um, and that's, it's quite awesome. Yeah, just being able to kind of like beckon the wallet, summon the wallet whenever you want, right? So here I am looking at your wallet.

• 14:58David Hoffman?

  I was gonna say, you have a ton of bank token. I realize you're looking at my wallet.

• 15:01Speaker 01

  Looking at your wallet. I got your wallet plugged in here, uh, but I can switch over to my own.

• 15:07Speaker 01

  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. Um, 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.

• 15:46Speaker 01

  Um, and you can see actually, you know, so it's like my wallet's in first place, Rainbow Wallet's in second place, your wallet's in third place. And if I just press two on my keyboard, it switches to the second wallet on my list. If I press three on my keyboard.

• 15:58David Hoffman?

  While the Rainbow extension is up and open and active, then you can press one or two or three and it'll automatically swap.

• 16:06Speaker 01

  Yes, yes. Um, or so say I have like, you know, a hundred wallets, uh, installed, right? I can, um, 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?

• 16:25David Hoffman?

  Now Rainbow Wallet dot ETH, did Rainbow actually pre-populate that? Because that's it owns Rainbow Wallet dot ETH or you just manually name it that?

• 16:33Speaker 01

  Uh, no, this is actually Rainbow Wallet dot ETH and this is like.

• 16:36David Hoffman?

  Okay, so that's pre-populated. You didn't write that in.

• 16:38Speaker 01

  Yes, and I was actually surprised, like, is yours properly set up with reverse transaction?

• 16:42David Hoffman?

  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.

• 16:51Speaker 01

  Okay. Yeah, yeah, yeah. Um, but yeah, let's, let me show you some other cool things as well. So, um, if you open up the settings, you can look at, uh, 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 their different imported seed phrases and which wallets inside their wallets are associated with which seed phrase, right? So one of the things you asked me-

• 17:22David Hoffman?

  Okay, so you can import multiple seed phrases into a Rainbow Wallet?

• 17:25Speaker 01

  Yes, you can. And that is, it sounds silly, but it is quite a, uh, you know, that's quite novel, right? Like MetaMask doesn't let you do that. Um, and again, something that a lot of power users 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, uh, you know, installed on their computer to be able to run different instances of, of MetaMask, right? Uh, but with Rainbow, yeah, you can have multiple seed phrases imported at one time. Um, and you know, say you had a hundred wallets, you could, you would see, uh, which seed phrase each, uh, wallet is associated with here, right?

• 18:07Speaker 01

  Yeah. So let's see, you've got some settings in here. You can turn off analytics. You can hide, uh, you know, balances under a dollar.

• 18:14David Hoffman?

  Of course.

• 18:16Speaker 01

  Something that we've just added support for is, um, we've internationalized the product. Uh, you know, across more than 10 languages here, and we have a bunch more lined up coming soon. Uh, we think that that's quite impactful.

• 18:30David Hoffman?

  Can you show me how you deal with, uh, network switching?

• 18:33Speaker 01

  Yeah, absolutely. So let's go to adapt first. Yeah. So, um, let's go to like Zora. And 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. Um, we can connect on Ethereum. So you were asking about network switching. Um, so, um,

• 18:55Speaker 01

  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, you know, all of the networks that Rainbow supports. So today, it's what you see here. It's Ethereum, Polygon, Optimism, Arbitrum, Base, Zora, and BSC. Now, we don't currently support custom networks, but we understand that is by far and away the most requested feature. We hear everybody, we know that that's important, and it's really important to us as well. It is our top priority to ship custom networks in the coming month. But yeah, so here, I'm connected to Ethereum.

• 19:37Speaker 01

  And if I want to instead switch to Zora, I can just press N. And I then press like 6 to switch to Zora network. Now I'm there.

• 19:47David Hoffman?

  Keyboard shortcut?

• 19:48Speaker 01

  Yeah, yeah.

• 19:50David Hoffman?

  What about getting prompted by the actual app?

• 19:53Speaker 01

  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.

• 20:01David Hoffman?

  Oh, funny.

• 20:02Speaker 01

  Yeah. So here, I'm on Uniswap.

• 20:04David Hoffman?

  But not if you have Metamask installed, right? You have to have one or the other?

• 20:07Speaker 01

  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 Wallet Connect is always talking about. It's like 61 something? The answer is yes. And if you've ever been 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.

• 20:35David Hoffman?

  Cool, cool.

• 20:36Speaker 01

  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.

• 20:51Speaker 01

  Cool. Wow. It's already done. There's no, there's no prompting, right? Like you don't have to prompt like, why, why does anyone need to confirm a network change, right? It's such a silly little, uh, just point of friction that no one actually needs to do, right? So with Rainbow, uh, yeah, no more sort of, no more friction to just switch networks. You can just switch between them.

• 21:13David Hoffman?

  Okay. So when you switch it in the app, your wallet follows suit.

• 21:17Speaker 01

  Your wallet follows suit and I can change it from here as well. Right? So, you know, I can change it to.

• 21:22David Hoffman?

  Oh, when you change it in the wallet, the app follows suit.

• 21:26Speaker 01

  Yes, yes.

• 21:27David Hoffman?

  Neat.

• 21:28Speaker 01

  Yes. So it just like, it just works, man. It just works. It's like, we use wallets all day long, right? And we, we're quite, uh, you know, we're quite attuned to, uh, the, the kind of needless friction that most, 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 UX 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? Um, yeah. So there's network switching. Um, you know, we also have some other cool stuff built in.

• 22:07Speaker 01

  So, uh, you can, you know, we have bridging built in as well. So let's see, we, I can show you how easy it is to bridge, um, you know, bridge ETH to any of the networks. So we can click swap here and I'm going to swap.

• 22:20David Hoffman?

  The service provider behind this?

• 22:22Speaker 01

  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 funds on. 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 optimistic USDC.

• 23:01David Hoffman?

  Cross-chain swap, how does that?

• 23:04Speaker 01

  Yeah.

• 23:04David Hoffman?

  How's that? Who's the trader there?

• 23:06Speaker 01

  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 1inch and 0x 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 ETH to USDC on Optimism. So another, a couple of other cool features as well, right? It's like I can, I can actually like enable flashbots even. This isn't a really good trade, you know, a transaction that really needs flashbots, but we do expose it right here. Yeah.

• 23:47David Hoffman?

  Right. How does the wallet handle time of bridge? 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?

• 24:00Speaker 01

  Yeah, we do return to the user.

• 24:04Speaker 01

  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 in our minds quite negligible. So we do optimize for bridge time.

• 24:23David Hoffman?

  Okay.

• 24:24Speaker 01

  Yeah.

• 24:24David Hoffman?

  Cool.

• 24:25Speaker 01

  Um, but yeah, so cool. I just made, you know, a swap from mainnet 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

• 25:01Speaker 01

  for people, you know, who get a lot of points.

• 25:04David Hoffman?

  Beautiful. Okay, there's that one button in there, the buy button.

• 25:07Speaker 01

  Yeah.

• 25:08David Hoffman?

  Is that a Fiat on ramp?

• 25:09Speaker 01

  Yes. So.

• 25:11David Hoffman?

  Moonpay Coinbase ramp.

• 25:12Speaker 01

  Yes. Yes, yes, yes. So yeah.

• 25:15David Hoffman?

  So it just connects to a Coinbase account. Okay.

• 25:17Speaker 01

  Yeah. So specifically Coinbase Pay, it lets you.

• 25:22Speaker 01

  It lets you just connect, it punts 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.

• 25:35David Hoffman?

  Cool. Easy peasy. Okay. I think the last component of this, unless there's others that I'm missing is mobile wallet to extension syncing.

• 25:42Speaker 01

  Yeah.

• 25:43David Hoffman?

  What is the, what's the umbilical cord between those two things like?

• 25:45Speaker 01

  Yeah. So that currently, right now, Rainbow Mobile and Rainbow Desktop. There isn't a way to sync between them. That's coming, that's going to be coming soon though. In the, 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, you can just import on the desktop. Sort of by hand. Yeah. We're, we are prioritizing mobile syncing. But we, 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.

• 26:28Speaker 01

  Mobile syncing. I think, actually just really quick, one thing I wanted to show off was the magic menu. And how truly useful it is, right? So, so say you're a user and. Yeah. You want to watch, what's a good wallet we should watch right now? Vitalik? So what I can do is just type in Vitalik dot ETH. And so do you see here? So basically all I had, you know, I was on whatever 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, um, it's, and I just switched wallets. It's asking me, hey, do you want to like switch,

• 27:12Speaker 01

  uh, 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. Um, so it's quite handy. It's quite handy for, um, you know, for the, you know, Zach XBTs of the world, right? If you want to sort of use, uh, different dApps as if you're like logged in to any other user. Uh, it's really easy to do that with Rainbow. Um, but yeah, or I can connect, uh, you know.

• 27:39David Hoffman?

  Right. Yeah. You did it to me at the very beginning. This is how you watch my wallet.

• 27:42Speaker 01

  Yeah. Yeah. Yeah. Yeah. Yeah. Anyway, that's what's up.

• 27:45David Hoffman?

  Arbitrum is accelerating the Web3 landscape with a suite of secure Ethereum scaling solutions. Hundreds of projects have already deployed on Arbitrum One with flourishing DeFi and NFT ecosystems. Arbitrum Nova is quickly becoming a Web3 gaming hub and social dApps like Reddit are also calling Arbitrum home. And now Arbitrum Orbit allows you to use Arbitrum's secure scaling technology to build your own Layer 3, giving you access to interoperable, customizable permissions with dedicated throughput. Whether you are a developer, enterprise, or a user, Arbitrum Orbit lets you take your project to new heights. All of these technologies leverage the security and decentralization of Ethereum and provide a builder experience that's intuitive, familiar, and fully EVM compatible. Faster transaction speeds and significantly lower gas fees.

• 28:30David Hoffman?

  So visit arbitrum.io where you can join the community, dive into the developer docs, bridge your assets, and start building your first app with Arbitrum. Experience Web3 development the way it was always meant to be. Secure, fast, cheap, and friction-free. Are you a MetaMask user? Well, you're listening to Bankless, so of course you are. The wallet you know and love just got a whole lot better. MetaMask Portfolio is the ultimate one-stop shop for all of your crypto needs. It gives you a holistic view of your crypto portfolio across multiple chains and multiple addresses all at once. You can easily view and manage all your coins, tokens, and NFTs in one convenient place just by connecting your wallet. MetaMask Portfolio goes beyond just viewing your portfolio, though. Inside the portfolio, you can do all the incredible money verbs that make

• 29:13David Hoffman?

  DeFi so powerful, you can buy, swap, bridge and stake your crypto assets with ease. It's like having a powerful battle station for all your DeFi moves right at your fingertips. So if you're looking to do more in Web3 your way, Metamask Portfolio is the answer. I already know that you have Metamask Wallet, so go check out your Metamask Portfolio. Learn more at metamask.io/portfolio. You know Uniswap, it's the world's largest decentralized exchange with over 1.4 trillion dollars in trading volume. You know this because we talk about it endlessly on Bakeless. It's Uniswap, but Uniswap is becoming so much more. Uniswap Labs just released the Uniswap Mobile Wallet for iOS. The newest, easiest way to trade tokens on the go. With the Uniswap Wallet, you can easily create or import a new wallet,

• 29:55David Hoffman?

  buy crypto on any available exchange with your debit card with extremely low fiat on-ramp fees, and you can seamlessly swap on mainnet, Polygon, Arbitrum and Optimism. On the Uniswap Mobile Wallet, 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 DeFi with the Uniswap Mobile Wallet. Safe, simple custody from the most trusted team in DeFi. Download the Uniswap Wallet today on iOS. There is 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 like the roadmap of Rainbow?

• 30:33Speaker 01

  Yeah, yeah, yeah. So let's see. Big things on our 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 testnet support. So we have what we call testnet mode is basically how we're planning to introduce testnets. And what that's going to look like is essentially the whole browser, the Rainbow browser extension. When you, when you enter testnet mode, the product like morphs and sort of like,

• 31:18Speaker 01

  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 testnet mode or production mode. Basically like testnet mode looks almost like hackery, right? It's like green tinted and like, it looks like, you know, like Matrix style terminal.

• 31:36Speaker 01

  After that, NFT support is coming to the browser extension. We also have a bunch of really fun plans around theming. So, for example, what we want to do is have themes for the browser, for the Rainbow Browser extension that are unlockable based on owning an NFT. So, for example,

• 32:02David Hoffman?

  Oh, neat.

• 32:04Speaker 01

  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, like a point system that we're quite, 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 even to MetaMask's market share.

• 32:42David Hoffman?

  Well, beautiful. The, I know the, the community has been like kind of clamoring for a Rainbow, our community, the Bankless community, clamoring for a Rainbow kind of exploration and just having you on. So this, this definitely like covered, covered a lot of ground, but I also kind of want to just zoom out because my, my kind of take is, there seems to be a lot more chit chatter around design in Web three.

• 33:05Speaker 01

  Yeah.

• 33:05David Hoffman?

  Like that kind of, there, there's, 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, than previously. I don't wonder if you just have any just high level thoughts about the topic of like design in Web three?

• 33:20Speaker 01

  Yeah, I mean, um, 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,

• 33:43Speaker 01

  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, experience unlocks 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

• 34:06Speaker 01

  the crypto user experience to date. And I, I, I think that that could be driving a lot of the conversation. Yeah, I'm curious what you think, though.

• 34:17David Hoffman?

  Yeah, I think if people are starting to realize that this is more of a problem than we've previously let on. Like, I think, like, 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 is capable of doing that is already a crypto person. And so now it's like design constraint that is a new, the, the big constraint for getting people to do crypto things.

• 34:54Speaker 01

  Yeah.

• 34:55David Hoffman?

  And so I think just the overall designers are becoming more valuable in the crypto meta in this day and age.

• 35:03Speaker 01

  Yeah, I mean, there's, 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, without really knowing how it all works, right? Because there's certain ways that you can abstract something that actually have lots of flaws in it, right? Based on sort of for technical reasons. And I think that that's something that Rainbow's done really well is actually tried to move forward design in a way that, 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.

• 35:46David Hoffman?

  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. There'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 its energies on a little bit better because of the nature of this.

• 36:20Speaker 01

  Oh, 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 RainbowKit. So are you familiar with RainbowKit? I feel like I've seen it.

• 36:34David Hoffman?

  No.

• 36:34Speaker 01

  Okay. So RainbowKit today is by far and away the best experience for developers looking to add. Sorry, it's by far and away the most popular, right? So if you actually look at the charts of what developers are adopting, by far and away, like RainbowKit is dominating those charts. So you've probably seen this UI around.

• 36:56David Hoffman?

  Yeah, I've seen that UI for sure.

• 36:57Speaker 01

  Yeah.

• 36:58David Hoffman?

  Yeah, that's all over the place.

• 36:59Speaker 01

  It's all over the place. So, and yeah, that's RainbowKit. So, yeah, like Coinbase uses it.

• 37:04David Hoffman?

  I was wondering how like all of a sudden the meta just like changed. And now everyone just uses that all at once, like really quickly.

• 37:10Speaker 01

  Yeah, yeah, yeah, yeah. So it's just, it's just great, right? Like it's, we've really built a super simple API, right? That is super approachable for people who even just learned React like today, right? Like it's just, it really is, is, is approachable. 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 on top of RainbowKit here.

• 37:55Speaker 01

  So what 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 or any app that uses RainbowKit. 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 RainbowKit, they'll be able to log in and access that same wallet on any of the apps that use RainbowKit.

• 38:35David Hoffman?

  From a different place that uses RainbowKit.

• 38:37Speaker 01

  Yeah, and we think that that's quite powerful, right? And then we think that's that's a little bit different than what's certainly 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, there, 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 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 that's what we're building next here with RainbowKit is we're going to be building mini wallets directly into RainbowKit itself.

• 39:17David Hoffman?

  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?

• 39:25Speaker 01

  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.

• 39:32David Hoffman?

  Open source piece of software, I consider a public good.

• 39:34Speaker 01

  Well, so RainbowKit itself is an open source piece of software. Now, mini wallets itself, though, is going to be built on top of like, you know, MPC infrastructure 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.

• 39:56Speaker 01

  So

• 39:56David Hoffman?

  Right, okay, so the kit is like, it's a distribution strategy. So the kit is, you know, free, open source, public good.

• 40:02Speaker 01

  Yes.

• 40:03David Hoffman?

  And it's a distribution strategy for Rainbow.

• 40:05Speaker 01

  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 compare, you know, that's nothing out, 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 in 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.

• 40:46David Hoffman?

  Oh, beautiful, Mike. This has been a fantastic exploration into Rainbow Wallet. I've had it downloaded on my phone, but I can't say I've actually been a, been a user of it. But this has been a pretty, uh,

• 40:54Speaker 01

  Yo.

• 40:54David Hoffman?

  and thorough walkthrough, so I can start managing some of my shit.

• 40:58Speaker 01

  Yeah, you really got to, the keyboard shortcuts are seriously something that, uh, once you try and you can't go back, it really becomes, um, it truly saves you that much time. If you're using wallets all the time, it's really, it's really a game changer.

• 41:13David Hoffman?

  Yeah. And if you're in the world of keyboard shortcuts, that's absolutely a power user. So probably, 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?

• 41:27Speaker 01

  Yeah, check out rainbow.me. You can download the browser extension and the mobile wallet from rainbow.me. 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.

• 41:48David Hoffman?

  Thanks, David. All this stuff. Thanks for coming on, my man. Bankless Station, 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 are head to 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.