Cardano Spotlight#2: Gero Wallet
Overview:
Gero Wallet is a browser extension wallet for the Cardano DeFi Ecosystem. It provides a fiat onramp via Moonpay and allows the user to purchase ADA directly within the wallet. It also has an in wallet staking feature that allows the user to earn staking rewards inside their browser. It has an intuitive user interface and a dedicated security expert that works directly for the Gero team. This is an extremely encouraging aspect of the wallet’s security. Unlike many wallets, they also have a token that is live and active on the Cardano main net. The main purpose of the wallet is to interact with Web3 DEXs and DApps within the Cardano DeFi Ecosystem (e.g. MinSwap; MuesliSwap; WingRiders; SundaeSwap; TeddySwap; Indigo; Linkage Finance; JPG Store etc.). The presence of a token indicates that the team has further ambitions in the future. A rather unique feature is that it has a built in media player for those that hold over 10,000 Gero tokens in their wallet (approximately 100 ADA at the time of writing). It also supports NFTs and interacts well with JPG Store.
Features:
Gero describes itself as your window into the Cardano Blockchain. To their word, they are compatible with a large range of DApps within the system. Alongside browser extension capability, it is also available in the Google Play and IoS app stores.
The wallet describes itself as non-custodial and does not require KYC to interact with the blockchain. They claim to never have control over your finances or any access to any of your data. In this sense, their operations are in line with the prevailing Cardano ethos of decentralization. A bonus feature of their wallet is that if you stake ADA to their stakepool, you will receive both ADA and Gero token rewards.
The user interface is smooth and extremely intuitive. It contains immediate access to all of its features. It is easy to access your balance and buy, send and receive tokens. It is also very easy to access the NFT music player and the staking feature.
The tokenomics look fairly balanced and are fully documented on Coin Lore. Currently, I do not farm the Gero token and tend to sell my staking rewards for ADA. However, with future ambitions to expand their ecosystem, it might be a good token for investment prior to the next bull run. As a fully operational Web3 browser extension wallet, it is completely functional and operates smoothly. The UX is very accessible and very welcoming to those that are new to DeFi on Cardano.
Potential:
The potential of the wallet would be increased if there was also a fiat off-ramp. This would allow for smoother integration between the TradFi and DeFi spaces. Projects such as Meld are looking to develop this into their use cases and I think that this something that all wallets should think about. Integrating with Web2 payment systems is a key feature in onboarding new users not only to Cardano DeFi but to the broader DeFi ecosystem.
The presence of the Gero token is an exciting feature and at present the price is so low that there is a lot of potential room for growth. That said, only 23.5% of Gero tokens are in circulating supply and the market cap of the token stands at only 585,000 USD. This makes it a high risk investment compared to other ecosystem tokens. At present, the only major DEx with sufficient liquidity to farm the Gero token is MuesliSwap. SundaeSwap lists pairs with both ADA and MIN, however liquidity levels are both below the minimum thresholds to earn farming rewards.
Learn more:
Gero Wallet Tokenomics on Coin Lore
Gero Wallet Token Dashboard on CoinGecko
Gero Wallet Token Dashboard on CoinMarketCap
Disclaimer: this is NOT financial advice. I’m a cow and I like to eat cereal. Any knowledge gained from this post is merely incidental and you are responsible for your own financial decisions. Make investments wisely and make sure to do your own research.
