Newsflash: the Monolith app is now open for new registrations
We’re thrilled to announce that the Monolith app is now open for new registrations.
A few weeks ago, we temporarily paused new wallet deployments in response to Ethereum’s rising gas fees. During this period, we’ve made several optimisations to the app. As we just reopened, we wanted to put together an in-depth article explaining how the experience will look. New users will have a slightly different offering to those who’ve been with us for a while, but with both versions, you’ll still be able to access DeFi on Ethereum, explore our supported tokens, and spend your crypto anywhere with your own Monolith Card. Read on to learn more.
If you just joined us, you’ll receive an Externally Owned Account once you complete our registration process.
An Externally Owned Account is a regular Ethereum address. It’s your main account with Monolith.
You can use it to store, send, and receive ETH and ERC-20 tokens.
It’s also compatible with all leading Web3 applications, such as MetaMask.
You’ll need gas to use the Ethereum network. Gas is a small amount of ETH, and it can be thought of as the fuel that powers Ethereum’s smart contracts. It automatically deducts from your account balance when you complete a transaction. Gas fees with an EOA wallet are up to 33% cheaper than a Smart Contract Wallet.
For all other fees associated with using the app, you’ll benefit from some of the most competitive rates on the market. Learn more about our fees here.
Please note we’ve had overwhelming demand for the app since we paused new registrations. We’ll therefore be staggering entry to avoid any congestion. We’ll aim to process all registrations as quickly as possible, but please bear in mind that there may be a slight queue.
If you were with us before we paused wallet deployments, we’ve added an Externally Owned Account to the home screen to replace your Gas Tank. You will also still be able to access your Smart Contract address. The Externally Owned Account is the primary address by default; it’s labelled as ‘Main’ in the app.
You can use your Main account to store, send, and receive tokens. Swaps and money in also go to your Main account, and you can use it to top up your Monolith Card.
To learn more about how the app experience will look with two wallets, see our blog post here.
We want to thank you all for sticking with us during our pause. We are very grateful for your patience.
We hope this article explains everything you need to know. If you have any further questions, please do not hesitate to get in touch with us at firstname.lastname@example.org and a member of our team will be able to help you.
During our pause, we’ve done our best to serve our community of both new and legacy users.
We’ve also looked into alternative solutions to Ethereum such as Layer 2 and alternative chains. However, we’ve found that Ethereum is still the most suitable platform for us to build on. We will continue to research solutions for if there are any ways we can improve our offering.
We’re confident that decentralised finance will hit mass adoption in the next decade. And we’re pleased to be at the forefront of this movement while it’s still in its infancy. These are heady days and there is still a lot of work to do, but we believe that Web3 is becoming closer to reality by the day. Thank you all for being here with us.
Download the Monolith app here.