Blog

imToken now with native Eth2 integration and staking-as-a-service

imToken now with native Eth2 integration and staking-as-a-service

Generate your Eth2 withdrawal address key pair in 1 click and keep it safe on your phone. Stake on Eth2 - if you have 32ETH. Eth2 staking is here, and many people are already staking ETH on Eth2 beacon chain. The deposit contract is already holding 4 million ETH, which is around 3.4% of all ETH currently in circulation. However, it's still hard for many people to actually participate in ETH staking. Users often have to use either convenient, but custodial solutions or a command line interface. However, your favorite wallet is here to help. We are happy to finally present: Full support for Eth2 key generation and native staking with InfStones on imToken. With this update you can now: Manage your Ethereum 2.0 wallet  Stake ETH on the Eth2 beacon chain Also: Check gas fees on the new iOS gas fee widget More optimizations and fixes Generate an Eth2 key pair and manage your new wallet on imToken 1. Open your imToken, on the "Wallet" page click "...". Enter the wallet management page to see "Ethereum Management". 2. Select "Ethereum 2.0 Wallet Management", click "Generate Eth2 Public Key" and enter the wallet password to generate Eth2 Wallet Please note: The Eth2 Public Key is generated from the seed (Mnemonic phrase) of your Eth1 wallet. Therefore, please safely back up your Eth1 wallet Mnemonic and keep it safe.   How to stake ETH on imToken Wait, what is Eth2 staking again? The Ethereum network will switch to a PoS (Proof-of-stake) mechanism with the Eth2 upgrade. Ethereum holders can become node validators by staking their ETH and receive additional ETH rewards. Click on “Eth2 Staking” to enter the staking interface showing your staked balance, then to start staking. If you have 32ETH, well lucky you ;) If you have less than 32ETH or want to learn more about Eth2, click "Eth2 DApps" on the "Ethereum 2.0 Staking" page to enter the Eth2 topic page.   iOS gas fee widget The latest imToken also comes with a gas fee widget. Long press your homescreen to add a "widget" showing the current gas fee right there.   How to update Android users: You can download from the official website https://token.im or at your favorite app store iOS users: You can download from the App Store For 1.0 users, please follow the tutorial below to upgrade 1.0 to 2.0 safely: https://support.token.im/hc/en-us/articles/360013262654 https://medium.com/imtoken/tutorial-step-by-step-guide-for-upgrading-to-imtoken-2-0-dbe3b392242 If you face any difficulty using imToken or have any comments and suggestions for us, please submit your feedback directly within the app.   Always backup your keys! Before upgrading, please make sure that all wallet identities have been backed up properly. Please write down the Mnemonic phrase on a physical paper, never store it in the network; Please restrain from sharing your private key, Mnemonic phrase or Keystore to anyone! If you find potential hacking activities in imToken, please report to us via email at hack@token.im to prevent more people from being deceived; Please have a look at our Help Center at https://support.token.im/hc/en-us for more detailed information about imToken.
2021-05-11
Become an Ethereum validator with imToken Eth2 staking

Become an Ethereum validator with imToken Eth2 staking

imToken 2.9.1 now has full support for Eth2 key generation and staking-as-a-service custody with InfStones. If you have no idea what staking-as-a-service custody is, please refer to The pros and cons of different Eth2 staking solutions, which explains why and how this staking solution guarantees the ownership and control of users' assets through transparent node information, and how the user can rest assured about node operation, node validation and maintenance services. With your 32 ETH ready, the following guide will walk you through the steps of staking to get a validator node on the Beacon Chain. Step 1 Click on “Eth2 Staking” to enter the staking page, then click on “>” - “Stake”. Step 2 Enter the number of nodes you want to purchase, each node requiring you to deposit 32 ETH. After confirming the number of nodes, click on "Next" to enter the fee confirmation page. Step 3 Select the Eth1 wallet address to pay and check the total amount which consists of deposit amount, service fee and gas fee. Deposit amount: 32 ETH per validator node. Service fee: $100 is for the service of InfStones to maintain the operation of the node, which will continue until the Ethereum mainnet is merged with the Beacon Chain. Gas fee: Required to send this transaction and depends on the real-time gas price of the Ethereum mainnet Please note: The current service fee of $100/node is a limited time offer. Grab it now before the price goes up. The original price will be restored afterwards, please refer to the service fee shown in the wallet when purchasing. Step 4 Please read the risk clause carefully and note that: The deposited 32 ETH and accumulated rewards will not be transferrable until the Ethereum mainnet is merged with the Beacon Chain, which means they will potentially be locked and non-redeemable for 1 year or longer. The mnemonic of Eth1 wallet will be used to retrieve ETH deposited on Eth2 after the Ethereum mainnet is merged with the Beacon Chain. So please back up your mnemonic safely. If you lose the mnemonic, there will be no other way to retrieve the funds. Carefully read the risk clause and confirm payment. After the transaction is created, please wait for confirmation on the Beacon Chain, and the estimated waiting time is somewhere between 12 and 18 hours. Step 5 After the confirmation is done on the Beacon Chain, the validators will wait in a queue for activation as only 900 validators can get activated per day. As of this writing, the waiting time for activation is about 4 days.  Once the status of the validator switches from Pending to Active, it will start staking and accrue interests. You can check the BETH in the staking page and click on "Validators" to check the balance and APR and other details. Please note: BETH (Beacon ETH) refers to your asset on the Beacon Chain. Each BETH represents 1 ETH you staked and you will receive your staking rewards in BETH too. However, BETH cannot be transferred or redeemed until the Ethereum mainnet is merged with the Beacon Chain. Beacon Chain Explorer https://beaconscan.com/ https://beaconcha.in/
2021-05-11
The pros and cons of different Eth2 staking solutions

The pros and cons of different Eth2 staking solutions

imToken will integrate the Eth2 staking service from InfStone natively. Please don’t forget to update to the last version of imToken wallet. In the early of February, we summarized the current Eth 2.0 staking service on the market (review the article). Today, we classify the different solutions of Eth 2.0 staking service and briefly explain each type of solution’s advantages and disadvantages. Hope it can help you to choose the appropriate staking service. Since the Ethernet 2.0 beacon chain launch on December 1, 2020,  more than 120,000 validators have participated in Eth2 staking. It brings about 7.8% APR for validators and maintenance of the beacon chain. At the Eth 2.0 phase 0 stage, there are 4 common staking solution:  Self-run node: Users take full self-control for running the client of  Eth1 and Eth2 to maintain their own node and receive the staking rewards. Full custody:  A trusted custodian controls your funds, but it allows users to stake small amounts  (less than 32 ETH) on it.  Custodial staking pool: It offers custodial staking pool and token to reward users who are staking. Solution of Custodial staking pool  provides the liquidity for ETH staking pool, which is based on the solution of full custody. Staking-as-a-Service custody:  Users keep their asset of ETH and control of staking reward to jointly manage and verify nodes with service providers through  2 private keys.   Self-run node The solution of a self-run node needs you to stake at least 32 Eth, while it also requires the technical skill, time and experience of node operational and validation. Participants receive the staking reward by continuous operation, with full control of their asset. The self-run node allows users to completely control their asset, which removes the risk of centralized staking solution. However, professional technical skill and large staking standards block the ordinary users. Staked, a US staking service provider, had two massive node slashes in February this year. The results cause nearly 100 validators being penalized and the public realize the high technical requirements of self-run nodes as well. Solution of the Self-run node is geeks' niche in Eth 2.0 phase 0 stage, because it meets the decentralized validators expectation. The official guidelines for self-run node can be found at: https://launchpad.ethereum.org/   Full custody Users transfer their skating amount to a trusted custodian which operates and manages the validator on Eth 2.0, at the same time, the custodian extracts the revenue as service fee. Users do not need to worry about validator's operation and maintenance, but they also lose their asset control when users staking it. The assets are centrally hosted, if a custodian has been attacked, the user's assets will be at risk, meanwhile, users are unable to know the staking details, like: Uptime of the validator,the level of revenue, penalties details… The user is not even sure whether their assets are used for staking, therefore the reputation and brand of custodian are extremely important. Fully custody is provided by institutions with asset custody service, such as exchanges like Binance, Coinbase, Kraken, and some custodian/centralized wallets. It supports small amounts staking (less than 32 ETH), because custodians will gather their staking amount to reach the 32 ETH staking standard.    Custodial staking pool Compared to full custody, custodial staking pools not only support small amount staking (less than 32 ETH), but also solve the liquidity problem that is caused by long-term lock-up staking. Custodians offer ERC20 token on Eth 1 as staking tokens for staker, while users stake on the pool. These staking tokens represent the user's staking revenue, which has the similar value with ETH on Eth 1 and also can be freely traded on the blockchain/trading market. Common Eth2 staking pool token:  BETH - launched by Binance exchange on their Eth2 staking service stETH - launch by Lido aETH - launch by Ankr vETH- launch by Bitfrost Custodial staking pool is easy for users to operate and no need to worry about verifying node operations and maintenance. Meanwhile, the capital threshold is low which allows small amounts (less than 32 ETH) to participate and solve the liquidity of long-term ETH lockups. But we should clearly know that the essential of custodial staking pool solutions is to rely on full custody, even custodial staking pool solution applied technologies, like multi-signature and smart contracts to try to manage assets in as decentralized a way as possible. The asset security, asset transparency, reward details and centralization are  still needed to be aware. Custodial staking pools solve liquidity issues, but also bring new issues and risks. Different staking pools utilize different algorithms that lead to higher understanding cost and discount on token. Staking pool token enhances DeFi's composability while also raising potential risk.   Staking-as-a-Service custody Staking-as-a-Service custody accepts users to keep control of their asset when they stake on Eth2.0. Compared to Self-run node, staking-as-a-service custody draws on the third-party node service provider to operate and maintain nodes and ensure the users' asset is self-controlled. Each verification node in Eth2 staking service corresponds to two keys. One validator key is used to verify the blocks, and the other is the withdrawal key, for retrieving the staking deposit and revenue. Unlike the full custody, with a self-run node and custodial staking pool, the validator key and the withdrawal key can be saved separately in the solution of staking-as-a-service custody. The withdrawal key is managed by the user within their decentralized wallet; while the validator key is imported into the node client by a third-party node service provider for node verification maintenance. Which shows the biggest advantage of the staking-as-a-service custody solution: Control and ownership of the assets are belong to user, and the service provider are unable to manipulate user's deposit and revenue Staking amounts reflect the validator node on chain, which is public and easier to track the online rate and revenue detail in real time. Since users control the assets by themselves, the risk posed by third-party service providers is limited. In other words, the biggest potential loss comes from the offline penalty and slashed penalty that service providers may suffer during the node maintenance. When Eth2 merges with Eth1 or supports trading capabilities, users can retrieve the staking deposit and revenue at any time. Staking-as-a-Service custody guarantees the ownership and control of users' assets extremely with transparent node information and no need to worry about node operation, node validation and maintenance services, although it is not fully decentralized and doesn’t provide small amount staking. Staking-as-a-Service custody is a good option for large asset holders with high security requirements to participate in Eth2 and obtain stable returns. For now, InfStones, Staked.us, etc. are the common staking service provided who offer Staking-as-a-Service custody service. At the end, if you want to participate in Eth2.0 staking, If your staking amount is less than 32 ETH, staking pools are recommended based on service provider brand, staking pool tokens and ETH discount. If your staking amount exceeds 32 ETH, with professional technical strength and node operation and maintenance experience, a self-run node is a good choice.  If your assets exceed 32 ETH with high asset security requirements, but you do not want to spend your time on node operation and maintenance, Staking-as-a-Service custody is recommended. At present, Eth 2.0 is still in the early stages, Eth2 staking market has huge growth potential. In the current Phase 0 stage, various staking solutions have different types of customer groups, therefore, finding an appropriate staking solution should consider the staking amount funds and the security.
2021-05-02
DApps and Their Risks

DApps and Their Risks

What is a DApp? A DApp, or decentralized application, is a software application that runs on a distributed network. It’s hosted on a peer-to-peer decentralised network, rather than on a centralized server. Currently, a lot of DApp are based on Ethereum and TRON. What are high-risk DApps?  High-risk DApps such as Forsage or Etherchain are those which have the bearing of a pyramid or Ponzi-scheme. Notable warning signs include the following: A guaranteed promise of high returns with little risk Claim to be decentralized and fully transparent, while they are not A consistent flow of returns regardless of market conditions Claim they are cooperating with well-known wallets, exchanges, while they are not  Face difficulties when removing their tokens  Get “rewards” with tokens every time someone joins under you Here’s a list of top 5 high-risk DApps running on Ethereum: Top High Risk DApps, Data from dappradar.com Crypto is full of opportunities, while there are always certain risks behind that. A high-risk DApp can run for a long time without many cracks. You may even have no idea who’s the real person behind it.  Please do your own research before investing in any DApp project. And more importantly, never investing more value into DApps than you can afford to lose.  What is the relationship between imToken DApp browser and those DApps?  When using the imToken DApp browser, some users assume that all these links are safe and they trust these DApp naturally. They even assume these DApps have a partnership with imToken. While it’s not necessarily true.  imToken DApp explorer is like Google search but in a decentralised way. You can enter any links at this explorer and you’ll be able to visit under normal circumstances. And you are responsible for using these third party DApps individually. Users have to pay attention to the DApp they are joining and contact them directly whenever you encounter problems. To protect our users, we add warm signs or block some DApps since they are high risks and running a Ponzi scheme. If you have found any similar DApps, please report them to imToken at hack@token.im.
2021-02-19
4 Tips to Keep Your Crypto Assets Safe

4 Tips to Keep Your Crypto Assets Safe

As we all know, imToken is a decentralized wallet. What does it mean? It means that the mnemonic phrase and private key are controlled by you completely - you are the only owner of the wallet. We have several tips to help you keep the asset safe.  1. Download The imToken Fans Group channel on Telegram is not an official imToken chat room. Some users have reported that there are scammers trying to reach them privately and send malicious download links. Please remember that imToken team will never contact you via pm, nor request your confidential information. For imToken support, always email: support@token.im To download imToken, always visit: https://token.im/ 2. Backup  By talking to 200,000+ users, we found that most people lost their coins due to the following reasons:  Forget to back up Back up the wrong mnemonic/ private key Save the mnemonic/ private key in iCloud, or any other cloud service Share it with friends or others  Here are some of the recommendations:  After creating a wallet, please backup your wallet offline in time Back up the wallet by handwriting, or use a mnemonic key box to save the backup Double check if the mnemonic phrase and private key are accurate Do not save the mnemonic phrase through cloud, Facebook, emails, etc Do not share the private key with others 3. Transfer  Due to the nature of the blockchain, you can never reverse a transaction once it’s successful.  When you try to send tokens, please double check if the address you copied is the right one, controlled by an individual or a contract. If the recipient is the token contract itself, those tokens may be lost forever! imToken will warn you when sending tokens to a contract address. 4. DApp - Ponzi Scheme  Another situation involving wallet security is the Ponzi scheme. Such projects often use high returns as the bait. The initiator recruits other ‘investors’ who in turn recruit other investors and so on. Behind the high return is always a high risk. Please be aware! Common Ponzi schemes include: Forsage, Etherchain, etc.  Smart contracts are autonomous, and effectively indestructible. If you find a suspicious dApp, please contact us at hack@token.im, our security team will check and add alerts whenever necessary. Although it’s good to be informed, we hope that you’ll never experience the unpleasant experience in the above.
2020-12-08
Progress Update | 2021/04/30

Progress Update | 2021/04/30

Support custom node and zkSync In the past month, we released two versions. Connect to Layer 2, BSC and other custom networks and more updates on the new imToken 2.8.4 The new imToken 2.9.0 now officially supports zkSync! Miner fees too expensive? Slow transfer speeds? Try Layer2! Layer2 is a performance enhancement solution proposed by the Ethereum community and developers. To help you access the Layer2 ecosystem quickly, imToken has launched the custom node feature, which allows you to experience the long-lost "inclusive" finance. In addition, imToken is deeply integrated with zkSync, a Layer2 scaling solution based on ZK Rollup, which gives you a millisecond transfer experience in addition to a miner's fee as low as 80 cents!   imToken announces US$30 million series B investment Singapore, March 31, 2021, imToken announced the completion of a US$30 million Series B financing led by Qiming Venture Partners, with participation from its lead Series A investor IDG Capital and new investors including Breyer Capital, HashKey, Signum Capital, Longling Capital, SNZ and co-founder of Fosun International, Mr. LIANG, Xinjun. Over US$50 billion in assets are currently placed on the platform and the total transaction value via imToken has exceeded US$500 billion. Now, imToken’s digital wallet platform is a key pillar of the cryptocurrency ecosystem, and we are looking forward to working together to reach new milestones and witness the changes that blockchain can bring to the world.   Partnership with InfStones Singapore, April 4, 2021, imToken announced the partnership with the infrastructure provider InfStones. InfStones is the world's leading blockchain infrastructure provider, showing experience with a staking service of 100% up time and with zero security incidents. We are delighted to work with them on enabling Eth2 staking to our users right in the imToken app.   Next The non-custodial Eth2 staking service will be available soon, stay tuned!
2021-05-12
New DApps on imToken -- March 2021 part 2

New DApps on imToken -- March 2021 part 2

Indexed Finance  Indexed Finance is a project focused on the development of passive portfolio management strategies for the Ethereum network. Indexed is managed by the holders of the governance token NDX, which is used to vote on proposals for protocol updates and high level index management such as the definition of market sectors and the creation of new management strategies. Our opinion: Tokenized ETFs sound interesting. Practically it means that you can diversify into a range of assets with one click. If you have the Uniswap token, you can try to stake the NDX and UNI as a liquidity provider for rewards.   dForce Lending dForce lending is a flexible lending market with multi-currency support, and also uses Chainlink on mainnet.  Our opinion: You can make a nomination on your supported assets through their forum. Try it out and use it to support your favorite asset.   OpenOcean A decentralized aggregator that offers a good swap price by using algorithms to find the best price comparing multiple decentralized exchanges. Our opinion: It’s providing a comparison not only of DEXs, but also between the price on DEXs and CeXs.   YFX YFX supports multi-chain swaps, which also offers 100x leverage on BSC, Tron and Heco chains. More chains are planned to be supported: Ethereum, OKEx Chain, Polkadot.  Our opinion: If you like, you can try the 100x leverage trading on YFX. Obviously with a high risk of losing all your money, so as always: Beware of the risks!   Sil.Finance Sil.Finance provides finance service to fill the gap between YFI and YFII. The decentralized automatic investment platform focuses on Financial Management services like dual-token liquidity for variable swaps, automatic LP matching, and automatic compound interests. It automatically selects and configures products that are most suitable for user income. Fun fact: The name actually stands for "Sister In Law" token.  Our opinion: A liquidity mining DApp with a couple of different options. Check it out if you are a liquidity provider on Sushi!   Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.
2021-04-20
How to use TTSwap on imToken

How to use TTSwap on imToken

ThunderCore is a public chain compatible with EVM. The goal of it is to build an efficient and secure decentralized public chain.  imToken now supports the ThunderCore chain with a function of custom node that allows users to freely use various DApps and tokens on ThunderCore. TTSwap is a leading decentralized exchange on the ThunderCore chain. The Automated Market Maker (AMM) of TTSwap deployed on ThunderCore. TTSwap allows users to exchange different tokens on the Thundercore chain, provides liquidity to the pool and creates pairs.   How to switch to ThunderCore node on imToken 1. Open imToken wallet, click "My Profile"  at the bottom right corner. Get into " Settings" and "Node Settings" in turn. 2. Select "ETHEREUM" in the "Node Settings" then choose "Custom RPC".   3. Select "Adding Quickly" and search TT in "Chainlist".  Then connect it to imToken Wallet to switch to the node. 4. Approve to add a node of ThunderCore. After the node is successfully added, you will get into TT asset page directly. 5. If you want to transfer your TT, select "Send" and enter the receiving address to transfer; if you want to receive your TT, click "Receive" and copy your wallet address.   Use TTSwap in imToken 1. Choose "Browse" in the navigation bar, and search TTSwap.   2. Approved the third-party agreement to use TTSwap.   3. You can use TTSwap to exchange any two digital assets that ThundCore supported and increase the liquidity of the trading pool.   Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.
2021-04-20
New DApps on imToken - NFT Edition

New DApps on imToken - NFT Edition

  We’ve been adding more DApps to imToken’s Browser. Here we present our favorite new additions in the NFT category.   MurAll MurAll is a digital mural which allows anyone to draw on and to be an NFT artist. Recently, verified artists of  KnownOrigin, Rarible, SuperRare and AsyncArt who meet the criteria are able to own paint tokens from MurAll, as well as trading ERC721 holders.  We say:  Keep our eyes on the cool stuff that is what imToken and MurAll do.    CryptoPunks The one and only, the first widely minted and traded NFT on Ethereum. If you hold a CryptoPunk you probably won’t read this. But if you do: Well done! We say: Oh, already too late to buy cheap. Anyways, take a look at current prices of Cryptopunks on the OpenSea DApp.   NFTX NFTX are NFT index funds on Ethereum. Sounds complex. In simpler terms, NFTX is a platform for making ERC20 tokens that are backed by NFT collectibles. These tokens are called funds, and (like all ERC20s) they are fungible and composable. With NFTX, it is possible to create and trade funds based on your favorite collectibles such as CryptoPunks, Axies, CryptoKitties, and Avastars, right from a DEX like Uniswap. Find more information at: https://blog.nftx.org/litepaper-and-introduction/ We say: If you don’t have the time or knowledge to trade individual NFTs, you can now trade those NFTX funds. Convenient. More experienced users can benefit from wrapping their collections into fungible tokens.   Art Blocks Art Blocks hosts a couple of artists that build generative art as NFTs. The platform let’s you mint NFTs such as the Chromie Squiggle by Snowfro for a small price.  We say: Well, and that’s pretty much it. But it’s fun, if you have the money to pay for gas fees that is ;)   Nifty Gateway Famous for auctioning Beeple’s NFTs for a total of $3.5 million, Nifty Gateway is the ‘premier marketplace for Nifties’, which is their way of saying NFTs. Elon Musk’s girlfriend Grimes sold around $6 million worth of NFTs on Nifty Gateway. The NFTs on Nifty Gateway are curated, so in general high quality. We say: Maybe we should give it a try when it makes all those famous people even richer. At least check it out. Looking at the pictures is free ;)   Euler Beats We talked about generated art above. Euler beats is generated art, but with music instead of pictures. Euler Beats is an on-chain music NFT project with 27 original tracks, and 120 copies per track. Sadly, already sold out. Seems we are kind of late for this one.   In this case, EulerBeats let you create original music out of a script that is saved on the Ethereum blockchain. Plus, original owners collect 8% on prints sold of their original. We say: Ultra scarce digital art + beat collection generated by applying mathematical discoveries of Euler. Wow.   iNFT A marketplace for you NFT needs. Similar to competitors, it lets you offer, buy and view all kinds of NFTs, ERC721 and ERC1155 standards on Ethereum. We say: Give it a try if you want to see how an alternative to OpenSea looks like!
2021-04-12

Load more