Generic idea for new wallets looking to acquire users

[libert19]

Uniswap fees are insane right now (less insane than a week ago but still insane). So if any new wallet give rebate on fees paid or make transactions completely free, you will automatically acquire users.

I just wanted to share it, sorry if it's lame 

[1715035751]

1715035751

[Bitcoin_Arena]

It's not possible and not sustainable to the wallet service because the transaction fees go to the miners in the network and not the wallet especially if it's a non custodial wallet so if you suggest that they make transactions completely free that means they will have to foot the bill in order to pay the miners to get your transaction confirmed/included in the block.

[libert19]

It's not possible and not sustainable to the wallet service because the transaction fees go to the miners in the network and not the wallet especially if it's a non custodial wallet so if you suggest that they make transactions completely free that means they will have to foot the bill in order to pay the miners to get your transaction confirmed/included in the block.

That's true but many wallet do airdrop/bounties to promote their wallet, the same funds could be used for this instead.

[pooya87]

that doesn't make any sense. a wallet is just a local key storage and does not have any benefits for the developers to want to pay the user's transaction fees or even give them money in airdrops or similar shenanigans.
i would be very cautious about any wallet that did anything like that because it raises a big red flag. most of those that i've seen are either custodial (they control the keys and the funds) which is why they want more users or closed source wallets that are most probably scams trying to build up the number of users so that they can make the most amount of money when they rob them.

[TryNinja]

Uniswap fees are insane right now (less insane than a week ago but still insane). So if any new wallet give rebate on fees paid or make transactions completely free, you will automatically acquire users.

Dharma, Argent and GDAX all paid their users withdrawals fees. But all of them stopped after DeFi exploded so much that they were paying from $12 to $20 per transaction (!!). This simply isn't sustainable for them and pretty much everyone else.

If someone keeps doing that, or starts as of now, they will simply be milked by the users who don't want to pay the fees. And when they stop (they will have to if ETH keeps up like this), everyone will leave for their previous wallets.

Trust me, that's a bad idea unless you have a magical business model that will pay it back for those expenses.

[The Cryptovator]

I believe you will never find such as legit wallet lately who has been paying transaction fees for their users. It's impossible for noncustodial wallets since they don't have access to your wallet. It's possible only on a custodial wallet since they have access to your wallet. But for me, I won't use such as wallet who will offer free transactions on the blockchain. Perhaps some wallets use free off-chain transactions like coinbase web wallets. That's is a different issue and its custodial wallet as well. Looking free service for cryptocurrency transaction where need mining fee isn't a good idea IMO.