- The current Matic Mobile Wallet is not technically equipped to be an adequately useful tool in the rapidly advancing Matic ecosystem.
- It will therefore be officially retired on January 31st, 2021 when it will be removed from all mobile app stores.
- We are providing grants for the decentralized developer community to create new and innovative Matic-supporting wallets fit for the Matic ecosystem.
- Please transfer your funds from the Matic Mobile Wallet before January 31st.
In our continuous pursuit to provide the best possible user experience, we’re always finding ways to improve our infrastructure and products. As our flagship product and a key component of the Matic ecosystem, the Matic Wallet is certainly no exception. Though the Web Wallet is equipped with advanced functionality, the case is different for the Mobile Wallet.
The Matic Mobile Wallet has served as a reliable and secure wallet for storage and transactions of ETH, MATIC and other ERC20 tokens since its release in early 2019. However, the Matic ecosystem is now so advanced that a completely revamped iteration of wallet is now required to support all necessary functionalities.
Given the technical insufficiencies of the current Matic Mobile Wallet in achieving this, we’ve decided to retire the Mobile Wallet and hand over the reins to the decentralized developer community.
Why Retire the Matic Mobile Wallet?
The current Matic Mobile Wallet has succeeded in its aim to bridge the gap between scalability issues & user experience on Ethereum, enabling users to interact easily with Matic Network to make faster transactions while enjoying a simplified UX.
However, it was launched with bare minimum features, focused primarily on token transactions and storage, and is not capable of providing the necessary functionalities which we now require in light of our rapidly advancing ecosystem.
Lack of PoS Bridge & Staking Support
Our PoS Bridge was recently introduced to vastly improve the user experience when it comes to transferring assets to and from the Matic mainnet. This is a trustless two-way transaction channel between Matic and Ethereum which utilizes Matic’s Plasma and PoS security.
The PoS Bridge enables deposits from Ethereum to Matic take only ~7-8 minutes to complete and withdrawals just ~30 minutes, which is much quicker than the previous capabilities.
The current Matic Mobile Wallet does not support our PoS Bridge. This is an important advancement which enhances the UX of Matic Network massively, and is therefore something which should be implemented in Matic-supporting mobile wallets.
Another extremely useful feature for the Matic community would be native mobile MATIC staking; we want a mobile wallet which will natively support staking on Matic Network, enabling MATIC holders to seamlessly stake and monitor their staking positions directly from their mobile device.
Though the Matic Web Wallet supports both the PoS Bridge and staking, the Mobile Wallet does not. Integrating these features into the current iteration of the Mobile Wallet would be too time consuming due to its technical limitations.
Transfer Your Funds From Matic Mobile Wallet Before January 31st
Although the Matic Mobile Wallet isn’t being retired until January 31st, 2021, we wanted to give the community at least one month’s notice to prepare by transferring their funds to another wallet.
As an example, see our documentation here on how to import your funds to MetaMask. You will then also be able to deposit funds to Matic Network and make transactions on Matic Network using the Matic Web Wallet, connected to MetaMask.
MATIC can be stored in any wallet which supports ERC20 tokens. Popular choices include mobile wallets such as Trust Wallet and Atomic Wallet, web wallets such as MetaMask and MyEtherWallet, and hardware wallets such as Ledger and Trezor.
Upon its official retirement on January 31st, the Matic Mobile Wallet will be removed from the Google Play Store and Apple App Store. Although the wallet will still be functional on mobile devices on which it is already installed, there will be no further updates or patches applied.
Therefore, please port your funds from the Matic Mobile Wallet to another ERC20-supporting wallet (using your seed phrase/mnemonics) by January 31st to ensure the security of your funds. Therefore, please transfer all funds from the Matic Mobile Wallet to another ERC20-supporting wallet by December 31st to ensure the security of your funds.
Note: You can still deposit funds to Matic Network and make transactions on Matic Network using the Matic Web Wallet.
Handing the Reins to the Decentralized Developer Community
As a decentralized project, we want to encourage open-source innovation in all areas. Our community, DApps and their users will undoubtedly benefit from various wallet implementations that support Matic Network, each with their own features.
Therefore, Matic Foundation will be funding multiple proposals for new and innovative wallets that support Matic Network (both web and mobile based).
Are you a developer? Get involved and help to build a critical component of the Matic ecosystem
All we request is that your proposals are sent to us, so we can review and provide the necessary grants for the idea. We estimate that the grants will be $15-25K, but can be more or less based on each proposal’s size/design/UX.
Read more about what we are looking for and submit your proposals here: https://forum.matic.network/t/proposal-for-wallets-support-matic-network/537
Interest from talented developers has already started to pour in. We’re excited to see the value the developer community will bring Matic Network!
Here’s to a new era of next-gen wallets fit for the rapidly advancing Matic ecosystem! 🥂