Whether you're an older user or a new one, getting fresh information never harms. New users sometimes might get confused on understanding what needs to be done first, so we're gonna explain further here.
First step after registering an account is setting up your Smart wallet. This is Crucial.
If you do not activate your Smart wallet first, you will not have access to your funds which you purchased or sent over until you activate it.
1. Why do I need to activate the Smart Wallet?
The reason you need to activate your Smart Wallet is because it cannot function without activation since it's a Smart Contract. Smart Contracts need to be executed in order to start functioning, and that action happens by paying a certain gas fee so it can be executed. You can read more about gas fees here.
2. What are the benefits of a Smart Wallet?
Compared to a regular Key Based Wallet, which can only perform transactions, Smart Wallets can perform many more actions on the Ethereum network such as:
- ENS which replicates your address (e.g. denis.pillar.eth)
- Multi-chain integration EVM-compatible chains (xDAI, BSC etc)
- Automatic Network Switching
- Same address on every chain
- Roll Ups (Optimistic & zk roll ups )
- Social Recovery (no need for keys)
- Daily Limits Security.
3. How do I activate the Smart Wallet?
In order to activate the smart wallet, you will need to have ETH in your account in order to pay for gas fees. You can read more about gas fees here. Always deposit a bigger amount of Ether than fees show since their values change every second.
4. Activation fees are very high, why is that?
That would be due to rising gas prices which are further explained here. We're currently working on a solution (Etherspot) which will reduce these fees by over 75%.
5. I've activated my Smart Wallet, what do I do now?
Now you have access to a variety of features the Smart wallet offers you. Have a look around and see what you like! We offer decentralized trading using our trading services, providing liquidity where you can stake tokens to earn rewards for doing so, play around with PoolTogether or swap your Bitcoin over to Ethereum using Wrapped BTC Cafe! You can always reach out and ask us if you're curious about something, we're happy to help.
Services we include inside the app:
- Decentralized exchanges (Uniswap, 1inch, Synthetix)
- Buying crypto with FIAT (Ramp & Wyre)
- Liquidity pools and staking
- AAVE Deposit (Decentralized lending service)
- Sablier money streaming (real time crypto streaming service)
- WBTC.Cafe (decentralized exchange from BTC over to ETH)
- Rari Capital (deposit funds to earn rewards for staking)
- Wallet Connect (which can be used to connect to any decentralized application outside of Pillar)
- Recovery Portal (able to recover your account with login credentials)
6. How do I use the exchanges?
The things that might confuse new DEX users is the need for token pair approval. This rule applies to all ERC20 tokens.
Trading with ETH never needs token approval, since it's not an ERC20 token.
Below is an example how an approved and unapproved token pair looks:
As you can see, first you need to allow an exchange to happen in order to be able to click the green button on the right. Below that is an example on how the button dissapears after the pair is approved.
Please keep in mind you have to pay for token approval fees, as well as the actual transaction fees. Pair approval fees are always lower than the trade itself, however always take a look in case fees are high.
7. I'm an older user and I cannot see my tokens, what do I do?
The reason you cannot see your tokens is because we've switched over to the Smart wallet due to it's additional features. We have removed the Key wallet from general usage in order to help our users move on to the Smart wallet.
You funds are still safe in your key wallet, but we have stopped supporting it.
In order to access your funds, you will either have to migrate your tokens to your Smart wallet (which is highly suggested), or you can import your Key wallet into MetaMask to continue using it. Keep in mind if you choose MetaMask you will miss out on a lot of features the Smart wallet offers. Below are both guides below for you examine and decide.