Blockchain News

CoolWallet Now Supports New ZK Rollup Linea’s Web3 Ecosystem With DApp

CoolWallet Now Supports New ZK Rollup Linea's Web3 Ecosystem With DApp

In a significant development in the Web3 landscape, leading hardware wallet brand CoolWallet has announced support for the innovative Ethereum layer-2 zero-knowledge (ZK) rollup network, Linea. The cold wallet pioneer’s latest move provides Linea ecosystem users with enhanced cold storage experience and smart contract safety when transacting.

Linea, a brainchild of ConsenSys—the foremost blockchain and web3 software enterprise behind MetaMask, Ethereum’s most widely-used wallet—utilizes zero-knowledge proofs and is Ethereum Virtual Machine (EVM) compatible. This ensures its applications can integrate seamlessly with the Ethereum blockchain.

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While Linea has yet to reveal plans for a native token, its EVM-compatible nature means it employs ETH for transaction fees. Anticipating a potential future airdrop, Web3 enthusiasts are actively participating in frequent transactions and interactions within the Linea ecosystem. This surge in activity, however, has heightened security concerns due to the potential for phishing threats that could empty user wallets.

Bad actors have siphoned off $3.8 billion in 2022 and over $650m in the first half of 2023 so far, of which 56% can be attributed to smart contract vulnerabilities and 15% to phishing attacks.

Popular phishing methods employed include creating fake DApp or NFT projects or acting as founders or team members of legitimate ones. When users connect their wallets to these fraudulent DApps, their funds are quickly stolen.

CoolWallet’s Strategic Partnership with KEKKAI

The Linea announcement affords CoolWallet the opportunity to showcase its new Smart Scan feature which is integrated in the free-to-download CoolWallet App’s Web3 browser. Smart Scan is the result of a partnership with Japan-based Web3 analytics and security platform KEKKAI and automatically analyzes both the transaction counterparty (DApp) and details to detect any anomalies or irregularities and reduce the risk of fraud and deception.

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Potential Linea Airdrop

Popular ways of interacting with the Linea ecosystem include bridging, using DApps and minting NFTs.

CoolWallet users can bridge their ERC-20 tokens to the Linea chain by using the CoolWallet App’s web3 browser. After conducting a bridge transaction, users will gain access to the Linea ecosystem.

Users can also interact with DApps, swap tokens on DApps such as SyncSwap or XY Finance, or mint their own NFT on platforms like Bilinear.

CoolWallet and KEKKAI Streamlines Web3 DApp Safety

CoolWallet and KEKKAI are committed to addressing fraudulent activities by enhancing the security level of user transactions. The partnership leverages both companies’ hardware and software expertise to provide real-time alerts and safeguards against potential fraud risks.

CoolWallet App’s SmartScan enhances the security of DApp interactions by automatically analyzing smart contract transactions. It scans both the transaction counterparty (DApp) and the transaction details to detect any anomalies or irregularities, providing clear visibility of transaction details on the “Transaction Confirmation” page, thereby reducing the risk of fraud and deception.

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[To share your insights with us, please write to sghosh@martechseries.com]

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