Grindery Wallet is currently in a phase of rapid development, focusing on building a strong foundation for our users. Here's a straightforward update on our wallet's withdrawal features:
- Current State: At the moment, Grindery Wallet users can deposit, send, and receive the G1 token. This limited functionality is a deliberate choice to ensure the platform's stability and security as we grow.
- Future Plans for Decentralization: With Patchwallet we're working towards making Grindery Wallet fully self-custodial by Q1 2024. Once this goal is achieved, users will have the ability to withdraw any token at any time, with complete control over their assets.
- Adding More Tokens and Chains: Our team is also focused on gradually integrating more tokens and chains into the wallet. This expansion will be carried out carefully to maintain the wallet's security and user experience.
- Limited Withdrawal for Security: Due to our rapid growth, withdrawal capabilities will initially be limited. Our priority is to ensure the wallet's security and stability. This means, for now, we're focusing on delivering practical utility features like token-to-fiat off-ramps, decentralized finance (DeFi) opportunities, gaming, and shopping - akin to a prepaid credit card.
- Phased Introduction of Withdrawals: We plan to open up withdrawal functionalities in phases. This will begin with allowing merchants to withdraw their earnings. Subsequently, withdrawals will be enabled for specific tokens, with certain time delays.
- Network Value and User Benefit: An important aspect of this phased approach is that it keeps the value within the network for longer periods, which is expected to increase the overall value of the network and its token. This strategy is designed to benefit all users and token holders in the long run.
In summary, while immediate full withdrawal capabilities are not available, these limitations are part of a strategic approach to ensure a secure, robust, and beneficial platform for our users. The gradual expansion of features, including withdrawal options, will align with our goal of delivering a secure, user-centric wallet experience.