Not only is delegate.cash an efficient practice, but it is also a great way to beef up your security in web3.
The ability to delegate your valuable assets to a hot wallet is crucial as if the delegated wallet becomes compromised, the assets delegated to it will remain safe in your cold storage.
Whereas if you used your storage wallet to interact with a malicious contract, you’ll lose the assets in it if/when your wallet is compromised.
How can delegate.cash be used?
There are three types of delegations; Wallet, Contract, and NFT.
Wallet: This will delegate your entire wallet to a hot wallet. Giving your hot wallet full permission to act for your cold wallet.
Contract: Will delegate your cold wallet to a specific contract.
NFT: Will delegate your specific NFT and its contract. You can select to only delegate one of your NFTs even if you own multiple.
If you’re exploring Ethereum, check out Fire!
When would I use delegate.cash
For this example, we will use the upcoming Yuga Labs free claim known as the ‘Sewer Pass.’ Holders of at least Bored Ape will be eligible to claim one Sewer Pass.
Holders can navigate to the official delegate.cash website and connect their wallet with the Ape in it. From there they will copy and paste their hot wallet address under “Delegate Wallet.” You’ll then be prompted to sign this transaction. More to come here soon from Fire 👀.
After the transaction has been confirmed, you’ll then be able to prove ownership of your Ape with your hot wallet and use it to claim your Sewer Pass.
Here is an image from delegate.cash that can help explain:
Using anything new in web3 can be scary without knowing who is behind what you are interacting with.Thankfully delegate.cash has a proven team and has already been used by multiple projects in the space. The team includes @MunamWasi, @ryeshrimp, and @0xfoobar. In summary, delegate.cash will help users protect their assets on-chain.
Check out this amazing FREE tool at their official website.