The What, How, and When of delegate.cash
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.