1inch Network, the decentralized exchange aggregation protocol, has announced the development of a new cold storage hardware wallet designed to safeguard users' private keys in a fully offline, open-source manner. The project is in its final stages, with sales expected to commence later this year.
Key Features and Design
The wallet boasts a 2.7-inch e-ink grayscale touch display and operates without any wired connections, achieving a complete air-gapped setup. Data is exchanged exclusively via QR codes or optionally through NFC. The device is roughly the size of a credit card, weighing just 70 grams and measuring 4mm in thickness. It features a Gorilla Glass 6 front and a stainless-steel frame, making it waterproof and durable.
Supporting wireless charging, the wallet can last up to two weeks under normal usage. It employs the Hierarchical Deterministic (HD) wallet algorithm in accordance with BIP44, allowing users to generate and control multiple wallet sets with different seed phrases. Each wallet set is accessed via a unique PIN code, providing an additional layer of security. At first use, a random number of wallets is generated—only the device owner knows the exact count, enhancing privacy.
Market Context and Competition
The announcement follows the collapse of FTX, which triggered a surge in demand for hardware wallets, as reported by Ledger and Trezor. 1inch's offering enters a market where Ledger recently launched its Stax device, designed by iPod creator Tony Fadell, also featuring a credit-card-sized form factor with an e-ink touchscreen. However, 1inch has not yet disclosed a specific product name, referring to it simply as the “1inch Hardware Wallet.” A waitlist is now open for early notifications.
Development and Ecosystem
1inch noted that the wallet is being developed by an independent team working in collaboration with the 1inch Foundation, which provided a grant for the project. The device supports the HD wallet algorithm and is designed to be fully open-source. The wallet's air-gapped nature ensures that private keys never need to be exposed to an internet-connected device, addressing a key security vulnerability.
Pricing and full specifications are yet to be revealed, but 1inch promises more details in the coming months. With the hardware wallet landscape growing increasingly competitive, 1inch's entry could appeal to DeFi users seeking a native, self-custodial solution integrated with the 1inch ecosystem.