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Slope Wallet Review – Is Slope Wallet Safe

4 Mins read

Some weeks ago, users said solana wallet(Slope wallet) was hacked and the hacker did away with over $7million as reported on a medium account.

Several people lamented on Solana wallet “phantom” and “slope wallet”, saying millions of dollars were derived from a broken link connected to the wallet or from other trusted apps.

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According to the solana users, the hackers were draining funds despite wallets being disconnected from the Internet.

This made a lot of people ask; is a slope wallet safe?

However, this article details what a slope wallet is and everything you need to know about a slope wallet. Kindly take a seat and a glass of wine as you read along.

What Is Slope wallet

Slope Wallet

Slope wallet is a web3 application where users can buy, sell, swap tokens, and buy NFTs & collectibles. It is a non-custodial wallet that supports Dapp and cross-chain service.

They also have a DAO, which is the slope DAO that governs the slope ecosystem. All members who hold slope tokens can participate in governance voting.

Slope also has a decentralized exchange that is built on the solana ecosystem which facilitates transactions on solana networks. The wallet possesses easy and fast swaps with almost zero transaction fees with a smooth user interface.

The team’s goal is to build a decentralized exchange that makes the solana ecosystem easy to use as a lot of crypto enthusiasts often lament the poor experience of other solana wallets.

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We have metamask for the Ethereum network and Polkadot for PolkadotJS. For solana, the team aims to build a sustainable wallet that becomes the most used wallet in the solana ecosystem.

Slope wallet seems to be the first solana-based wallet with cross-chain features. Users can access defi, NFTs, and other dapps on the slope wallet dapp browser.

Slope Wallet Milestone

The slope wallet has achieved and reached some milestone that makes them stand out from its competitors. Here are some of the milestones achieve by the slope wallet team;

Hackathon Awards

The slope wallet team made it to 4th place in the Asia solana hackathon season and they won a prize from “Serum” in the Global Season Solana Hackathon.

This has been the biggest event held with lots of participants crossing 12,000 registered participants from different countries with projects centered around Defi, NFT, Web3, and a lot more.

Investors

The slope teams were able to gain funding of $2.3Millions from top enormous companies/communities such as;

  • Alameda Research
  • Solana Capital
  • GSR
  • Rarestone Capital
  • SkyVision Capital
  • Fundamental Labs
  • NGC Ventures
  • Signum Capital
  • Ausvic Capital
  • 0xVenture
  • Krypital Group and more…

Is Slope Wallet Safe

Slope wallets got hacked some weeks ago and a lot of investors lost their assets(money), some called it their life savings. This hack came as a result of a loophole that slope wallet said was an error event that the app generated.

A lot of investors who lost their assets on slope wallets also lost trust in slope wallets being the favorite wallet for the solana network, over 50% of the investors who lost their funds on the exchange are pleading for the slope wallets team to recover or refund their assets.

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Individuals blame the slope wallet team for the hack, saying it was their fault while hackers got access to their funds.

However, the team has started their investigation with top cyber security experts to investigate the hack saying “We will work hard to earn your trust back”. The team promised the affected victims that they will track down the hackers and return their stolen funds.

However, the team also said through their official medium blog “we believe the latest patched version of Slope Wallet is safe to use. The Slope team will continue to obtain regular audit reports and work with security professionals on a rolling basis”.

Is Slope a Solana Wallet?

Slope wallet is a solana-based wallet that individuals can transact or swap cryptocurrency. It has a web version, a mobile app, and a browser extension.

The team aims to make slope wallets decentralized that will stand out from its competitors becoming the first cross-chain best solana-based wallet.

The slope wallet was built as a mobile gateway for the solana chain, it supports the dex exchange(SlopeDex) and NFTs marketplace where users can buy and sell NFTs with a smooth interface for beginners.

Users can swap tokens easily using the dex or defi feature and slope wallet recently added a new feature that makes it looks more professional. They added a news feature on the Solana ecosystem. This news includes ranking, projects, events, NFTs floor price, and a lot more…

How To Use Slope Wallet

If you are in the category of those who don’t know how to use a slope wallet. After this guide, you will be able to use a slope wallet like a professional.

Follow this step-by-step guide thoroughly;

  • Firstly, add the slope wallet extension to your chrome browser from the chrome extension if you are using a PC. If you are using a mobile phone, download the mobile app on the google play store if you are an Android user or download it from the app store if you are an iPhone user.
  • Slope wallet is free to use, create a wallet and follow the next step.
  • If you want to receive an asset into your slope wallet, search for the token you want to receive and click on the receive options displayed on your wallet, a wallet address for the required token you want to receive will pop up, then copy it.
  • If you want to send a token out from your slope wallet, click on send and input the receiver wallet address then send.

Also read: How to Become an Expert Cryptocurrency Consultant – Ultimate Guide 2022

Conclusion

Don’t send tokens to a slope wallet you know is not a solana-based token, only send tokens that are compatible with the solana chain.

If you are a newbie that has little to no knowledge of cryptocurrency or crypto wallet, kindly do well to have a grounded knowledge of cryptocurrency and crypto wallet before interacting with crypto wallet because you can’t use what you don’t know!

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58 posts

About author
Justice Osamuyimen is a blockchain technologist, a crypto content creative writer who aspires to write educative/ information content on blockchain technology & cryptocurrency ecosystem. He's also a trader and also an investor in the crypto currency field, he's open for multitasking and love his career growth.
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