Steakwallet Releases v1.6
... and then there was Steakwallet 1.6 🎉 🥩
Keeping in tradition, we've got another massive update for you this week with the release of Steakwallet (now Omni) v1.6. This week's release included a host of changes to the app (our codebase saw 260 files changed, 5973 insertions(+), 4504 deletions(-)) and are happy to support even more networks with the latest release.
Steakwallet now supports tokens on, Arbitrum, Polygon, and Optimism. These three blockchains offer faster and cheaper transactions than Ethereum. As previously mentioned, we're working hard on adding support for all major L1s and L2s.
We've also added an improved token view. Steakwallet now boasts a more detailed token view for every token. We added historical charts and additional details for tokens that are stakable in the app, such as lockups, validators, and more.
To our early community members — thank you for the support and valuable feedback! We always love to get your feedback and thoughts on the app and what you'd like to see added.
Join our community and team on Discord and for all updates follow us on Twitter.
Adding support for more Layer 2s
As popularity and usage of the Ethereum blockchain increases, new challenges arise. While transacting on Ethereum is highly secure, it can get rather slow or expensive at times. This makes many use cases that involve smaller transactions unfeasible. One solution to address these challenges is via additional "layers".
Most commonly referred to as Layer 2, these networks are compatible with Ethereum and use different ways of handling transactions off the Ethereum Mainnet (Layer 1), while leaning on the security model and reliability of the Mainnet.
While there are multiple technical solutions (and we'll dive into those in a future post), we'll explain the differences between the different Layer 2s and Sidechains we added support for below:
Arbitrum is a "Next Generation Layer 2" for Ethereum and we're happy to support Arbitrum tokens on Steakwallet. Layer 2 networks are actual layers to the Ethereum blockchain, meaning they use the Ethereum Mainnet consensus mechanism for security and reliability. Arbitrum uses transaction rollups, meaning their Layer 2 batches transactions that are happening off-chain (so cheaper and faster), to then submit them as one bundle to the Ethereum Mainnet, after which they cannot be reversed. Arbitrum was built so that developers can easily run unmodified Ethereum Virtual Machine (EVM) code and contracts.
Optimism is another example of a Layer 2 network that we now support on Steakwallet. Optimism uses what's called an "optimistic rollup", which means aggregators collect transactions that are assumed to be correct (therefore optimistic) and then send that information to the Mainnet to be "notarized". This only requires minimal information with each bundle of transactions, allowing optimistic rollups to offer up to 100x improvements in scalability.
As optimistic rollups don't actually compute the transaction, there can be attempts at fraud or disputes on transactions in the bundle. Only then are additional information and documentation provided as proofs.
Polygon is a sidechain to Ethereum, meaning it is a separate blockchain that is specifically built to connect to Ethereum. Polygon's core component is the Polygon SDK, a modular, flexible framework that supports building multiple types of applications. Polygon has it's own consensus mechanism, meaning it doesn't rely on the security of the Ethereum blockchain. Steakwallet is happy to support Polygon assets with the latest release, especially as the network is gaining traction, having flipped Ethereum on active user addresses recently.
💡 Note: If you want to move tokens from Ethereum to any of the other networks you'll need to use a bridge to "bridge" your assets across. Most networks provide such a bridge, but there are also bridges specifically built to allow bridging to multiple networks, such as All Bridge.
Improved Token View
We are excited to introduce our improved token view with Steakwallet 1.6. Not only have we added extra nice graphs with historical price data for every supported token, we've also added additional information on tokens that are stakable in the app.
If a token can be staked, you will now find information on the reward schedule, whether you need to claim your rewards manually or if they are claimed automatically, and the minimum lockup period. You can also see the validator that your staked tokens will be delegated to.
Future updates will add additional details to the token view and we also aim to offer more optionality on the staking side. Let us know what you guys think or what other details you'd like to see on our Discord.
Fixes & Improvements
Various Performance Improvements:
We're always working to improve Steakwallet on all fronts, including various minor updates and performance improvements.
Hot fix release to fix crashes for new users of Steakwallet, existing users unaffected.