What does it mean to have my wallet delegated and why should I do it?
NFT holders, traders, and collectors have been trying to find ways to minimize risk and protect their assets from malicious links and actors. One of the best security solution that allows web3 users to minimize risk and protect their assets from malicious links and actors is by delegating their cold wallet address that contain their valuable assets to other wallet address (usually a hot wallet such as Metamask) to act on behalf of another.
Do I need to move my tokens to my hot wallet to be able to claim holder’s reward? I’m trying to minimize connections to any dApps with my vault wallet
If you don’t have your vault wallet delegated, often the answer to this question would be “yes”. But if you don’t want to keep on doing the back and forth transfer between your vault wallet and your hot wallet every time you want to claim something, you might want to use services such as Delegate.xyz.
What is Delegate.xyz?
Delegate.xyz is a security solution that offers users the ability to sign transactions to prove ownerships or claim from a hot wallet that contains no valuable items instead of doing it from the vault wallet where the valuable assets are stored.
Is Delegate.xyz safe?
Delegate.xyz has been trusted by some of the most notable brands in web3, including Yuga Labs, Art Blocks, PREMINT, OpenSea, and more. The Monsters team are also using it and it is, in our opinion, currently the best web3 security solution for NFT holders and collectors.
What do I need to know to start using Delegate.xyz?
As much as you would want to avoid connecting your vault wallet to a new dApps, the first thing you need to do to start using Delegate.xyz is to connect the wallet you wish to delegate with to Delegate.xyz
After you’ve connected your vault wallet, you can then choose a delegate wallet. This can be your hot wallet that doesn’t contain anything you can risk to lose. Simply add the Ethereum address of your hot wallet that you wish to act on behalf of your vault and submit the delegation.
Submitting the delegation does require a transaction to complete the process. Once it’s complete, your wallet will be officially delegated.
Can I claim airdrops or prove that I’m a holder of Des Lucréce piece(s) using my delegated wallet?
Yes, you can! After your vault wallet has been officially delegated, you can put your vault wallet away and start using your delegated wallet to sign transactions and claim airdrops.