Pangolin Exchange has created a public service for any project on the Avalanche network to create and manage a Gnosis multi-signature wallet.
What is a multi-signature wallet?
Multi-signature wallets are used to ensure security and best practices in DeFi projects. These wallet can send and receive funds, as well as interact with contracts on the blockchain. Multiple trusted parties are added as “signers” who are responsible for confirming submitted transactions. Transactions are only executable if a minimum number of confirmations are received.
Common tasks performed by a multi-signature wallet: holding funds, sending funds, owning smart contracts, and calling smart contract functions.
Why is using a multi-signature wallet important?
It is highly recommended to use a multi-signature wallet to secure project funds and smart contracts. Without multi-signature wallets, projects are at risk of trusting one person or one wallet with funds and ownership of smart contracts. This can lead to a single point of failure where a malicious actor, a hacked wallet, or a negligent transaction can put the funds and security of a project at risk.
With a multi-signature wallet, all transactions are reviewed and signed off by multiple people to ensure transparency and to prevent malicious actions.
How do I use the tool to create and manage a multi-signature wallet?
Our Gnosis wallet tool is hosted at https://multisig.pangolin.exchange
Creating a wallet: Use the Add Wallet button to create a new wallet. This will deploy a wallet smart contract automatically for you with the signers you choose.
We recommend at least 5 signers with at least 3 required confirmations. Pangolin uses 9 signers with 6 required confirmations.
Submitting a transaction: After a wallet is deployed, transactions can be submitted against smart contracts, or tokens can be deposited and withdrawn from the wallet
Confirming and Executing: Signers can review the details of a transaction, and then use the Confirm and Execute buttons to initiate transactions.
Pangolin encourage all projects on Avalanche to make use of multi-signature wallets to secure their shared project funds and their smart contracts. These best practices ensure the safety of the Avalanche ecosystem and keeps the trust of our community. Pangolin will also look to upgrade this service to the latest version of Gnosis Safe in the future.
About Pangolin Exchange
Pangolin Exchange is a community-driven decentralized exchange (DEX) with fast-settlement, low fees, and a democratic process. Built on the Avalanche Network. Pangolin brings you the best trading opportunities to find and maximize your yield.