Protocol Highlight: Wave Wallet on Sui

Welcome to our protocol highlight of the month.

At Artemis, we aim to bring light to crypto and highlight real businesses in crypto.

Today we highlight our first ever dApp! We chatted with Dante Hiromi, CPO / co-founder of Wave Wallet, a leading dApp on Sui.

Read more to learn about Wave Wallet’s story, why they built on Sui, who are the Wave Wallet users and a dive into Wave Wallet’s metrics!

Check out the Wave Wallet dApp here

What is your story about crypto? Why did you start Wave Wallet?

During my master's studies in computer science, I was introduced to crypto by a professor specializing in distributed systems. He was reviewing a white paper and underscored the potential of the crypto market. His insights sparked my interest, leading me to enter the market in 2017. However, at that time, I lacked the depth of knowledge and strong belief in crypto that I have today.

Despite the explosive growth of the crypto market over the years, I've come to recognize that the accessibility of Web3 remains a significant hurdle for web2 users even now. Addressing this challenge is at the core of Wave Wallet's development philosophy.

Wave Wallet was founded with the vision of providing a user-friendly gateway into Web3. Our goal was to develop a wallet that is accessible and incorporates a fun, gamified element. This led to the creation of Wave Wallet. With a background and deep interest in building consumer products, our focus with WAVE is to deliver an intuitive user experience within the Web3 space.

Why did you build Wave Wallet on Sui vs TON?

The target audience for Wave Wallet consists of the one billion users currently active on Telegram, many of whom are already involved in the Web3 space. We opted to build on Sui for several reasons. Sui addresses the challenges of traditional blockchain platforms, such as slow processing speeds, high costs, and scalability issues.

With a user base of 2.7 million, Sui has handled peaks of 20,000 transactions per second (TPS) while maintaining system stability. Furthermore, Sui features a low and stable gas fee system, typically around 0.003 SUI. This predictability and affordability are crucial for applications like the OCEAN game, which involve frequent transactions.

In addition to its technical capabilities, Sui’s ecosystem has witnessed massive growth. By July 2024, Total Value Locked (TVL) in the ecosystem surpassed $700 million.

This growth appeals to a wide array of projects across SocialFi, GameFi, and Wallet sectors, indicating strong potential for ongoing expansion.

Choosing Sui aligns with the Wave Wallet development team's vision of harnessing a dynamic and expanding ecosystem to reach users and enhance dApps offerings in tandem with our product's journey of growth and innovation.

Where are your users coming from, and what strategies are you employing to further grow and engage your user base? For example I saw the Sui Vietnam event that you all hosted and was curious how that went. 

Wave Wallet boasts about 1.2 million transactions every day, with daily active users of about 600k.

Our users come from a diverse range of continents and countries, including prominent Asian nations such as Indonesia, Vietnam, India, Bangladesh, China, and Japan; European and Asian countries like Russia; African countries such as Nigeria and Ghana; as well as from Europe and North America.

To further grow our user base, we are focusing on a key strategy:

Educational Initiatives: Providing educational resources and support to help users understand and navigate the web3 space, empowering them to leverage our platform more effectively.

Asian markets have excelled in fostering vibrant communities. These regional markets require a tailored approach due to cultural inclinations and language barriers, with a strong preference for local languages. Recently, we participated in events such as GM Vietnam and Vietnam Blockchain Week, where we engaged with our local Vietnamese users who showed keen interest in Wave Wallet's upcoming roadmap. We also forged significant partnerships within the Sui ecosystem.

A highlight of our participation was the opportunity to closely interact with the Sui team, receiving valuable guidance on navigating Wave Wallet's future growth journey and enhancing our contributions to the Sui ecosystem.

Currently, this comprehensive approach ensures that we not only grow our user base but also deeply engage with our community, fostering long-term loyalty and adoption.

Congrats on all the growth on Wave Wallet. What are people doing on Wave Wallet? I know there’s a Telegram waveonsui bot that allows users to earn OCEAN. What’s driving users to play the game and why is OCEAN important?

The Ocean Game stands at the crux within Wave Wallet, designed to onboard and educate users into the ecosystem, as our key strategy mentioned above. Users engage by playing games, earning OCEAN tokens, and utilizing them across various events, games, and other dApps available on Wave Wallet. We encourage users to explore these dApps using OCEAN tokens, which can be used to earn rewards such as SUI, NFTs, and Wave Points—key criteria for earning Wave's native token.

Possessing tokens is essential for accessing dApps, particularly for users transitioning from Web2 to Web3. In many projects across different blockchains, acquiring tokens and covering gas fees to participate in dApps and receive airdrops can be costly for users. Our approach aims to mitigate these costs while fostering a strong user base for dApps within Wave Wallet.

How do you envision dApps getting launched on Wave Wallet?

Wave is not just a mere wallet but an entire ecosystem encompassing games and dApps developed by us and integrated with other projects.

Alongside our own product development efforts, we aim to offer SDKs to enable existing products to be seamlessly built on our platform.

Our team is committed to supporting projects throughout their lifecycle within our ecosystem, including product development, user engagement, and future token and NFT releases.

Introducing new projects will also create various opportunities for our current users, particularly those who have been integral to our platform from the beginning.

Congrats on the announcement of the WAV token. How should institutional investors think about the tokenomics and business model for Wave Wallet?

Currently, we are not yet actively promoting the WAV token. Our team is currently focused on collaborating with venture funds to refine our tokenomics.

Regarding the business model, we are positioning Wave as an ecosystem for games and dApps with clear product development and revenue roadmap extending to the next couple of years. Consequently, we are receiving positive feedback from investors and expect the WAV token generation event (TGE) to take place soon.

How does Wave use or hope to use Artemis?

Artemis specializes in delivering essential on-chain insights for digital assets. Artemis provides Wave with detailed statistics and comparisons to other products, helping us make well-informed strategic decisions.

The platform allows Wave to track daily transactions, active users and user behavior trends. These insights not only improve Wave's product development decisions but also build credibility over time. Moreover, Artemis assists venture capitalists in assessing Wave's potential for partnerships and investments.

Key metrics: Wave Wallet Growth

Andrew here, data scientist at Artemis! You can also find me on X here

Wave Wallet saw explosive growth at the beginning of May and peaked at the end of May with over 1.3 million active wallets. While active wallets have declined then, Wave Wallet is consistently in the top 10 of active addresses across all applications Artemis tracks. 

Wave wallet also plays a vital role in the Sui ecosystem. Wave Wallet facilitates between 25 - 30% of transactions on Sui daily and is a key onboarding venue for Sui. 

Thanks for reading! Want to contact the Wave Wallet team? Feel free to email us at [email protected], and we'd be happy to introduce you.

Artemis Disclaimer: The authors, affiliates, or stakeholders of Artemis may hold interests in the tokens or protocols mentioned in this content. This disclosure highlights potential conflicts of interest and is not an endorsement to buy or invest in any specific token or protocol. The content is for educational and informational purposes only and should not be construed as investment advice in any form.

Readers should approach this information cautiously and consider their unique circumstances before making investment decisions. The views and opinions expressed are subject to change without notice, and Artemis bears no liability for any loss or damage arising from the use of this information.