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Within your account settings, you'll have the ability to assign a backup wallet address. This can be another wallet (ideally under a different seed phrase), a multisig, a vault or smart contract/wallet of any kind - what you set is where it gets sent.
To make this clear: If you do not assign a backup address, your individual contract cannot be deployed and we will not be able to act. There is absolutely no way possible for us to initiate a trigger and the assets go anywhere but the address you have designated.
Verification is only required for the "Reactive" trigger type. Prior to being away from your device to verify a transaction, change your trigger method from "Reactive" to "Proactive".
KillSwitch currently offers two trigger types:
- Reactive Triggering
- When a transaction is sent that has your wallet address listed as the "From" with the blockchain id of 1666600000, the notification will have two additional buttons: Recognize & Don't Recognize. When you hit "Don't Recognize", the trigger will be activated & your wallet will be evacuated to the backup wallet and monitored moving forward.
- Proactive Triggering
- When a transaction is sent that has your wallet address listed as the "From" with the blockchain id of 1666600000 and it has not been pre-approved, the transaction information is sent to immediately begin evacuating to the backup wallet and monitor moving forward.
Currently, any equivalent to an ERC20 token is savable. This includes thousands of tokens across multiple chains. This also includes the wrapped version of the chain coins.
Note: NFTs and other contracts are in development.
KillSwitch cannot manage the chain coin (ETH, AVAX, FTM, etc...) directly from your wallet. Meaning if you are holding a lot of ETH in your wallet, we cannot do anything to save it. This is a restriction of the smart contract system. To alleviate this, we suggest you hold the wrapped version (wETH, wAVAX, wFTM, etc...), this can be done on any DEX as well as other locations.
The amount of gas it would cost depends on one of two and a half scenarios:
- 1.You execute the trigger directly. This is where you sign the transaction with your wallet.
- 2.KillSwitch executes the trigger on your behalf. This is where your parameters aren't abided by and we execute the trigger, or you don't recognize a transaction through the app and we execute the trigger.2.5. Cost can also be a higher rate if we attempt front running.
If you perform scenario 1, the gas will be less. Since you are interacting directly, a lot of additional contract calling is being avoided and just the main function, trigger(), is being executed.
If you perform scenario 2, the gas will be more. Since KillSwitch is executing the trigger on your behalf, additional calls are made to ensure authority, gas reimbursements and escrow logging. These additional calls incur a larger gas fee than normal.
Now depending on the attempted trigger, if KillSwitch executes the trigger in your behalf and we attempt to front run the exploiters transaction (per parameters you specify), the gas cost could be even more. If we have an opportunity to front run a transaction and save your assets, the additional cost becomes negligible to the potential savings.
You can view the gas estimation costs on the Triggers tab of the app under the gas escrow section.