Understanding PeniWallet By SMC DAO

PeniWallet, developed by Penilabs under the SMC DAO ecosystem, is a non-custodial cryptocurrency wallet designed to simplify token transactions, particularly for social giveaways and airdrops. Founded by Sir Mapy, a pseudonymous crypto figure, SMC DAO (SirMapy & Co Decentralized Autonomous Organization) aims to educate and empower its community, known as “Believers,” in the digital economy. PeniWallet is one of its flagship projects, alongside Wiki Cat Coin and Defi Tiger.

Key Features of PeniWallet

Multi-Address Transactions (Spray Feature): PeniWallet allows users to send tokens to multiple wallet addresses in a single transaction, streamlining airdrops and giveaways. This addresses inefficiencies in traditional wallets, reducing transaction fees, time, and errors. Users can create a “Spray Party,” set distribution details, and share an invite code for seamless token distribution.

Operating on the BNB Chain, PeniWallet eliminates the need for users to hold BNB for gas fees. Fees are deducted directly from the tokens being sent, enhancing user-friendliness, especially for newcomers. Users retain full control over their private keys and seed phrases, which are encrypted on their devices. This ensures ownership of funds without reliance on third parties.

PeniWallet offers in-app token swapping via PancakeSwap, reducing security risks associated with external platforms. With biometric authentication and intuitive token management, PeniWallet caters to both novice and experienced users. Tokens can be searched by name, and beneficiaries added directly, simplifying transactions.

Plans include support for Bitcoin integration, EVM-compatible chains (Ethereum, Polygon, Avalanche, Fantom) and non-EVM chains (Solana, TON), enabling cross-blockchain asset management. SMC DAO, founded by Sir Mapy, is a community-driven organization focused on capturing value in the digital economy. With over 26,000 registered members, 64,000+ onchain transactions and 50,000+ social media followers, it emphasizes education through tutorials and research. Its projects, like Wiki Cat Coin (launched March 2022), aim to onboard users to crypto via meme-based engagement. PeniWallet aligns with this mission by simplifying crypto interactions, particularly in Africa, where WikiCat has a strong community presence.

PeniWallet’s development has been iterative, with Sir Mapy sharing updates on X. In October 2024, Apple tested the wallet after resolving issues related to its in-app swap feature being mistaken for an exchange. The wallet is set to launch alongside the SMC DAO app, both built from scratch, reflecting significant investment. A logo design contest was held in July 2023, and beta testing involved 500 testers, with plans for a larger “Spray Party” launch event.

A Spray Party is a unique feature of PeniWallet, developed by Penilabs under SMC DAO, designed to simplify and gamify the distribution of cryptocurrency tokens to multiple recipients in a single transaction. It leverages PeniWallet’s “Spray” functionality, which allows users to send tokens to numerous wallet addresses simultaneously, making it ideal for social giveaways, airdrops, or community-driven token-sharing events.

How a Spray Party Works

A user (the “host”) creates a Spray Party within PeniWallet. They specify the token to distribute, the number of recipients, and the amount each will receive. For example, the host might allocate 100 tokens to be split equally among 10 participants. The wallet generates a unique invite code for the Spray Party. The host shares this code with participants via social media, messaging apps, or platforms like X, inviting them to join the event.

Recipients use the invite code in PeniWallet to register for the Spray Party. They provide their wallet address (either a PeniWallet address or another compatible wallet on the BNB Chain). Once the Spray Party is complete (e.g., all slots are filled or a set time expires), the host triggers the transaction. PeniWallet’s Spray feature executes a single transaction, distributing the tokens to all registered addresses automatically.

Participants don’t need BNB for gas fees, as fees are deducted from the tokens being sent, simplifying the process for new users. Unlike traditional airdrops requiring multiple transactions, a Spray Party consolidates distributions into one, reducing gas fees and time. The invite code system makes it easy for anyone with a compatible wallet to participate, fostering community engagement.

The “party” branding adds a fun, social element, encouraging participation in token giveaways. Hosts can set up Spray Parties for small groups (e.g., 10 people) or large-scale airdrops (e.g., thousands), depending on their goals. Projects like SMC DAO’s Wiki Cat Coin use Spray Parties to distribute tokens to followers, boosting engagement. Influencers or crypto communities can host Spray Parties to reward fans or attract new members.

Tokens can be distributed to multiple beneficiaries efficiently, such as for donations or micro-grants. New projects can use Spray Parties to create buzz by distributing tokens to early adopters. Imagine SMC DAO hosting a Spray Party to celebrate a Wiki Cat Coin milestone. Sir Mapy announces on X that 1,000 WKC tokens will be shared among 100 participants. He shares an invite code, and users join via PeniWallet. Once 100 people sign up, Sir Mapy triggers the Spray, and each participant receives 10 WKC tokens in one transaction, with fees covered by the token pool.

PeniWallet is in pre-launch, with Spray Party functionality tested during beta phases (e.g., 500 testers in 2024). SMC DAO plans a large-scale Spray Party for the wallet’s official launch, though exact details are pending. The feature’s real-world performance is untested until PeniWallet launches fully. Technical glitches or fee miscalculations could affect user experience.

Success relies on community uptake and the popularity of tokens like WikiCat Coin. While PeniWallet is non-custodial, users must ensure they join legitimate Spray Parties to avoid scams mimicking official events. The Spray Party is an innovative, user-friendly way to distribute tokens, aligning with SMC DAO’s mission to make crypto accessible. It combines efficiency, community engagement, and a playful approach to airdrops.

PeniWallet targets users seeking efficient token distribution, competing with traditional wallets by addressing pain points like high fees and manual processes. Its integration with the BNB Chain and focus on social giveaways position it as a niche tool for community-driven projects. Reviews highlight its potential to boost awareness and value for SMC DAO’s Wiki Cat Coin. While innovative, PeniWallet’s success depends on execution and adoption. The wallet’s pre-launch status means real-world performance is untested, and promised features (e.g., multi-chain support) are speculative until implemented.

PeniWallet represents SMC DAO’s ambitious push to democratize crypto access through innovative features like gasless, multi-address transactions. While its user-centric design and community focus are promising, potential users should critically evaluate its claims, monitor post-launch performance, and exercise caution in the volatile crypto space.