While the Hot Wallet is primarily plug-and-play on extension activation some of our extensions require a small bit of setup. Before reading this please read the "What is a Hot Wallet?" help center article.
Both the Bitcoin and Stellar Extensions automatically create a Hot Wallet account when activated. For Stellar, however, each new account needs a minimum balance so we recommend at least sending 1.5 XLM to the new Hot Wallet (See the funding section below.)
Features and management
There are a few key areas of management when handling a Hot Wallet account. Below the key sections are outlined to hopefully give a general overview of each.
Viewing the balance
To view a Hot Wallet balance simply browse to the crypto extensions management page in the dashboard. It should default to the Hot Wallet section. In the main panel, each currency handled by the Hot Wallet is listed within a block that displays both the Rehive tracked balance and the real on-chain balance.
Rehive tracks and displays both its internal ledger balance and the real on-chain balance of the account in the dashboard.
Funding the Hot Wallet
Maintaining an adequate Hot Wallet balance is an important daily task for anyone managing a cryptocurrency based business. As the Hot Wallet is the highest risk wallet it needs to store the lowest amount of cryptocurrency needed for the operational needs of all users on the system. This does not mean storing a 1-to-1 of hot wallet balance to total user balances but rather enough so general sends from users will not be hindered. The Hot Wallet balance will depend on your business use case and will likely adjust over time as your assets grow.
Funding via the dashboard
To fund the Hot Wallet browse to the Hot Wallet section within the crypto extension dashboard section. Next to the balance, there should be a "Fund" button which opens a modal displaying a QR code of the Hot Wallet address to scan or view the plain address to copy. Sending currency to this address will fund the Rehive Hot Wallet.
One key feature of a Hot Wallet is fee management. Since it is the account sending real transactions on-chain it will incur the fee cost of the network. Cryptocurrency fees vary depending on the network congestion at the time so each transaction has a dynamic fee calculated for it.
Under the hood, Rehive has a general fee estimation strategy to ensure that all company transactions are added to the current ledger within in a reasonable time frame. In the future company, admins will be able to tweak this depending on their use case.
Rehive also uses a default
fee_hotwallet subtype for fee transactions created by the crypto extension Hot Wallet. This helps your company admin to view all individual fees and totals spent by the Hot Wallet sending transactions on-chain.
In the case of a Hot Wallet not having an available balance to handle a send requested by a user the users' transaction on Rehive will be successful, provided they have the Rehive balance but the debit on Hot Wallet will fail. When this happens the users' transaction is put into an unfunded state.
To handle this the Hot Wallet will need to be topped up with the desired amount and the users' unfunded transactions will then need to be approved via using the dashboard Hot Wallet page. If there any unfunded transactions the crypto extension dashboard will prompt you to handle confirm or decline any current unfunded transactions.
Withdrawals and Sends
For end wallet users there are two flows with which they can send cryptocurrency out of your company and into the on-chain ecosystem. They are the "withdrawal" and "send" flows.
The send flow being an automatically approved transaction that will allow a user to send cryptocurrency externally if their Rehive transaction can be completed. The default subtype is
send_crypto so any limits, fees, and tiers affecting the subtype will apply before allowing a user to send on-chain.
Withdrawals are slightly more complex and require manual admin approvals. When the end-user requests a withdrawal to one of their saved accounts it creates a pending transaction on Rehive. The Hot Wallet page should then display a banner indicating that there are pending withdrawals that need to either be declined or approved. Clicking on the banner will take you to a transaction listing page where each individual transaction can now be approved or declined based on the KYC information provided by the user.