A Look at Some Popular DeFi Wallets

by | Feb 10, 2021 | Blockchain, Cryptocurrency, DeFi | 0 comments

For DeFi to succeed, it is essential that the gateways for interacting with web 3.0 are intuitive, secure, and simple to use while championing decentralization’s primary goal – custodying your crypto assets, in effect being your own bank. Over the last few years, we have seen significant improvements to wallets and other asset management tools, enabling crypto traders and investors to access the best that blockchain offers safely and globally.

DeFi wallets are an integral element of the DeFi landscape as they facilitate the transfer of value within the ecosystem. This article takes an in-depth analysis of some of the most popular DeFi wallets in use.

DeFi Wallets- Overview 

Initially, wallets like MyEtherWallet dominated the crypto market but offered clumpy UI/UX. However, many wallets with better user interfaces and user experience have been developed in the recent past.

Most DeFi applications, like a DEX (crypto marketplaces where secondary trading of assets takes place), are accessed by linking decentralized wallets. The primary objective of a DeFi wallet is to enable users to store their digital assets without relying on intermediaries. Basically, a DeFi wallet gives you the power and control of your assets with the flexibility to do so at your own leisure. Only you are in control of your funds.

Features of DeFi Wallets

The primary features of most DeFi wallets include:

Non-custodial. You are the only one who can send and transfer crypto assets from your wallet.

Key-based. Beneath the hood, each DeFi wallet has an exclusive keypair. This differs from other wallets that store private keys for their users.

Accessibility. Most DeFi wallets support multiple digital assets. For instance, Ethereum-based DeFi wallets allow users to store ETH, stablecoins, and other DeFi tokens.

Compatibility. As highlighted in the overview, most DeFi applications are accessed by connecting them to web 3.0 wallets. Nowadays, mobile wallets are focusing their energy on solving compatibility issues. This implies you can connect DeFi use cases without leaving the app.

Things to Consider when Choosing a DeFi Wallet

The number of supported assets. Generally, different DeFi wallets support different assets. Therefore, your pick must support the assets you plan to hold.

Is the wallet integrated into the DeFi application you plan to use? Ensure that your pick is integrated with the application you plan to use. Check with the DeFi platform and contact their support team to confirm your selection.

What is the social presence of our pick? A reputable wallet will certainly have an active community. If you are doubtful about a particular wallet, search for their social media accounts, analyze their engagements and what people say about them before trusting them with your assets.

Some of the Popular DeFi Wallets

MetaMask

MetaMask, often referred to as the Ethereum bridge, is among the most popular DeFi wallets in the blockchain space. You can use it as a browser extension, meaning you can quickly and securely access DeFi applications via their browser. MetaMask also offers a user-friendly mobile app on Apple and Android.

MetaMask boasts more than one million users and is among the best wallets in the DeFi ecosystem. It supports a wide range of assets- ETH and all ETH-based tokens. Besides, MetaMask has been integrated into many DeFi applications and has an active social presence.

Argent

By championing a mobile-based approach, Argent is quite friendly for DeFi newbies. The platform provides a Venmo-like experience that is simple but very effective. Besides, Argent does not impose fees, and you do not have to deposit ETH to use it.

Unlike most DeFi wallets, you can retrieve your wallet even if you lost your seed phrase. The Argent Guardians feature allows you to include trusted individuals and devices to help you recover your wallet when you can’t access your seed phrase. This recovery feature is unique and very user friendly for novices and people with password retention issues.

Agent supports over 250,000 ERC20 tokens and has a strong social presence. In addition, this wallet is integrated into many DeFi applications.

WalletConnect

WalletConnect is a viable open-source wallet to link blockchain applications and dapps securely. Creating a mobile wallet with dapps on desktop interactive and inter-operable makes it unique. Additionally, these features will allow you to enjoy a frictionless experience. WalletConnect is quite simple, making it easy for any developer to set it up.

The platform supports multiple digital assets, and is integrated to many DeFi apps. It also has an active community.

Torus

Torus will allow you to use social identities, like your Google or Facebook account, to create private keys. This makes it so easy for non-technical users to access the DeFi world. Think of it this way. Instead of downloading a browser extension like MetaMask, you can log into your wallet through your Google or Facebook account. It is designed for users who do not want to handle their own private keys, at least not at the start.

Torus supports numerous cryptocurrencies and has a strong social media presence.

Final Thoughts

No matter which wallet you chose or the criteria you set for your wallet choices, the key is access to the world of DeFi apps and your ability to seamlessly pay for goods and services and receive payment from others in the DeFi ecosystem.

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