Best 9 DeFi Wallets of 2020
Decentralized Finance (DeFi) is a fast-growing market, and a significant part of its growth depends on DeFi wallets. Although in the past, the Defi wallets have been inefficient, major progress has been made in the last few years, and wallets are getting better and better.
The Defi wallets enable independence, flexibility, and accountability, while at the same time ensuring that users are always in control of their own funds.
With the number of DeFi wallets growing every day, there are important features you need to consider when choosing a wallet. It is critical that you do your thorough research when choosing a wallet.
In this article, we are going through what is DeFi wallet? and the best DeFi wallets currently available. Let us take a look into this guide now,
What are Defi Wallets?
A Defi wallet’s main objective is to allow users to store their own funds without relying on a third party to house their currency. Basically, it leaves you with the absolute right to do whatever you want, in control of your assets. The only person responsible for your funds is you, which is a very innovative concept.
The Defi users need not provide any of the background information or verify their identity as in the case of the centralized wallets. Basically, all of the Defi wallets are accessed by connecting a web3 wallet. The wide ranges of DeFi wallets are mostly Ethereum-native, supporting ERC20 tokens, Ether, and ERC721 tokens.
The Defi wallets are non-custodial wallets that have a specific keypair and the user is responsible for keeping their private keys secure. This is distinct from a centralized wallet where the platform can help you restore your keys.
Best DeFi Wallets
1) Ledger Nano S
Ledger Nano S is a hardware wallet that supports different coins and tokens. It can be plugged into any of the USB ports. It has been provided with a side button and an OLED screen on the device. You can access the button to view and check all your transactions and your balance in the wallet.
It is constantly under development and is backed by a great support team, with more currencies to be included in the future. Ledger Nano offers some of the excellent security features. It is secured by passphrases, PIN codes, and seed keys. These features make it one of the most popular and secured wallets for the ERC20 platform.
2) My Ether Wallet
MyEtherWallet is a web platform that enables the users an opportunity to create a cryptocurrency wallet. The specific feature of this website is that once you generated a wallet and downloaded it on your computer, you are the only one who holds the public-private key pair.
MyEtherWallet is an open-source platform that works with ETH only. It is also compatible with the other wallets. It acts as a browser to access the Ethereum network. It not only enables you to store and send Ethereum but also allows you to access decentralized Ethereum apps. The file you download is protected by a password that you insert during creating a wallet on MyEtherWallet. Thus, when you decide to send your ETH to anybody else, you will have to upload the file to the website.
3) Brave Wallet
The Brave wallet supports ETH and most regular ERC-20 coins, plus its own native ‘BAT’ cryptocurrency and collectibles. Brave Wallet has a fast, quick graphic user interface. Improved account security is provided by two-step authentication.
The Password and Passphrase are owned and stored by the end-user only. The users have full control over their wallets, if necessary, they can export their own private keys whenever they want.
Brave wallets are installed on the Brave web browser. The main aim of these wallets is to keep your BAT tokens and perform various other transactions.
4) Trezor
TREZOR was the first hardware cryptocurrency wallet founded for Bitcoin. It provides an extremely high level of security. With a quick installation, there are no difficulties associated with using it since TREZOR is really intuitive and easy to utilize. It also supports multiple wallets by adding Passphrases.
There is a Google Chrome module developed by the company to optimize the communication process for Trezor hardware. TREZOR is also considered as a multi-currency wallet that safeguards your data with SSH login. Apart from it, the device does cooperate with many trustworthy services to guarantee you maximum convenience and security.
5) MetaMask
MetaMask is a web wallet that is completely free to use. MetaMask browser allows you to store, send, and manage your ERC20 coins. Users have full control of the private keys of the wallet. Users can smoothly switch between their own network browsers and the Ethereum network.
Users can also access DApps and smart contracts securely through this wallet. MetaMask has not suffered any major hacks. It uses HD backup settings and has a strong community of developers updating its open-source code.
6) Atomic Wallet
Atomic wallet is an Ethereum supported desktop wallet. It is one of the best wallets in the system since it supports all ERC20 coins. The users have full control of their private keys and seeds as all of them are stored in the device itself and none is shared in the browser or server.
Users are still advised to safely store their seed passphrase for future use. The Atomic Wallet is available in Android phones as well. The iOS version will soon be launched. Another unique feature of the Atomic Wallet is that it has its own official token called the AWC.
7) Coinomi
Coinomi is a mobile wallet. It is a multicurrency wallet and supports all of the forked coins. Coinomi also supports the ERC20 coins and is backed by an excellent set of developers. You have full control of your funds as it stores all your private keys securely within the wallet itself.
It is an HD wallet protected by a PIN code, a passphrase feature, and a seed code. However, you have to activate its token feature by adding your set of tokens. There is the availability of downloading the Coinomi App into your Android phones. The iOS version will be launched in the near future.
8) Trust Wallet
Trust is a mobile wallet. It supports ERC20 coins as well as ERC223 tokens as well. Trust Wallet allows the users to send, receive, and store a wide range of cryptocurrencies. It is an open-source wallet with a simple design. It aims to provide a platform that is easy and straightforward to set up and use.
It also employs excellent security features as all the private keys of the users are stored locally. The trust wallet supports multiple coins like Ethereum, Ethereum Classic, EOS, Callisto, Otum, BAT, Augur, and other ERC20 coins.
You can also connect with other DApps through this wallet. Trust has also partnered with the Kyber network that allows it to trade with other exchanges.
9) Lumi Wallet
Launched in 2017, Lumi wallet is an easy to use cryptocurrency wallet suitable for new and experienced users. Lumi wallet is a hierarchical deterministic wallet that uses a 12-word master seed key. This wallet is available for the web as well as a mobile platform supporting Android and iOS.
Lumi wallet is a multi-coin wallet that supports Bitcoin Ethereum Bitcoin Cash, EOS, and ERC20 tokens. The wallet is a product of Lumi Technologies. It is an open-source mobile and web wallet. Users can exchange their tokens within the Lumi wallet as it has built-in Changelly exchange.
Conclusion
The DeFi wallets are an important part of DeFi’s long-term sustainability as a whole. These allow the users not only to access their assets but also to communicate with other DeFi applications. The Defi wallets are the Non-custodial wallets that provide a much-needed solution to conventional banking and centralized finance.
The DeFi wallets are vast and diverse, and the environment is continually increasing. As the market continues to grow, we can only hope that DeFi wallets can continue to evolve and expand.
