The first digital wallet was created by Satoshi in 2009 when he launched the Bitcoin protocol. Due to the heightened exposure of cryptocurrencies around the world, other wallets have been developed using the Bitcoin blockchain technology and other available blockchains like android blockchain applications.
A cryptocurrency wallet can be likened to a USB drive. Both are used primarily for storage. However, a digital wallet only holds information about the location of your assets on the blockchain.
The popularity of crypto wallets has increased simultaneously with the number of thefts, frauds, and hacks on these systems. This is further complicated by the lack of a legislative structure for the crypto industry in major countries worldwide. Owners merely accept their fate whenever they fall victim to these frauds.
Digital wallets need to be secure and accessible to investors at all times. For this reason, developers are working tirelessly to create user-friendly digital wallets equipped with the best security services.
Several crypto experts recommend using software wallets. So, we took the time to research the best crypto software wallets available for staking, swapping, and storing digital assets. Phantom, Metamask, and Keplr are three of the best options you can rely on.
Phantom is a non-custodial software wallet created exclusively for the Solana network. Users are enabled to make direct swaps with the application’s built-in DEX. With phantom, there is minimal risk of being connected to a fraudulent website. Another upside is that no gas fees are needed to move the assets to a different exchange.
Phantom has features that enable the user to do almost anything on the Solana network without compromising the security of the assets. You can even link your hardware wallet to your phantom ledger for additional protection.
For users interested in Solana staking, it is best to stake directly within the wallet to earn rewards. This means that you can stake your Solana assets without exporting them from the wallet.
There is speculation about Phantom launching its unique token in the coming months. Although the developers have refused to comment on this rumor, early adopters may be airdropped a part of the supply. Right now, the software works only on PCs, but in a few weeks, smartphone applications that would allow users to gain access to the Solana network directly will be launched.
The Keplr wallet is the first blockchain wallet to work on the Cosmos network. It is a leading IBC-enabled application that can store, manage, and stake tokens on its blockchain networks.
With Keplr, users can explore the Cosmos interoperable blockchain ecosystem as well as 15 other networks, including Secret Network, Crypto.org, Kava, Persistence, and IRISnet. The developers regularly upgrade the system by adding new support for other projects currently in their beta phases. Investors in the supported projects can stake their assets directly within the Keplr wallet.
Unlike Phantom, Keplr has a mobile-friendly application compatible with Android and iOS devices. Keplr currently has no tokens or airdrops available for users, and there are no rumors of any being developed soon. But, as you know, it’s the crypto ecosystem, and anything can happen at any time.
The chance of a built-in token will become more realistic once Keplr develops more popular features like an NFT niche.
Metamask is one of the leading integrated wallets working with the Ethereum blockchain technology. It also supports decentralized applications (DApps) within the ETH sphere. Having been around for about five years, it has been upgraded and modified to support most blockchain technologies, including HECO Mainnet, Optimism, Polygon, Binance Smart Chain, Avalanche, Arbitrum, and Fantom. It is easy to navigate the different networks when moving tokens from one.
Metamask is available as a smartphone application and as a browser extension.
For information on adding any listed network to your Metamask wallet, you can consult the supported networks on Chainlist. Chainlist is a platform that gives an accurate list of all EVM compatible networks and a step-by-step guide on how many of these smart contract applications can be added.
Since its launch, Metamask’s daily swap volume has gradually increased, with the highest volume recorded in 2021. Metamask users directly access that swap feature for decentralized exchanges (DEXs).
There you have it, a rundown of the most popular software digital wallets that support DeFis, NFTs, and even airdrops.