Top 5 DeFi Wallets For 2022 – bitcoinke.io

Top 5 DeFi Wallets For 2022 – bitcoinke.io

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DeFi, or decentralized finance, is the next big thing in finance. It introduces new forms of financial intermediations which use blockchain technology to enable access to finance without relying on lumbering centralized institutions such as banks. 

DeFi even enables users to sidestep strict financial rules imposed by the government. For example, in China, an outright ban on crypto has pushed people toward using decentralized finance tools.

The hype surrounding the DeFi industry has pushed its market capitalization to $50 billion, according to data tracked by CoinStats. So naturally, that has also boosted demand for wallets that support the native tokens of decentralized finance projects.

So without further ado, let’s check out the top five DeFi wallets in 2022:

CoinStats

CoinStats wallet lets users hold and swap DeFi tokens with zero fees. In addition, the service is non-custodial, giving users 100% control over their crypto assets via private keys.

One might know that DeFi tokens exist on different blockchains. So a wallet must be compatible with all the chains to provide a seamless swapping experience, even between tokens that belong to different groups.

CoinStats excels in cross-chain compatibility, boasting support for:

  • Ethereum
  • Binance Smart Chain (BSC)
  • Polygon
  • Avalanche, and
  • Bitcoin

In addition, the app has plans to include Solana and other blockchains in the coming days.

However, the biggest takeaways remain the credit card and earning features. 

In detail, CoinStats allows users to purchase DeFi assets using a traditional credit card, a feature missing across many of its top rivals. In addition, the ease of buying is the best for users who have just forayed into the crypto sector.

Meanwhile, CoinStats’s lending feature enables users to stake their DeFi tokens to earn periodic yields. 

MetaMask

MetaMask is a browser extension, primarily acting as a bridge to interconnect decentralized applications built atop the Ethereum blockchain, including Uniswap, Compound, AAVE, etc. 

As a result, the wallet supports all the ERC-20 and ERC7-21 tokens. Meanwhile, it is compatible with:

  • The Binance Smart Chain (BSC)
  • Fantom
  • Harmony
  • xDai

and other chains.

Like CoinStats, MetaMask is a non-custodial DeFi wallet which guarantees no oversight over a user’s private keys or seed phrase. But on the flip side, MetaMask is a hot wallet that remains connected to a device, which, in turn, is connected to the internet.

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SEE ALSO: EXPLAINER GUIDE: How to Connect Your MetaMask to OpenSea to Buy and Mint NFTs

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Argent

Argent is a crypto wallet supported across Android and iOS devices. Unlike Coinstats and MetaMask, Argent does not come with a ‘private keys’ feature. Instead, it relies on a concept called ‘Guardian’ to help users secure their tokens.

The feature stands out for people with no technical background since a Guardian can be anything from one of the following:

  • A hardware wallet or other device (for example, another phone) that users own
  • A person users select because they trust them (it can be a close friend or family member), and
  • A third-party service – like Argent’s default guardian – uses a 2-factor authentication method to secure the wallet

Coinbase Wallet

Coinbase is one of the world’s leading cryptocurrency exchanges and offers a specific DeFi wallet for users to manage their decentralized finance portfolio.

So naturally, Coinbase’s DeFi wallet supports many decentralized applications and protocols, including:

  • The Maker CDP portal
  • Compound Finance
  • NUO Network
  • Compound finance
  • Uniswap, and
  • Airswap

The wallet is perfect for users who already have an account at the Coinbase exchange for it enables them to transfer funds without lags. In addition, Coinbase also enables users to collect nonfungible tokens (NFT).

Trust Wallet

Trust Wallet supports more than 53 blockchains and over a million digital assets, and allows users to stake their coins to earn interest rates. It also gives users an in-built Web3 browser that lets them access decentralized applications working atop various blockchains.

Trust Wallet has also partnered with Kyber Network to enable a decentralized exchange within its ecosystem. Users can also buy and sell coins directly using the Trust Wallet’s native DEX.

Special Note: The top five DeFi wallets, as mentioned above, come with an easily navigable user interface. Users – even with no technical background – can set them up easily. 

However, all need to smartly protect their private keys (or even choose a trustworthy Guardian in Arden’s case). That means writing them on paper and storing them in a safe rather than a digital file, where their chances of getting stolen remain high.

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RECOMMENDED READING: EXPLAINER: How to Get Started in Decentralized Finance (DeFi) in 2022

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