Cryptocurrency

Top 6 DeFi Wallets to Look Out for in 2023

DeFi wallets are something that are being talked about very actively now. Especially since the collapse of the FTX crypto exchange – there has been an exponential spike in the demand of self-custody wallet service providers. People are more and more concerned about the security of their own funds and it is a very valid one at that – given the current circumstances.

While many exchanges have published audited reports of proof of reserves to show that they haven’t touched customer funds with them for safekeeping – there are many others which haven’t and users need to be safe. And self-custodial wallets that support DeFi services are about the most favoured solution to the problem. So as the year comes near the end, in this article, we will be taking a look at some of the most popular DeFi wallets that you need to know about in 2023.

Wallet name

Features

Okto DeFi earning, wallet, staking & yielding, cross-chain bridges
MetaMask Token swapping, crypto purchases, dApp browser
Trust Wallet Crypto purchases, token swapping, dApp browser, staking
Trezor Cold storage, portfolio management, crypto purchases
Ledger Cold storage, crypto purchases, token swapping, dApp browser, staking
Crypto.com DeFi Wallet Swapping, staking, storing

OKTO

Okto, built by CoinDCX for the world – is a mobile app with the vision to provide Web3 opportunities easily accessible to you. Okto has built an easy-to-use interface for anyone to explore vetted DeFi investment opportunities and earn passive income on their crypto holdings. With its keyless, self-custody Web3 wallet, Okto provides secure access to DeFi services while eliminating the hassle of securing your funds.

It solves the multi-pronged problems of existing DeFi wallets like, complex user interface, lack of multichain and cross-chain integration, security, accessibility and discovering new opportunities but creating this all-in-one product. Okto provides a intuitive mobile application, through which you will gain seamless access to DeFi opportunities that are carefully curated for you with pre-evaluation and complete risk assessment of the listed opportunities. With Okto, we are solving the discoverability challenge in DeFi by providing access to 1,000+ tokens, 20+ chains, and 100+ on a single Web3 wallet.

Click here to join the Okto waitlist now!

METAMASK

MetaMask is arguably the most popular crypto wallet out there right now with an estimated 30 million people actively using it to store their crypto funds on a monthly basis. This is also probably one of the well known ones out there and many newer crypto enthusiasts would be aware of it too, not to mention regular crypto traders too.

MetaMask is well known for its full support for the Ethereum blockchain and is available to download as a mobile app and not just a browser extension. One of its best features is that, thanks to its popularity – it aggregates data from various sources to ensure that users get the best price with the lowest network fees when making a token swap on their platform. MetaMask is also capable of spreading user’s orders across multiple exchanges, thus protecting you from slippage thanks to its partnerships with leading decentralized exchange protocols like Uniswap, Curve, 1inch and several others.

MetaMask also enables users to buy cryptos directly from within the wallet’s interface – supporting tokens primarily from Ethereum, Polygon, BSC, Avalanche, Fantom and Celo. You can even fund your purchase of those cryptos using a credit or debit card, bank transfer or even Apple Pay/Google Pay. And finally, last but not the least – it provides a truly decentralized and anonymous experience by not storing any payment information and also relinquishing control of the user’s crypto funds and making it fully self-custodial wallet. It also supports NFTs from various chains and store them for safekeeping.

TRUST WALLET

Trust wallet is another popular self-custodial DeFi wallet, that has very recently shot to prominence after Binance co-founder CZ backed it.

This came in also right after the FTX debacle that shook the entire crypto industry when the near $32 billion centralized crypto exchange came crashing down over reported mishandling of customer funds and when over $6 billion worth of cryptos were pulled out of the exchange’s liquidity.

Trust Wallet, while it recently became popular has been around for a while. This is a mobile based wallet used by over 25 million people globally – and boasts of a support for over 7 million crypto-assets so far. It has a total of 69 blockchains that it supports, thus making it one of the most versatile wallets out there.

It also has a fully functioning Web3 browser – called the ‘Trust dApp Browser’ that allows users to utilize a vast array of decentralized applications (dApps). This browser supports large scale chains like Ethereum and Binance Smart Chain and hence users can very easily be able to access protocols such as PancakeSwap, 1inch, OpenSea and many many more. Also, similar to MetaMask, Trust Wallet also allows you to purchase cryptos using credit or debit cards and seamless token swapping too.

It also has a dedicated staking mechanism built in, so that users can further utilize their idle funds to provide liquidity to pools and gain some returns out of them – and it supports 12 popular tokens so far. However, APYs can vary dramatically, but some supported tokens offer more than 10% per year. Trust Wallet even supports NFTs from various chains and store them safely for the long term.

Read more: FTX Collapse explained

TREZOR WALLET

Now security is a topic that is of the utmost priority for people looking for DeFi wallets. If you are a user that wants to go the extra mile to secure your crypto funds – look no further. Trezor Wallet effectively solves the problem of hackers trying to steal funds by putting a physical barrier between the hacker and your funds. Trezor offers hardware wallets – also referred to as ‘cold storage’ which makes it virtually impossible to be compromised by attackers unless it is connected to a internet connected device.

On the support side – Trezor wallet supports over 1000 different cryptos and features advanced security protocols to ensure that your funds stay secure. It also offers a ‘Trezor Suite’ which is nothing but a desktop and a browser app that links your hardware wallet to the internet whenever you want to perform some transaction. Thus, this feature enables users to effectively buy, sell, exchange and even spend cryptos without the need for another exchange.

Among other features, it has features like ‘Password managers’ and ‘Recovery Seed’ that ensures your wallet is always accessible even if you forget your other details.

Read more: Top DeFi Tokens

LEDGER

Similar to Trezor, Ledger is another DeFi wallet service provider that offers a hardware solution to crypto funds storage. Ledger’s wallet product – also called ‘Ledger Nano’ is used by a serious 4 million people and has been widely acclaimed in the space. However, one of its most distinguishing features has to be the fact that despite it being a hardware wallet – it can connect seamlessly to the internet via the Ledger Live app which is available both for the browser and mobiles.

This wallet supports nearly 5500 tokens, including some of the most well known ones in the market. Also, similar to MetaMask and Trust Wallet – Ledger enables users to buy cryptos through Ledger Live in conjunction with its partner payment gateways. It also offers staking features for idle coins to be put to use and gain some additional income on the side. Ledger even provides access to a suite of other services, including DeFi apps and NFT trading platforms.

CRYPTO.COM WALLET

Crypto.com is a widely popular crypto exchange and it’s wallet service offers various DeFi capabilities along with it being a self-custodial wallet. The Crypto.com DeFi wallet is non-custodial and available to download for free from the Apple App Store or Google Play too.

Thanks to it being a self-custodial wallet, this product offers complete control to the user over the holding and their own private key. It supports over 100 crypto assets and DeFi tokens too. Crypto.com wallet also offers various functionalities in terms of transfer speed in order to save money on transaction fees.

It also features a ‘DeFi Earn’ feature which allows users to generate and earn a yield on over 35 supported tokens. It does so by using the idle cryptos to provide liquidity to various fund pools and thus be able to earn the yield and offers a tax return calculation feature too.

Read more: Top Conversations on Crypto Twitter 

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