Top wallets for Defi on Cryptonovae
In order to trade on decentralized exchange platforms (DEX) like Uniswap, you need a hot DeFi wallet, and in the case of Uniswap you need a hot ETH wallet.
But what is a hot wallet?
When you trade on a centralized exchange platform like Binance, your cryptos are held on the exchange platform on your behalf in what is called an online wallet. This means that Binance manages and stores your cryptos online for you and ensures their security. In the event of an attack, if the exchange platform on which you keep your cryptos has a vulnerability, you are also likely to lose your cryptos. (fortunately, many exchanges are fully or partially insured in case of theft of their assets).
A hot wallet is a wallet connected to the internet with software that allows you to store your private keys online. They allow you to keep your crypto-currencies outside of the exchange platforms and to be able to make quick transactions on the blockchains and especially swaps of tokens on decentralized exchange platforms (DEX). However as these wallets are also permanently connected to the internet through the software that allows access to your cryptos, it is recommended not to store large amounts on them.
(For large amounts it is recommended to keep your cryptos on a cold wallet, they allow you to generate and keep your private keys isolated and disconnected from the internet)
1. Metamask
Metamask is the best known and most compatible hot wallet on the market, it is available as a web extension which allows a direct connection to DEX and DApps (Decentralized Applications) and it is also available as a mobile application for iOS and Android.
Metamask supports all ERC-20, ERC-721(NFTs) and all tokens on EVM-compatible chains. You can easily add new networks and switch between them in one click. One of the big advantages of Metamask besides its extreme compatibility is that it allows users to speed up transactions by paying more gas.
2. Coinbase Wallet
Coinbase Wallet is the second most popular hot wallet web extension, allowing direct computer connection to DEX and DApps, and is also available as a mobile application for iOS and Android.
It allows you to host ERC-20, ERC-721 and all tokens on EVM-compatible chains. For crypto-to-crypto trading Coinbase Wallet supports only BNB Chain, Ethereum, Avalanche C-Chain, and Polygon-based assets.
The Coinbase Wallet also provides extreme connectivity to its Coinbase exchange platform.
From your wallet you can also buy crypto directly with your credit card, and the mobile application is also equipped with a DApp browser to interact with them.
3. Trust Wallet
Trust Wallet is a hot wallet in the form of a mobile application available for iOS, and Android. It is compatible with any Bitcoin, ERC20, BEP2 and ERC721 tokens and allows connections to DApps through WalletConnect.
The mobile application also allows you to buy and stack your cryptos and also has a DApp browser to interact with them.
4. Rabby Wallet
Rabby wallet is a hot wallet made by DeBank as a web extension. It supports all tokens ERC-20, ERC721 and all tokens on EVM-compatible chains accross 33 other blockchains.
Rabby wallet has 2 advantages that differentiate it from other wallets which are automatic network change according to DApps and a risk scan before each transaction, the extension aims to be the most secure wallet possible.
5. Crypto.com Wallet
Crypto.com wallet is the hot wallet of the famous exchange Crypto.com that gives you access to a full suite of DeFi services in one place. It’s available both in web extension and app on IOS and Google Play.
You can swap, stack, browse DApps, store NFT and more than 700+ tokens including YAE in the same place. The wallet is also equipped with a gas tracker and options to speed up transactions during your swaps.