Solana is a layer 1 blockchain which is designed to support scalable and decentralized applications. Compared to rival blockchains like Ethereum, Solana can process many more transactions per second and has significantly lower transaction fees. Solana has struggled in the recent FTX calamity, but is still a major player in the Layer 1 battle.
Since its launch in 2019, Solana has dramatically increased its price, which has resulted in an increase in popularity and Solana user count. The following discussion reviews the best Solana wallets you can use today.
The best cryptocurrency wallets for Solana
Crypto wallets allow users to receive, send and store their digital assets/currencies. Two types of wallets can be used to store cryptocurrency: hardware wallets and software wallets. A hardware wallet is widely considered to be the most secure way to store crypto. Unlike software wallets, hardware wallets are disconnected from the Internet and are not prone to cyber threats and other forms of remote hacking. Instead, hardware wallets keep your private keys offline so that your crypto is inaccessible to anyone other than the holder of the private keys.
Software wallets are downloaded as apps or web extensions via phones and other internet-connected devices. While software wallets fall short in terms of security, they offer superior convenience because they can be quickly accessed through a web extension or app.
When choosing the best Solana cryptocurrency wallet, the following features should be considered:
- Security features: What features guarantee security?
- Price: How much does it cost compared to competing wallets?
- Access: How do you actually access your crypto?
- Easy to use: How easy is it to set up and use?
- Supported Cryptocurrencies: Are the coins and tokens you want to store compatible?
- Portability: How easy is it to wear daily?
The best software wallets for Solana
Software wallets make it easier to use your cryptocurrency and provide better security than letting an exchange hold custody of your digital assets. Take a look at some of the best Solana software wallets available right now.
Exodus
The Exodus Wallet is a renowned multi-chain Web3 wallet that supports over 260 different cryptocurrencies and supports features like staking, trading, buying, and storing non-fungible tokens (NFTs). Unlike other wallets, such as ZenGo and Omni, which only support a mobile app, Exodus can be accessed through a wide range of means, such as desktop, mobile, browser extensions, or physical wallets. The Exodus wallet is a fantastic option for investors who value flexibility and adaptability.
Users can choose to earn 5.2% APY on Solana with Exodus. The more crypto you bet, the more you win. However, despite Exodus' competitive advantage, it's important to note that Exodus falls short in terms of its advanced security features compared to the competition, and it's not open source, which means that third parties cannot They can check for weaknesses. Additionally, Exodus does not support two-factor authentication or multi-signature approvals.
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Better for
Crypto Staking + Earn Rewards
Omni Wallet
omni is an easy-to-use and highly functional multi-chain Web3 wallet that has built-in engagement features. Users can display NFTs based on different blockchains and stake and collect tokens across 25+ blockchains on their mobile app. Omni is backed by a group of experienced investors including MEXC Ventures, Eden Block, Shima Capital, Spartan Group, GSR Ventures and Lattice Capital.
Unlike traditional Web3 wallets, the Omni App is a one-stop-shop that supports over 20 different wallets, allowing users to do everything from a single app. In three taps, users can earn up to 6.33% APR on SOL through bets and liquid bets. Similar to regular staking, liquid staking provides the benefit of liquidity, allowing users to use liquid staking tokens like a normal token without the need for lock-up periods.
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Better for
Staking altcoins safely
ZenGo
ZenGo Wallet is a cutting-edge mobile wallet that successfully addresses the demand for simplicity and security in the crypto wallet industry. Leveraging MPC technology, ZenGo removes the vulnerability of needing a private key, making it much more secure than traditional crypto wallets. Instead, users can take advantage of the wallet's three-factor authentication (3FA).
ZenGo is available in more than 180 different countries and supports more than 70 cryptocurrencies, including Solana (SOL). Despite having a smaller selection of supported coins than other platforms, ZenGo is still a fantastic option for beginners and experienced traders thanks to its unique ability to take the complexity out of crypto storage.
Best hardware wallet for Solana: Ledger Nano S
Hardware wallets are the gold standard for crypto storage. They consist of physical devices that store and generate keys without any connection to the Internet and, as such, fall under the classification of cold wallets. Since they are offline, they offer an extra layer of security against phishing sites, malware, and cyber attacks.
ledger Hardware wallets are some of the most trusted hardware wallets in the world. Users can choose between the Ledger Nano X wallet ($150) or the Ledger Nano S Plus wallet ($79). Ledger wallets support over 1,000 cryptocurrencies, including Solana, Ethereum, and Bitcoin, among others.
Do you need to use a Solana crypto wallet?
Despite the added security offered, crypto wallets are not always necessary. This is particularly true for traders who only intend to speculatively hold cryptocurrencies for a short period of time. Many crypto exchanges, such as Crypto.com, allow traders to keep their SOL within a wallet on the exchange, and some people leave it that way.
Where to earn interest in Solana
Investors can earn passive income on their idle Solana. The method you choose will depend on your risk tolerance and the platform you choose. Here are some of the most lucrative ways to earn interest in Solana.
crypto.com
crypto.com is a popular US cryptocurrency exchange that offers a wide set of tradable crypto assets and relatively low trading fees. Users can buy, sell, trade, and earn interest on over 250 cryptocurrencies, including Solana, with spot, futures, and advanced order types.
Investors can earn up to 2.4% APR on idle Solana with Crypto.com. Interest rates vary depending on the amount of Solana held, the length of the lock-up period, and whether a user holds CRO (the native token of the Crypto.com exchange).
nexus
Nexo is a centralized cryptocurrency savings and lending platform that allows users to buy, earn interest, and borrow a wide range of crypto assets. The platform serves More than 5 million users in more than 200 jurisdictions worldwide. Nexo combines military-grade security with a seamless user experience.
Nexo offers an extremely competitive interest rate of up to 8% for Dormant Solana. Similar to Crypto.com, the amount of SOL earned will depend on the lockup period and the amount of NEXO (the platform's native token) an investor holds.
Cryptocurrency Wallet Best Practices
Personal crypto wallet best practices are becoming increasingly important as the crypto market develops. In 2022, investors lost more than $3 billion to hackers in more than 125 attacks. Here are some steps you can take to further protect your crypto.
- Do not keep cryptocurrency on exchanges for longer than absolutely necessary.
- Avoid posting your 24-word recovery sheet online if you use a hardware wallet, and choose a pin code that is difficult to crack.
- Never publicly flaunt your cryptocurrency assets using your real name or an address that identifies you.
- Always assume that your devices can be compromised at any time and proceed with caution.
- Be on the lookout for scam websites when using software wallets.
- If possible, use two-factor authentication.
Are cryptocurrency wallets worth it?
In general, crypto wallets are essential to ensure the safety of your crypto assets. Merchants need them not only to store crypto securely, but also to protect and validate transaction information. For the more risk-averse investor, hardware wallets are a phenomenal option, providing an extra layer of security against phishing sites, malware, and cyberattacks.
If you plan to hold Solana for a considerable period of time, consider one of the Solana wallets mentioned above. While wallets may seem unnecessary, they are definitely worth the investment, giving you peace of mind that isn't possible when you rely on exchanges.
