The Best Web3 Wallets To Jumpstart Your Crypto Journey

Decentralized finance, web3 social media, and consumer cryptocurrencies have been three of the major trends gaining traction in the blockchain ecosystem. Designers and product experts from big tech companies have flocked to crypto companies to help create seamless experiences that fit the next wave of widespread cryptocurrency adoption.

According to January 2022 Crypto.com Market Sizing According to the report, global cryptocurrency owners reached 200 million people in 2021. During the second half of 2021, the global cryptocurrency market grew by 37.5%. In total, in 2021, the global cryptocurrency population grew by a staggering 178%, rising from 106 million in January to 295 million in December of that year. After several catastrophic events in 2022, including the collapse of BlockFi, 3AC, numerous hacks and culminating with the FTX debacle, the cryptocurrency market experienced a downward trendin parallel with the global macroeconomic environment.

But as they say in the crypto community, a bear market is for the builders, and 2023 showed that the creation of crypto products could well fuel the market's redemption. Companies continued to develop applications and infrastructure, research and scaling solutions advanced dramatically. With the advancement of infrastructure, consumer cryptocurrencies (i.e. consumer-facing applications that leverage blockchain technology but do not require tedious learning or onboarding) have been able to emerge and gain traction. We are now in the second quarter of 2024, we have entered a new bull market and people are flocking to cryptocurrencies again, and this time, the technology is ready to welcome multitudes.

Crypto wallets are at the heart of mainstream adoption and are critical to consumer cryptocurrencies, decentralized finance, and web3 social media. Wallets, or clients as they are technically known, are applications that connect users to different blockchains. Native Web3 wallets allow users to self-custody their funds, meaning no one else has access to your wallet, allowing you to have full control of your cryptocurrencies and stocks.

Below is a list of some of the best and why you should choose them.

First-mover advantage: MetaMask

Open source MetaMask wallet allows connection not only to Ethereum
ETH
as originally conceived, but to Layer 2 blockchains (faster, less expensive chains that feed Ethereum) and other chains like Avalanche
AVAX
or moles
SPOT
. It allows trading within the wallet (although testing shows that trading on the MetaMask wallet is more expensive than trading on a decentralized exchange like Uniswap).
UNI
), and has recently been integrated Ethereum staking in wallet. MetaMask, a formation of Consensys (venture studio behind many Ethereum-based innovations), is particularly praised for its role in the Ethereum ecosystem, as it is primarily designed for assets on this blockchain.

Works on: mobile and browser (iOS and Android)

Advantages: very popular, open source and staking offer

Cons: Challenging UX, especially for NFTs

New, elegant and infinitely versatile: Family

While still in beta testing, Family is emerging as a strong contender in usability, security and versatility. Includes novel features such as “wallet watching”, a popular activity in the crypto expert community, which involves observing the blockchain activity of relevant wallets, along with notifications, exchanges, wallet-to-wallet messaging, and a best-in-class interface for see. your favorite NFTs. Family was recently acquired by one of the most important DeFi and Web3 Social companies, Spaciousformerly AAVE
GHOST
Companies, a move that not only raised their profile but also allowed developers to continue improving the product at a faster pace. Since Avara is the main developer of the web3 Lens social protocol, Family is your wallet of choice if you are interested in web3 social platforms. Furthermore, the user experience, as users say, It's absolutely charming..

Works on: iOS devices (macbook, iPhone, iPad)

Pros: Great for viewing NFTs, fast transactions, secure, and offers easy key backups

Cons: no stakes in the wallet

Fun, gamified and NFT

NFTs
friendly: rainbow

Quickly gaining popularity in 2020 due to its simplicity, fun design, ease of use, and open source code base. rainbow wallet remains a favorite among the web3 crowd. Fast, instant in-wallet swaps and Ethereum gas price prediction, plus instant support for as many tokens as you can imagine, made it the perfect mobile wallet. Fast forward to 2024, Rainbow is still a fun way to experience cryptocurrencies. The app allows users to view deals on their NFTs, access airdrops, coin your ENS
ENS
(similar to DNS, but you register your name on Ethereum) and much more. Rainbow also recently introduced a points system and user ranking, gamifying the experience.

Works on: iOS, Android and browsers

Pros: open source, great for keeping up with current “mints” (nfts, usually cheap or free), NFT trading, registering your ENS, enjoying a gamified experience

Disadvantages: App and feed offering can become overwhelming, no stakes in the wallet

Multi-chain bet: Talisman

Originally a native Polkadot wallet, Talisman offers the easiest $DOT (Polkadot native token) staking experience on the market to date. Secure, reliable, and multi-chain, Talisman allows users to experience Ethereum and Polkadot seamlessly. If you are already a cryptocurrency enthusiast and want to start staking your ETH, DOT or other tokens, you will be a happy Talisman user.

Works in: browser

Pros: Great as a wallet app, multi-chain participation ($DOT, $ETH, $ASTR

ASTR
), broad chain support on Ethereum Layers 2 and Polkadot Parachains

Cons: Challenging NFT UX

The titan building an on-chain future: Coinbase

CURRENCY
Wallet

From public debut in early 2021, Coinbase has expanded its appeal to Web3 natives, especially with the launch of its layer 2 blockchain, Base. Since the launch of its layer 2 blockchain foundation, more components of the Coinbase stack are starting to appeal more to web3 natives. Coinbase Wallet recently announced the evolution of the app: a set of wallet solutions that make it easier for app developers to create onboarding experiences. Coinbase Wallet offers an easy-to-use, frictionless wallet with DeFi and NFT functionalities.

Works on: iOS, Android, browsers

Pros: Multiple assets, great user experience, wide range of dApp integrations, very powerful combined with Coinbase exchange/onramp

Cons: Relies heavily on Coinbase Global services, but lacks customer support


Crypto wallet technology is currently at its peak and users can experiment and design their own journeys with much less friction than in previous years. Not only do the aforementioned wallets offer a great user experience, but the development teams behind them also focus on maintaining security best practices. Despite these wallets' focus on security, users should remain vigilant against phishing, social engineering, and other security threats. Always do thorough research, employ strong security measuresand invest responsibly. Happy web3 browsing!


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