Non-custodial wallets have become increasingly crucial in the DeFi ecosystem, especially in 2024. With decentralized finance growing rapidly, non-custodial wallets enable users to have full control over their funds without relying on centralized entities. As of 2024, the global DeFi market according to Bankless Times is expected to generate around $26.17 billion in revenue, and non-custodial wallets are playing a vital role in this growth by providing secure access to DeFi services like staking, lending, and decentralized exchanges. Similarly, non-custodial wallets include features such as WalletConnect options, multi-chain support, and user-friendly interfaces, which serve best for new and experienced users.
The new possibilities of Web3 technologies make non-custodial wallets indispensable tools for convenient, safe, and multi-faceted participation in the decentralized digital economy—there’s no doubt about it.
Here are five of some of the best wallets for DeFi and dApp interactions:
NOW Wallet
Among the projects focusing on moving within the DeFi space in 2024, NOW Wallet is ranked as one of the top options. By integrating ease of use, stability, and numerous features, it is designed to suit users and companies within the crypto space.
Advantages:
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- Multi-Chain Support: Supports over 50 coins and more than 15,000 tokens, including popular cryptocurrencies like Monero (XMR), Bitcoin (BTC) and Ethereum (ETH). Moreover, in case a token is not listed in the app but operates on a supported EVM chain or Tron blockchain, users can manually add it as a custom token, ensuring greater flexibility and comprehensive asset management.
- Privacy and Security: Full control of private keys with no compulsory know-your-customer procedure for crypto-to-crypto operations.
- Wallet Import Functionality: Seamless import of existing wallets from other apps using mnemonic phrases, ensuring a smooth transition for users migrating to NOW Wallet.
- User-Friendly Interface: Single, integrated interface for purchasing, swapping, staking, and managing tokens easily for either newcomers or more experienced users.
- DApp Connectivity: Easy access to decentralized applications with WalletConnect for staking, buying or selling NFTs, as well as playing blockchain games.
- NFT Support: Safe storage and interaction with NFTs, as well as simple transactions with the outlined assets, within the application.
- Built-In Staking: Allows staking for tokens like Tron (TRX), Solana (SOL), Cardano (ADA), NOW Token, and more with staking rewards at 6.25% APR on NOW with anti-inflation tools.
- Cross-Chain Swapping: Powered by ChangeNOW, NOW Wallet allows users to exchange cryptocurrencies directly in the wallet without having to depend on external platforms. Notably, it enables token swaps between different blockchains in real-time through connectivity to decentralized exchanges.
- POS System for Businesses: NOW Wallet includes a built-in point-of-sale (POS) feature powered by NOWPayments, enabling organizations to accept more than 300 cryptocurrencies with integrated crypto-to-fiat currency exchange and transaction monitoring.
Due to features such as interoperability and the use of unique applications for personal and corporate clients, NOW Wallet provides access to the constantly expanding DeFi market. NOW Wallet is available on Android, iOS, macOS, Windows and Linux. For users who do not own any crypto, they can buy it directly in the wallet using their bank accounts, credit/debit cards (Visa/Mastercard), or mobile wallets, like Apple Pay and Google Pay. NOW Wallet supports over 60 fiat currencies that include USD, EUR, GBP, CAD and others.
Limitations:
- User Interface Simplicity: NOW Wallet user interface might feel somewhat simplistic for advanced users seeking detailed analytics or professional-grade tools.
Best Wallet
Best Wallet is a solid choice among crypto wallets because it is oriented on the user’s decision-making process, privacy, and versatility. As a sustainable non-custodial multi-chain wallet with no KYC requirements, it ensures strong anonymity.
Advantages:
- Multi-Chain Support: Integrated in over more than 1,000 cryptocurrencies within 50+ primary blockchains, this covers Bitcoin, Ethereum, Polygon, Solana, etc.
- Privacy and Security: Measures such as using end-to-end encryption, two-factor authentication, and biometric security guarantee high levels of protection.
- User-Friendly Interface: Both an iOS and Android app available and can be used by a beginner and advanced level user.
- Web3 Integration: Accepts multiple cryptocurrencies for various projects, tokens, coins, and NFTs in a connected system.
- Native Utility Token ($BEST): Some of the perks that come with their token include no gas fees and access to regular airdrops.
- Presale Dashboard: Provides clients with promising cryptos at lower prices during presale stages.
- Token Airdrops: Rewards active users with $BEST tokens and other cryptos.
Limitations:
- While Best Wallet is a versatile and privacy-focused choice, it lacks desktop application support, limiting accessibility for users who prefer managing assets on larger screens. The wallet’s reliance on the $BEST token for benefits like zero gas fees and airdrops may deter those uninterested in holding the token or wary of its price fluctuations.
Cypherock Wallet
Cypherock changes the way cryptocurrency holders protect their funds by replacing seed phrases with decentralized key management. Private keys are split across five cards, so even if the user loses one of the cards, they still have control over their funds. The wallets allow supporting more than a thousand coins and tokens and simultaneously manage NFT and DeFi assets by providing maximum security and functionality. Besides, its beneficiary option enables people to securely transfer assets to trusted parties, which means it can be used to protect digital wealth.
Advantages:
- Eliminates the need for conventional seed phrases.
- Boosts security by dividing the private key into five tamper-proof cards.
- Integrates crypto, NFTs, and DeFi management functions into one application.
- Has an extra security measure for transferring assets to beneficiaries.
Limitations:
- Priced at $159 USD, which may prove to be expensive to some of its users.
Coinbase Wallet
Coinbase Wallet is showcased for its dApp interaction capabilities, as well as a dApp browser that allows for easy utilization of Web3 services such as staking, yield farming, and NFT marketplaces. It allows for the detailed management of more than 5,500 assets comprising Bitcoin, Ethereum and ERC-20 tokens. Enhanced security comes from integration with Ledger, which is simple to transfer tokens to hardware wallets for cold storage.
One of the features is easy accessibility: the wallet can be used as a mobile application and a browser extension. It has certain limitations like no two-factor authentication; no multi-signature protection; and it’s not a completely open source solution. Nevertheless, Coinbase Wallet is still popular among demanding users who expect advanced dApp connections, multiple-chain compatibility, and a vast selection of cryptocurrencies.
Advantages:
- dApp Interaction: Provides advanced functionality in interacting with decentralized applications (dApps) and its built-in dApp browser.
- Web3 Services: Facilitates staking, yield farming, and participation in NFT marketplaces.
- Comprehensive Asset Management: Supports over 5,500 cryptocurrencies, including Bitcoin, Ethereum, and ERC-20 tokens.
- Ledger Integration: Provides enhanced security through integration with Ledger hardware wallets, enabling easy token transfers to cold storage.
- Accessibility: Offers both a mobile application and a browser extension for seamless access and usability.
Limitations:
- Open-Source Concerns: The solution is not entirely open-source, which may be a drawback for some users.
MetaMask
MetaMask is a popular wallet for Ethereum (ETH) due to its seamless integration with the Ethereum network and robust support for dApps and DeFi. Its popularity stems from its user-friendly design and non-custodial nature, providing users full control over their private keys. Originally a browser extension, MetaMask is also available as a mobile app, offering flexibility across devices. While it does not support Bitcoin and requires manual addition of other networks, it remains a strong choice for managing ERC-20 tokens, allowing users to easily connect to dApps such as Uniswap and OpenSea for token swaps and NFT trading.
Advantages:
- In-built Token Swap: Users can swap tokens directly within the wallet using third-party liquidity pools. Supports a broad array of Ethereum-based tokens and decentralized applications (dApps).
- Staking Integration: Users can earn interest on Ethereum holdings through third-party staking providers like Lido and Rocketpool.
- NFT Support: Supports ERC-721 and ERC-1155 NFTs directly in the wallet.
- Educational Resources: Offers guides and tutorials to help users optimize their wallet experience.
- User-Friendly Design: An intuitive, easy-to-use interface.
Limitations
- Does not support Bitcoin.
- Users must manually add other networks.
Conclusion
Non-custodial wallets are essential for accessing decentralized finance (DeFi), offering full control, privacy, and security over digital assets. NOW Wallet excels with multi-chain support, staking, and dApp integration, while Best Wallet offers strong privacy and no KYC but lacks desktop support. Cypherock Wallet prioritizes security through split private keys, although it is relatively expensive. Coinbase Wallet provides reliable dApp access but lacks advanced security, while MetaMask is a solid option for Ethereum but is limited in network support. Overall, non-custodial wallets are key to securely navigating the growing DeFi space.
