The Best DeFi Wallets For 2020
Updated: Dec 24, 2020
One of the essential things in any investment platform is the ability to control your finances. The current cryptocurrency space is full of cryptos and multiple blockchains that promise the maximum security of your crypto assets. Our Job here at DeFi analytica is to separate the wheat from the chaff and provide you with a list of the Top DeFi wallets that we have used and thoroughly analyzed. So buckle up, and let's enjoy the ride together.
So what are the best wallets, and how did we come up with the list?
Glad you asked. We send our team out in the wild under strict instructions to choose and test the wallets under the following criteria.
User Friendliness and the ability to be used on the Go
Let's face it we are in 2020, and mobile is king. We all need our smartphones to listen to music, car keyless entry, social networks, banking, and even dating apps. Wouldnt it be nice if your Defi assets moved with you wherever you went? The future is going to be very cruel to any crypto wallets that are not going to integrate smartphone apps. Hardware wallets have also jumped into the mobile bandwagon and its with no doubt that it's going to grow as we move forward. Imagine walking around with your desktop computer or laptop to access your wallet. As much as we would love to see such a meme in DeFi twitter, it's laughable and cumbersome to access your DeFi investments.
Ability to connect to Dapps
We need to connect to (decentralized Apps) and Dexes(decentralized exchanges) Like Aave, Instadapp, dydx, DeFi saver, Balancer, Token sets, etc. Apart from storage, the other important purpose of having a DeFi wallet is interacting with Dapps to enable borrowing, lending, trading, etc. The DeFi wallet must-have features like Wallet connect.
One-stop-shop for DeFi Applications
The ability to connect to different protocols without leaving your App'. There are many Dapps and Dexes to explore its always lovely to have vetted Apps included in the DeFi wallet for ease of use and signing of transactions it saves the user the pain of Googling the whole internet in search for platforms to invest. "A'int nobody got time for that."
It's a pain in the neck when someone else controls your crypto. Always remember this phrase
"Not your private keys, not your Crypto."
The person who has control of the keys controls the asset. So we only chose the truly non-custodial wallets. For the centralized wallets, we say Goodbye.
Although the DeFi space is quite young, we decided to select only the wallets that have undergone thorough testing verification and audits from respected and independent blockchain firms or have withstood the test of time. The last thing you want is to put your assets in "hackers paradise."
I know what you are thinking. Wow! That's a darn strict criterion. Please show me the list.
Wait no more. Behold the grand unveiling in 3.. 2... 1
This is one of the greatest innovations in DeFi wallets. The good guys at Argent let us in during the Beta testing, and we have been using the wallet for quite some time before the public launch. So we can speak with the Authority and say this wallet is one of the best we have tested so far.
What do we Love about Argent?
Easy to use: This wallet solves the critical problem of Private keys and replaces them with guardians; these are trusted people you can contact to restore a wallet. Argent is the kind of wallet you can introduce to your grandpa and grandma or any crypto newbie.
A one-stop-shop for DeFi Applications: Included in the wallet are DeFi platforms like Aave, Set Protocol, Compound, DSR, pool together, Uniswap, and kyber token exchange.
Security: Argent provides the ability to set a sending limit for most DeFi assets it also provides the ability to set trusted addresses where you can send without limits. This gives the user ample time to cancel any unauthorized transactions.
Some Free gas: As the saying goes, "Nothing beats free." Argent pays for gas for some transactions. They have introduced a fair use policy with free gas for Ethereum transactions and Aave protocol as of the time of writing.
Cool UI and simplicity: For us at DeFi Analytica, it was love at first sight with Argent. Everything works smoothly.
No private keys: we are all annoyed with writing down the 24 key phrases when setting up a new wallet and there is always the constant worry of losing private keys. Argent has solved this problem by using guardians. These are custodians who can help you gain back access to your wallet. Argents can be other wallets like ledger nano or Metamask or even other Argent wallets.
Buy crypto with debit/credit card or pay: Argent has partnered with a crypto company called Moonpay to bring crypto purchases right inside the app. The transaction takes just a few minutes and the crypto is sent straight to your Argent address.
Metamask is the cream de la cream of Defi wallets, and it is paramount in blockchain development. They have a chrome extension and a mobile wallet for both Android and Ios currently in Beta testing. We are now beta testing the Ios version here at DeFi analytica, and we are completely mind blown by the beautiful features.
Although it is not released to the public yet, we have given you a sneak peek on the above photo. Please don't tell anyone.
What we love So far
Access to blockchain Apps: "If you can name it maker got it!"
Compared to other wallets, Metamask provides a myriad of options, including Uniswap, Open sea, Compound, Maker Dao, 3 boxes, Aragon.
Support of all Ethereum ERC20 tokens, ERC-721 (Non-Fungible Tokens )
As if that was not enough, Metamask tops it up with the ability to buy crypto in the App, play games, earn crypto, participate in social networks, and enjoy some crypto news while making some money. Metamask is undoubtedly the best at combining work and Leisure.
Are you mindblown yet?
What if I told you Metamask also provides a connection to other Defi apps and also use of payment channels like Instasend will that blow your socks off? Here is a video of the Metamask Mobile App in Action.
3. Gnosis Safe
Gnosis is one of the substantial projects in DeFi, and a lot of development has been going on lately. We are forever grateful for the multi-signature features of Gnosis safe, among others which we enjoy here on a daily basis. The mobile App is undergoing a significant overhaul, and they are currently accepting Beta testers.
What's the buzz on Gnosis safe all about?
Gnosis offers Multisignature signing of transactions that is fully customizable.
All signatures are gas less; you can confirm or reject a transaction without paying a single dime.
That sounds like a deal-breaker to me, but wait there is more.
Let's go back to multisig for a minute. I mentioned earlier signing is gasless(free), and the signatures are customizable. Well, the smart guys at Gnosis have also gone the extra mile to ensure that you can use any wallet to sign transactions, be it web wallets, hardware wallets, or even mobile wallets. How cool is that?
currently, there are several DeFi applications integrated into Gnosis safe App including Aave, Idle finance, Request, and Sablier.
Most wallets in DeFi are either web wallets, smart contract wallets, or mobile wallets. There is always the risk of being hacked or exposing your private key to hackers.
For those who need an extra layer of security, then ledger nano is the way to go.
Ledger wallet solves that problem by ensuring that your private key is always safe.
How can you use Ledger for DeFi?
You can connect directly to most Dexs using your ledger nano, You can also use ledger nano in DeFi by connecting to Metamask for an extra layer of security.
You can purchase your ledger nano here
5. Honorable Mentions
Trezor hardware wallet
There are many fantastic wallets and DeFi projects, but we have only highlighted the ones we have personally used and tested.
This list is a work in progress, and we will keep on reviewing different projects and updating the list.
We would like to hear what you think about our list and your experiences using different wallets.