Decentralized finance, web3 social and consumer crypto have been three of the main trends that are gaining traction in the blockchain ecosystem. Designers and product experts from big tech have been flocking to crypto companies to help build seamless experiences to accommodate the next wave of mainstream crypto adoption.
According to the January 2022 crypto.com market sizing report, global crypto owners reached 200 million people in 2021. IDuring the second half of 2021, the global crypto market grew 37.5%. In total, in 2021, global crypto population grew 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 BlockFi downfall, 3AC, numerous hacks, and culminating with the FTX debacle, the crypto market experienced a downwards trend, in parallel with the global macroeconomic environment.
But as commonly said in the crypto community, a bear market is for builders, and 2023 proved that building crypto products could well drive the market’s redemption. Companies continued the development of applications and infrastructure, research and scaling solutions advanced dramatically. With the advancement of infrastructure, consumer crypto – meaning, consumer-facing applications that leverage blockchain technology but don’t require tedious learning or onboarding – have been able to surface and gain traction. We are now in the second quarter of 2024, have entered a new bull market, and people are flocking to crypto again, and this time, the tech is ready to welcome multitudes.
Crypto wallets are at the core of mainstream adoption and instrumental for consumer crypto, decentralized finance and web3 social. Wallets, or clients, as they’re technically known, are applications that connect users to different blockchains. Web3 native wallets allow users to self-custody their funds, meaning that nobody else has access to your wallet allowing you for full control of your crypto and actions.
Below is a list of some of the best ones, and why you should choose them.
The first mover advantage one: MetaMask
The open-source MetaMask wallet allows for connection not only to EthereumETH, as it originally was conceived, but to Layer 2 blockchains (faster, less expensive chains that feed into Ethereum) and other chains as AvalancheAVAX or PolkadotDOT. It allows for trading within the wallet (although, based on testing, trading on the MetaMask wallet is more costly than trading on a decentralized exchange like UniswapUNI), and has recently integrated Ethereum staking in-wallet. MetaMask, a Consensys (venture studio behind many Ethereum-based innovations) formation, is particularly praised for its role in the Ethereum ecosystem, being primarily designed for assets on this blockchain.
Works on: mobile and browser (iOS and Android)
Pros: very popular, open-source, offer staking
Cons: challenging UX, especially for NFTs
New, slick and infinitely versatile: Family
The Family wallet
Image courtesy of Family
While still in beta testing, Family is emerging as a strong contender in usability, security, and versatility. Including novel features like “wallet watching” – a popular activity around the crypto-savvy community, that involves watching the blockchain activity of relevant wallets – alongside notifications, swaps, wallet-to-wallet messaging and the best-in-class interface to view your favorite NFTs. Family was recently acquired by one of the most important DeFi and Web3 Social companies, Avara, formerly AAVEAAVE Companies, a move that increased not only its profile, but also allowed the developers to continue improving the product at a faster pace. Since Avara is the main developer of the web3 social protocol Lens, Family’s your choice of wallet if you’re interested on web3 social platforms. Plus, the user experience, as users say, is absolutely delightful.
Works on: iOS devices (macbook, iPhone, iPad)
Pros: great for viewing NFTs, fast transactions, secure and offers easy key back-ups
Cons: no in-wallet staking
Fun, gamified and NFT
NFT friendly: Rainbow
Gaining rapid popularity in 2020 due to its simplicity, fun design, ease of use, and open-source codebase, Rainbow Wallet continues to be a favorite among the web3 crowd. The instant, fast swaps within the wallet and Ethereum gas price prediction, plus instant support for as many tokens as one could possibly imagine, made it the perfect mobile wallet. Fast forward to 2024, Rainbow is still a fun way to experience crypto. The application allows users to view offers on their NFTs, access airdrops, mint your ENSENS (similar to DNS, but you register your name on Ethereum) and much more. Rainbow also recently introduced a points system and a ranking of users, gamifying the experience.
Works on: iOS, Android, and browsers
Pros: open-source, great for keeping up with current “mints” (NFT drops, usually cheap or free), NFT trading, registering your ENS, enjoying a gamified experience
Cons: the offering of apps and the feed can become overwhelming, no in-wallet staking
Multi-chain staking: Talisman
The multi-chain Talisman Wallet
Image courtesy of Talisman
Originally a Polkadot-native wallet, Talisman offers the easiest $DOT (Polkadot’s native token) staking experience in the market to date. Safe, reliable and multi-chain, Talisman allows users to experience both Ethereum and Polkadot in a seamless manner. If you are a crypto enthusiast already and looking to start staking your ETH, DOT, or other tokens, you’ll be a happy Talisman user.
Works on: browser
Pros: great as portfolio app, multi-chain staking ($DOT, $ETH, $ASTR
ASTR), wide chain support across Ethereum layer-2s and Polkadot parachains
Cons: challenging NFT UX
The titan building an on-chain future: Coinbase
COIN Wallet
Since its public debut in early 2021, Coinbase has expanded its appeal to Web3 natives, especially with the launch of its layer-2 blockchain, Base. Ever since the launch of their layer-2 blockchain Base, more components of the Coinbase stack begin to appeal more to the web3 natives. Coinbase Wallet has recently announced the evolution of the application: a suite of wallet solutions that make it easier for app developers to create onboarding experiences. Coinbase Wallet offers an easy to use, friction-free wallet with DeFi and NFT functionalities.
Works on: iOS, Android, browsers
Pros: multi-asset, great UX, wide array of dApp integrations, very powerful combined with Coinbase’s exchange/onramp
Cons: quite reliant on Coinbase Global’s services, falls short on customer support
Crypto wallet technology is currently at its prime, and users can experiment and design their own journeys with significantly less friction than in past years. The aforementioned wallets not only offer great user experience, but the development teams behind them also focus on upholding the best security practices. Despite these wallets’ focus on security, users should remain vigilant against phishing, social engineering, and other security threats. Always conduct thorough research, employ robust security measures, and invest responsibly. Happy web3 exploring!
