Whatever you do in Web3, whether you buy crypto, trade nfts, or play blockchain games, you always start and end with one tool: your Software portfolio.
Software wallets are essential for interacting with anything blockchain-based. Some are simply a safe place for your digital assets (hopefully!), while others can provide a wide range of services, from staking and exchange services to nft galleries, reward mechanisms, and more.
While one wallet has dominated in recent years (we'll get to that!), many others have gained popularity, especially in 2024 – but what are they, what do they offer, and should you change?
Below is our review of the top 5 software wallets of 2024.
Source: OKXOKX Wallet #5
- Released: December 2022
- Blockchains: Over 80 blockchains including ethereum, ethereum Layer-2 and Solana
Originally created to support users of its centralized cryptocurrency exchange (CEX), x.com/okxweb3″ target=”_blank” rel=”noopener”>OKX Wallet It was developed by its namesake, OKX, and today has a wealth of features for nft holders, DeFi enthusiasts, and more.
In addition to the ability to manage your digital assets in a simple and straightforward way, OKX Wallet also connects directly to the OKX exchange, allowing users to convert to and from thousands of popular tokens.
OKX Wallet has become a popular tool for those who want to be at the forefront of the blockchain space, as they are often among the first to incorporate new features and trends, such as support for bitcoin Ordinals, BRC-20 token staking, and support for Solana Blinks on all EVM blockchains.
Those who already use OKX as their centralized exchange of choice will get the most benefit from OKX Wallet due to the ties between the two, but OKX Wallet has begun to attract users outside of its own sphere, thanks to its pleasant user experience and features like zero-slip transfers.
As its global brand presence, cryptocurrency exchange, and nft marketplace continue to grow, it is no surprise that OKX Wallet will likely follow suit in 2024.
Source: Trust Wallet#4 Trusted Wallet
- Released: November 2017
- Blockchains: More than 70 blockchains, including bitcoin, ethereum and Solana
Created in 2017 by developer Viktor Radchenko and acquired by Binance in July 2018 (although it still operates as an independent entity), x.com/TrustWallet” target=”_blank” rel=”noopener”>Trusted Wallet It has been a popular software wallet solution for many years, thanks to its clear and simple user interface and support for a large number of blockchains.
Thanks to its close ties to Binance (one of the largest and most popular CEXs), Trust Wallet has become a favorite among crypto traders, but it has also gained affinity in the nft community thanks to the free nfts that can be claimed from the app and its robust analytics tools.
While its close ties to Binance have raised skepticism among some in the community, many are reassured by the fact that it is open source and the code is available for public viewing on GitHub.
As with OKX Wallet, those who are already regular users of CEX, to which it is closely linked (Binance), will see the most benefit, but again, more and more members of the Web3 community looking for an alternative to major software wallets are increasingly adopting solutions like Trust Wallet.
With its range of features increasing monthly and with crypto and nft-focused clients receiving equal attention in its future plans, we anticipate that Trust Wallet will only continue to gain momentum in 2024.
Source: Rainbow#3 Rainbow
- Released: April 2019
- Blockchains: 9, including ethereum, Optimism and Base
The first wallet on this list that has no close ties to a CEX, x.com/rainbowdotme” target=”_blank” rel=”noopener”>Rainbow is a non-custodial wallet that gained widespread popularity in late 2023 for its Rainbow Points offering, allowing anyone who has ever interacted with ethereum to earn an allocation of ethereum, with rumors of other rewards to come.
Primarily focused on ethereum and select ethereum Layer-2 solutions, Rainbow has gained a loyal following not only for its modern and sleek user interface, but also for its rewards structure, with over 30 eth distributed to Rainbow users to date.
In late 2023 and early 2024, rumors abounded that Rainbow would follow the path of nft marketplace Blur and launch its own token, but to date that has yet to happen. Since Rainbow distributes more Rainbow Points to those who use Rainbow instead of other software wallet solutions, many continue to use the wallet in hopes that there may be a token airdrop or additional rewards in the future.
Despite the limited number of blockchains it supports, its popularity has led to Rainbow becoming a software wallet compatible with many popular CEXs, DEXs, and nft marketplaces, and the Rainbow Swaps feature has also incorporated low-fee cryptocurrency exchange capabilities.
As speculation continues about future reward mechanisms, the Rainbow community will only grow accordingly, and in any case, if there is a chance of future rewards, there is little reason not to give it a try!
Source: Phantom#2 ghost
The most popular Solana-based software wallet, x.com/phantom” target=”_blank” rel=”noopener”>Ghost has been key to the rise of Solana nfts, Solana memecoins, and many other current and past trends on the Solana blockchain.
With an intuitive user interface and a wealth of smart features, it’s no surprise that Phantom has become the #1 wallet on Solana in a relatively short period of time, even being in a position to acquire some of its top Solana-focused competitors, such as Bitski.
In addition to the ability to buy, send, exchange, and receive a wide range of cryptocurrencies and tokens on Solana, Phantom has also expanded support to bitcoin, ethereum, and Polygon, meaning that for some, it really may be the only wallet they need.
Phantom includes an nft gallery, built-in exchange functionality, and a dApp explorer, allowing users to easily access popular services such as Solana’s leading exchange aggregator, Jupiter.
Solana has had a breakout year in 2024, and Phantom has grown along with it. With a forward-looking focus and a growing global community turning away from other options and toward Phantom, there’s no doubt it will continue to grow in 2024 and beyond.
Source: MetaMask#1 MetaMask
The largest, most popular, and longest-running software wallet on this list, x.com/MetaMask” target=”_blank” rel=”noopener”>MetaMask It may face some stiff competition, but it remains without a doubt the most popular software wallet in the world, with over 30 million monthly active users.
For many, it's the first software wallet they've downloaded, and while its overall user experience may not be as robust as some of its younger counterparts, it's still an easy-to-use way to start managing digital assets.
Its feature set has grown considerably over the years. Originally focused exclusively on ethereum tokens, MetaMask now features an nft gallery, a token bridge, the ability to stake ethereum, and the popular MetaMask Portfolio, a growing set of tools that gives experienced users greater granularity and control over their digital assets.
Thanks to its popularity, MetaMask has seen both the positives and negatives of its status as the market leader. As the largest software wallet, MetaMask has long been a target for hackers looking for vulnerabilities, and its popularity also makes the nature of its decentralization a hot topic, with some people concerned about the extent of authority MetaMask has in Web3.
However, MetaMask and its developers, Consensys, have often been staunch advocates of Web3 and its principles, and pioneers of the latest technologies. Consensys has long been at odds with the US SEC, defending ethereum from accusations that it is a security, and MetaMask has recently partnered with Mastercard for a pilot debit card, available in the UK and EU.
While companies like OKX Wallet, Trust Wallet, Rainbow, and Phantom continue to grow, MetaMask (and by extension, Consensys) remain the most popular software wallets and have a huge influence on the industry at large.
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