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In order for DeFi to be successful, it’s crucial that the gateways for interacting with web 3 are intuitive, secure, and accessible while maintaining the core ethos of “being your own bank”.

DeFi Wallet Characteristics

The core components of most DeFi wallets include:

  • Non-Custodial – Users can send and transfer funds knowing they are the only one who has access to those funds
  • Key-based – Underneath the hood, all DeFi wallets have a unique keypair. This is different from centralized wallets as users are responsible for the safekeeping of their private keys, often introduced through a 12-word seed phrase.
  • Accessible – Virtually all non-custodial wallets can handle a suit of assets, with Ethereum-specific DeFi wallets allowing users to deposit ETH in tandem with stablecoins like Dai, ERC20 tokens like KNC and ERC721 tokens like Axies.
  • Compatible – As stated above, virtually all DeFi wallets are accessed by connecting a web3 wallet. Mobile wallets have begun to integrate dApps browsers to make it easy to connect with DeFi applications without having to every leave the app.