Sep 20, 2022 01:41 AM 0 Answers
Member Since Sep 2022
Subscribed Subscribe Not subscribe

It is the same principle as the physical wallets we are used to, except that you can use it to store your digital assets. Notably, DeFi wallets have a higher level of security than physical wallets. In fact, they can only be accessed with a password as well as a key phrase — or seed phrase, usually made up of 12 random words, that helps you to recover access to your wallet.

However, the DeFi space is far more than just a place where you can buy and sell financial assets, it’s also a marketplace where you can find a variety of products and services. There is even the opportunity to build decentralized applications and crypto assets. The decentralized crypto wallets serve as the gateway to a whole decentralized ecosystem. By utilizing these wallets, you can have access to this innovative financial and economic system. DeFi wallets are the tools that enables a platform to recognize you even if it doesn’t know any of your personal details.

Simply put, a DeFi wallet allows you to swap assets; earn from lending, staking, farming services; check your NFTs (non-fungible tokens) or connect to platforms to mint and buy them. In the absence of tools that allow you to prove that you own your assets when you access one of these platforms, you would not be able to prove your rights over them.

read:What is the best defi cryptocurrency? how do i invest in it

Submit Answer
Please login to submit answer.
0 Answers
Sort By: