DeFi is a rage and all services aim to include it in their portfolios. However, it demands a powerful crypto wallet infrastructure to operate with finesse. There is a plethora of wallets available in the crypto marketplace and all of them are packed with top-notch features.
There are a number of reasons to embrace decentralization of wallets. DeFi wallets can easily be disconnected from the internet when they are not in use, making them highly secure. Moreover, they are fortified with multi-signature security and social recovery layer, etc. Why should you build a crypto DeFi wallet? Let’s discuss.
Protecting Your Assets from Theft
- It will automatically block all the transactions until you add a trusted address or approve them with multifaceted verification.
- The wallet can protect every currency stored in it, including millions of dollars of NFTs.
Protecting Your Asset from Loss
In the DeFi wallet, there is no requirement of a seed phrase. It eliminates the chances of failure that undermines traditional self-custody wallets, including hardware wallets.
Other important security features include
DeFi wallets are an open-source platform that has been regularly audited and battle-tested for more than three years.
- You have complete control over your assets. Even if the wallet is hijacked, you can still use another Ethereum wallet to move your valuable assets out.
- DeFi Crypto wallets use a special account called Guardian’s Account to keep the transactions more secure and safe.
What are guardians?
A guardian account is built on the Ethereum blockchain network that helps you with limited security actions. The strong point of this account is that it never has access to your digital assets A guardian can be:
- A hardware wallet like a Trezor or Ledger.
- A MetaMask account
- A trusted person with whom you can share everything like a friend or family member.
- Wallet’s two-factor option, this automated solution uses 2-factor authentication via phone and email.
You can pick any two combinations from the aforementioned points of the guardian account to keep your transactions safe.
Changing a DeFi wallet guardian is a hassle-free task; you can efficiently do it with just a couple of taps of the application. It takes 36 hours to come into effect. This period gives you a chance to prevent any unwanted changes by locking your wallet. Adding your first guardian just takes only a couple of minutes.
Now the most important thing to consider is how can your guardians help to secure your transactions?
The guardians secure your transactions by
- Authorizing them
- Helping you recover your wallet
- Locking and unlocking your wallet
DeFi Crypto Wallets hold the potential to provide unmatched security because they are developed on Ethereum smart contracts. This means they can add the coveted top-notch security features you’d expect from a great bank without any involvement of a central authority.
To Sum Up
Cryptocurrency bestows a great opportunity to transform our digital future. It helps us to develop a new, bug-free, and fairer internet that puts people first. DeFi crypto wallet has the potential to bring changes in its usability and security.
If you are also planning to start developing your DeFi wallet, Antier Solutions can help. Our skilled team of crypto wallet developers combines their expertise and knowledge to develop a highly secure DeFi wallet as per your business need.
of our white label DeFi crypto wallet software or connect with our subject matter experts to share your business idea.