Whatever you do in Web3 – whether you’re purchasing cryptocurrencies, trading NFTs, or playing blockchain games – you always start and end with one tool: your software wallet.
Software wallets are essential for interacting with all things blockchain-based. Some are simply a secure home for your digital assets (hopefully!), whilst others can provide a wide range of services, from staking and exchange services to NFT galleries, reward mechanisms and more.
Whilst one wallet has ruled the roost in the past few years (we’ll get to it!), many other challengers have risen in popularity, especially in 2024 – but what are they, what do they offer, and should you make the switch?
Here’s our look at the top 5 software wallets of 2024.
Source: OKX#5 OKX Wallet
- Launched: December 2022
- Blockchains: 80+ blockchains, including Ethereum, Ethereum Layer-2’s, and Solana
Originally created to support users of their centralised cryptocurrency exchange (CEX), OKX Wallet is developed by its namesake, OKX, and today has a wealth of features for NFT holders, DeFi enthusiasts and more.
On top of the ability to manage your digital assets in a simple and straightforward way, OKX Wallet also connects directly with the OKX exchange, allowing users to convert to and from thousands of popular tokens.
OKX Wallet has become a popular tool for those who like to be on the cutting-edge of the blockchain space, as they are often amongst the first to incorporate new features and trends, such as support for Bitcoin Ordinals, staking for BRC-20 tokens, and support for Solana Blinks across all EVM blockchains.
Those who already use OKX as their centralised exchange of choice will get the most benefit from OKX Wallet due to the ties between the two, but OKX Wallet has began to attract users outside of its own wheelhouse, thanks to its pleasant user experience, and features such as zero slippage transfers.
As its global brand presence, crypto exchange and NFT marketplace continue to grow, there’s no surprise that OKX Wallet is likely to do the same across 2024.
Source: Trust Wallet#4 Trust Wallet
- Launched: November 2017
- Blockchains: 70+ blockchains, including Bitcoin, Ethereum, and Solana
Created in 2017 by developer Viktor Radchenko, and acquired by Binance in July 2018 (though still run as an independent entity), Trust Wallet has been a popular software wallet solution for many years, thanks to its clear, unfussy user interface, and its support for a large number of blockchains.
With its close links to Binance – one of the largest and most popular CEXs – Trust Wallet has become a favourite of crypto traders, although it has also picked up an affinity in the NFT community, thanks to free in-app claimable NFTs, and strong analytics tools.
Although its close ties to Binance have led to skepticism amongst some in the community, many are reassured by the fact that it is open-source, with the code available to view publicly on GitHub.
As with OKX Wallet, those who are already regular users of the CEX it is closely linked to – Binance – will see the most benefit, but again, more and more members of the Web3 community who are looking for an alternative to the major software wallets are increasingly adopting solutions such as Trust Wallet.
With its array of features increasing on a monthly basis, and both crypto-focused and NFT-focused customers being given equal attention in their future plans, we anticipate Trust Wallet will only continue to pick up steam in 2024.
Source: Rainbow#3 Rainbow
- Launched: April 2019
- Blockchains: 9, including Ethereum, Optimism and Base
The first wallet on this list to not have close ties to a CEX, Rainbow is a non-custodial wallet that gained huge popularity in late 2023 for its Rainbow Points offering, allowing anyone who had ever interacted with Ethereum to earn an allocation of Ethereum, with rumours of other rewards to follow.
Catering primarily to Ethereum and select Ethereum Layer-2 solutions, Rainbow has gained a loyal following not just for its modern, sleek UI, but also for its reward structure, with over 30 ETH distributed to Rainbow users to date.
Rumours were abound in late 2023 and early 2024 that Rainbow would go the route of NFT marketplace Blur and launch their own token, but to date that has yet to occur. With Rainbow distributing more Rainbow Points to those to use Rainbow instead of other software wallet solutions, many continue to use the wallet in the hopes that a token airdrop or additional rewards could come in future.
Despite the limited number of blockchains that it supports, its popularity has led to Rainbow becoming a supported software wallet for many popular CEXs, DEXs and NFT marketplaces, and the Rainbow Swaps feature has brought low-cost crypto exchange features into the fold too.
As speculation around future reward mechanisms continues, Rainbow’s community will only grow in kind – and in any case, if there’s the possibility of future rewards, there’s little reason not to give it a try!
Source: Phantom#2 Phantom
- Launched: January 2021
- Blockchains: Solana, Bitcoin, Ethereum, Polygon
The most popular Solana-based software wallet, Phantom has been key to the rise of Solana NFTs, Solana memecoins, and many other current and former trends on the Solana blockchain.
With a intuitive user interface and a bevvy of intelligent features, there’s no surprise that Phantom has become the #1 wallet on Solana in such a relatively short period of time – even being in the position to acquire some of its leading Solana-focused competitors, such as Bitski.
On top of the ability to buy, send, swap and receive a wide array of cryptocurrencies and tokens on Solana, Phantom has also expanded support to Bitcoin, Ethereum and Polygon – meaning that for some, it can truly be the only wallet they need.
Phantom includes an NFT gallery, in-built swap functionality, and a dApp explorer, allowing users to easily access popular services such as Solana’s leading swap aggregator, Jupiter.
Solana has had a banner year in 2024, and Phantom has risen alongside it. With a forward-facing focus and a growing global community switching away from other options and towards Phantom, there’s no doubt it’ll continue to rise across 2024 and beyond.
Source: MetaMask#1 MetaMask
- Launched: July 2016
- Blockchains: Ethereum, and any ETH-based token (ERC-20, ERC-721 and more)
The biggest, most popular and longest-tenured software wallet on this list, MetaMask might be facing strong competition, but it is still without question the most popular software wallet in the world, with over 30 million monthly active users.
For many, it is the first software wallet you download – and although its general user experience arguably isn’t as strong as some of its younger counterparts, it is still a user-friendly way to begin managing digital assets.
Its feature set has grown considerably over the years. Originally focused purely on Ethereum tokens, MetaMask now features an NFT gallery, a token bridge, the ability to stake Ethereum, and the popular MetaMask Portfolio – a growing suite of tools that give experienced users greater granularity and control over their digital assets.
Thanks to its popularity, MetaMask has seen both the positives and the negatives of its market-leader status. As the biggest software wallet, MetaMask has long been a target of hackers looking for vulnerabilities, and its popularity also makes the nature of its decentralisation a hot topic, with some concerned about the scope of authority that MetaMask has in Web3.
However, MetaMask and its developers Consensys have often been staunch defenders of Web3 and its principles, and a trailblazer of the latest technologies. Consensys has long been at loggerheads with the U.S. SEC, defending Ethereum from accusations of it being a security, and MetaMask has recently partnered with Mastercard for a pilot debit card, available in the UK and EU.
Though the likes of OKX Wallet, Trust Wallet, Rainbow and Phantom continue to grow, MetaMask – and by extension, Consensys – are still the most popular software wallet around, and hold a tremendous amount of influence across the industry at large.
