BNB Chain, the collective name for BNB Beacon Chain and BNB Smart Chain, boasts one of the largest blockchain networks in the world. Its native BNB token has surpassed $44.9 billion in circulating market cap, powering its own ecosystem. So, what wallet should users choose?
In today’s article, you will find:
- An overview of BNB Chain.
- What are the most popular web extension, mobile app, and hardware wallets for BNB Smart Chain?
- How do users leverage DappRadar tracking tools to keep up with the latest trends in BNB Chain’s ecosystem?
Choosing a crypto wallet depends on users’ own needs and preferences. Security, custody, and devices are a few critical aspects to consider. Selecting the right BNB Chain (BNB) wallet will make it smoother for users to track, store and exchange BEP-20 tokens and use BNB-powered dapps.
For those unfamiliar with crypto, BEP-20 is a token standard on BNB Chain that’s compatible with ERC-20. Therefore, tokens on Ethereum can move to BNB Chain by going through a bridge. Furthermore, BEP-20 embodies the technical specifications of the BNB Chain, providing a flexible format for developers to launch BNB-based tokens for their projects.
If you don’t know much about the BNB Chain, DappRadar has prepared a series of articles to help you comprehensively understand its vibrant ecosystem.
- What Is BNB Chain and How Does It Work?
- What is BNB token?
- BNB Chain Report Q2 2022
- Ethereum vs. BNB Chain: Key Differences Explained
- The 5 Hottest Games on BNB Chain You Probably Missed
Without further ado, let’s jump right into today’s topic!
Binance Wallet – Binance’s official browser extension wallet
Binance Wallet is an official browser extension wallet from Binance. This extension allows users to send and receive funds on BNB Beacon Chain, BNB Smart Chain, and Ethereum. Moreover, it supports cross-chain transfers between both blockchains in the BNB Chain ecosystem.
As dapps are still predominantly web-based applications, BINANCE Wallet allows users to log into these dapps seamlessly using a web browser. Binance Wallet also has a few features that differentiate itself from other extension wallets. For example, it enables users to easily link their existing Binance Account to their wallet with Wallet Direct.
Additionally, users can sign up for the wallet with their Gmail account through tKey, a model of threshold key management. This feature helps users recover their wallets quickly when they lose access to them.
MetaMask – available for iOS, Android, and Browser
MetaMask is arguably the most widely-accepted wallet, supporting ERC-20 tokens, NFTs, and multiple blockchains, including BNB Chain, Ethereum, Polygon, Cronos, Avalanche, and dozens more. Initially only offered in a browser extension, it now also supports Android and iOS.
MetaMask is a popular choice among BNB Chain users due to its ease of use and years of service in the cryptocurrency community. Reputation plays a role here. Apart from letting users sign transactions and manage their crypto assets, it also offers a Swap service that feeds competitive prices from multiple Decentralized Exchanges (DEXs).
Trust Wallet – Binance’s official mobile app wallet
Like other decentralized wallets, Trust Wallet utilizes a set of seed phrases as the master key for each cryptocurrency wallet. Keeping a record of these seed phrases is extremely important. It helps wallet owners to regain access to their accounts and everything inside in case they lose or damage their mobile device.
In addition, Trust Wallet offers some extra built-in features. For instance, users can purchase cryptocurrencies with a credit or debit card. On top of that, the wallet also lets users earn passive income by staking their crypto assets.
Math Wallet – one of the first to support BSC
What makes Math Wallet stand out is its ability to connect an incredibly wide range of blockchain networks.
Math Wallet supports over 130 public chains, including mainstream blockchains, substrate-based chains, and EVM networks. Math Wallet was one of the earliest to support BNB Chain, and it offers a browser extension crypto wallet and mobile apps for iOS and Android devices.
It is worth mentioning that the Math ecosystem goes beyond its wallet services. In October 2019, the MATH token launched to facilitate the expansion and dynamism of Math. It is good news for Math Wallet users since they can enjoy a broader range of perks by holding MATH, such as staking opportunities and rewards distribution.
SafePal – a hardware wallet to keep cryptos offline
SafePal is a hardware wallet provider. Unlike software wallets mentioned above, a hardware wallet stores users’ private keys in a physical device, and only the device owners can have access. The most significant advantage of using a hardware wallet is that it keeps users’ private keys offline. As a result, the probability of a hardware wallet being infected by viruses or hackers is much lower.
So, if you want to store your BNB Chain tokens offline to lower their vulnerability to hacks and viruses, a hardware wallet is a choice. However, if you’re going to interact with dapps, you will need to transfer your tokens to a hot wallet, which SafePal also provides.
A secure wallet is your gateway to the vibrant BNB ecosystem
BNB Chain provides a reliable yet robust infrastructure for some of the most popular dapps in the industry, covering the Metaverse, DeFi, marketplaces, gaming, and more. According to DappRadar Industry Overview, BNB Chain and Wax have been neck-to-neck for the top spot in terms of unique users over the past 30 days. The chart below captures the fierce competition between the two.
Using a stable and secure wallet should be a top priority for all crypto users. And then, users can trade crypto assets with peace of mind and explore BNB’s dapp world.
At DappRadar, users can easily check out the most popular BNB Chain dapps with our Rankings; here are some helpful links.
- Track your BNB Chain Portfolio, both your crypto and your NFTs
- BNB Chain Dapps Ranking to discover the most popular dapps
- BNB token in the Token Explorer
- BNB DeFi TVL shows the total value of all DeFi assets on BNB Chain
- BNB NFTs reveals the most popular NFT collections on the market
DappRadar will continue to monitor and report on BNB Chain and its ecosystem as they evolve. Follow us on Twitter, Discord, and Youtube to keep up with the dynamic blockchain world.
