Crypto empowers people to self-custody their assets and control their finances directly. Yet, with great power comes great responsibility. Choosing the best Polygon wallet to securely store your Matic coins is crucial, especially when considering the growing number of threats in the crypto world. The G.O.A.T’s epic list will help you narrow down the field on your quest to find the best Polygon wallet to hold your assets.
What is Polygon?
Polygon, is a Layer 2 scaling solution built on the Ethereum blockchain. It aims to address the scalability issues of Ethereum by offloading transaction processing to the Polygon chain while maintaining a link between Polygon and Ethereum to allow assets to transfer between them securely. Polygon offers fast confirmation times and significantly lower transaction fees compared to the Ethereum mainnet. Since its technology is based on the Ethereum Virtual Machine, Polygon is compatible with any wallet that supports Ethereum. The token used on the Polygon network is called Matic. The quest for the best Polygon wallet is the quest to keep your Matic coins safe.
What is Self-Custody?
Self-custody empowers individuals to be the sole guardians of their digital assets and prevents them from falling prey to centralized custodians or third-party intermediaries. Unlike self-custody, traditional banking systems rely on third-party custodians to safeguard funds, funds that could be lost to customers in the case the third-party custodian collapses.
Before you can store your Matic coins in the best Polygon wallet out there, you first need to get some! Follow along with our smooth guide to find out how to buy Matic with credit card or any other payment method.
3 Best Polygon Wallets
ZenGo: Best Polygon Wallet for Mobile
Key features: ZenGo offers a user-friendly interface that simplifies the onboarding process, making it easy for beginners to set up and navigate the wallet. Its keyless security mechanism, based on multi-party computation, eliminates the need for users to store private keys, reducing the risk of unauthorized access or loss of funds. Additionally, ZenGo supports biometric authentication, such as fingerprint and facial recognition, providing an extra layer of security and convenience.
- Easy-to-use interface
- Multi-party computation for enhanced protection
- Biometric authentication for added convenience
- Limited token support
- Primarily designed for mobile devices
MetaMask: Best Matic Wallet for Desktop
MetaMask boasts extensive compatibility with popular web browsers, including Chrome, Firefox, and Brave, ensuring a seamless Matic wallet experience across different platforms. It seamlessly integrates with the Matic network, enabling users to connect to the network and manage their Matic tokens directly from the wallet. MetaMask offers robust functionality, empowering users with comprehensive control over their Matic tokens and facilitating interactions with decentralized applications (DApps) and decentralized finance (DeFi) activities.
- Wide browser compatibility
- Seamless integration with the Matic network
- Powerful functionality for managing Matic tokens and engaging in DeFi
- Learning curve for beginners
- More feature-rich on desktop compared to mobile
Trezor One: Best Hardware Wallet
Key features: Trezor One prioritizes the highest level of security by storing private keys offline within the hardware wallet, minimizing the risk of online attacks or unauthorized access to Matic tokens. It offers versatility by supporting various cryptocurrencies, including Matic tokens, allowing users to manage multiple digital assets within a single device. Trezor One also provides backup and recovery options, ensuring users can restore their wallet and regain access to their Matic tokens if needed.
- Top-notch security for peace of mind
- Versatility in managing various cryptocurrencies
- Backup and recovery options for added convenience
- Costly compared to software wallets
- Dependency on the physical device for access
- Less user-friendly than software wallets
Best Matic Wallet FAQ
How Many Polygon (Matic) Wallet Addresses Are There?
As of May 2023, there are over 250 million wallet addresses that have ever interacted with the Polygon network and held Matic tokens. 60 million new addresses were added to the network since the start of 2023.
How Many Wallets Addresses Are Active on Polygon?
Since the start of 2023, Polygon has averaged 394 million active addresses per day. The highest count for active Polygon wallets sending and receiving Matic was 782 million which was reached on October 13 2022.
What is A Private Key & Seed Phrase?
A private key is a secret code that is used to access and manage your crypto assets. Having access to your private key allows you to sign transactions and spend crypto. Your private key is also used to derive your public key, a publicly-visible address that can be shared with anyone who wants to send crypto to you. Both private and public keys are created when initializing a wallet. In addition, you’ll often be given a seed phrase, or a recovery phrase, which serves as the backup to your private key. Usually a list of 12-24 words, your seed phrase can be used to generate your private key should it get lost or stolen.
What is the Difference Between Hot Wallets vs Cold Wallets?
Safeguarding your private key is of utmost importance in web3. If anyone gets access to it, they can spend your coins!
For that reason, it’s crucial to understand the different types of web3 wallets and how they keep your private key safe.
Hot wallets are online wallets that are connected to the internet and are accessible through a web browser or mobile app. These wallets are convenient and easy to use, but they also come with a higher risk of being hacked or compromised.
On the other hand, cold wallets are offline wallets that are not connected to the internet. They can come in the form of hardware wallets or paper wallets. Cold wallets provide a higher level of security as they are not vulnerable to online threats, but they can be less convenient to use.
Overall, the choice between hot and cold wallets will depend on individual needs and preferences. If you plan to regularly use your digital assets for transactions or trading, a hot wallet may be more suitable. However, if you’re looking for a long-term storage solution for your digital assets, a cold wallet may provide a higher level of security.