Do you own some YFI? Congratulations! You’re part of the new digital economy. Now what? Well, the most important thing is to find a good wallet to store that YFI. Wallets aren’t just about storage anymore though. These days, wallets are so advanced, they can help you take advantage of cryptocurrency in ways you never imagined. So let’s take a look at a few interesting wallets today while also getting a crash course on how they work.
Key talking points:
Yearn.Finance is one of the more popular decentralized finance (DeFi) services out there. While we could go on about what it is and what’s behind it, today, we’re focusing on Yearn.Finance’s token YFI and how to store it. As an ERC20 token, you can store YFI on any wallet that supports the Ethereum blockchain meaning you have hundreds of options to choose from. Only a small few of these wallets are worth mentioning though which is why we’ve put this handy wallet choosing guide together for you.
A Yearn.Finance wallet works in the same way an Ethereum-based wallet works. The wallet enables users to interact with the Ethereum blockchain to access YFI and make transactions like it such as buying, selling, holding, staking, and more. Think of the Ethereum blockchain as the core of the wallet and the wallet as the door. To access the door, you need a private key, which every wallet provides you. When you access the door, you walk through and can enjoy your piece of the Ethereum blockchain via your YFI tokens (or any ERC20 tokens for that matter.
When researching your Yearn.Finance wallet, make sure it comes with the following features:
The short answer here is “yes.” If you buy YFI on a crypto exchange, then that exchange will have a built-in YFI wallet for you to hold YFI until you decide to trade it or withdraw it. Even if you manage to buy YFI with cash from your friend, you still need a wallet to store Yearn.Finance.
Unfortunately not. Some wallets are built by criminals. These wallets have backdoors for hackers to easily steal your private keys and take off with your money. Other wallets are just built by bad developers who leave vulnerabilities in the wallet unbeknownst to them. Then, you have perfectly well-made wallets that just happen to lack high-quality security features like 2FA, security audits, etc. That being said, there are plenty of secure YFI wallets out there so don’t be afraid. Some wallets even come with insurance to protect your funds in the event of a bad event (e.g. like YouHodler wallets for example).
Any good Yearn.Finance wallet should be free. If someone is trying to sell you a Yearn.Finance wallet, be careful. All the best wallets out there are 100% free. It doesn’t cost anything to use a Yearn.Finance wallet aside from the blockchain fees associated with every transaction. Some wallets choose to cover those fees for you while others let you choose the fee (higher fees result in faster transaction time).
The crypto industry has come a long way over the years. Nowadays, Yearn.Finance wallet apps are so user-friendly, anyone can figure it out. To deposit or withdraw Yearn.Finance using your wallet, just open up your app and find Yearn.Finance in the wallet section. You should then see buttons to deposit or withdraw Yearn.Finance. Simply choose an option and follow the instructions. If you want to deposit, a deposit address will be provided. Just copy and paste that address so the person sending your Yearn.Finance can do so. If you are withdrawing Yearn.Finance, then you need to copy and paste the address from the wallet on the receiving end of the transaction so you can send the Yearn.Finance there.
Yearn.Finance wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore.
As its name suggests, a desktop YFI wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration.
More or less, a mobile YFI wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile YFI wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are YFI wallets for all types of operating systems like Android or iOS.
Web YFI wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets.
There are countless articles out there dissecting different crypto wallets, trying to decide what is the “best Yearn.Finance wallet.” To be honest, there is no “best YFI wallet” for us as a collective whole. However, there is a Yearn.Finance wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best Yearn.Finance wallet? Well, that’s for you to decide.
When asking what the best Yearn.Finance wallet for beginners is, it’s important to first dissect what a beginner demands from a Yearn.Finance wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into.
Advanced Yearn.Finance users and investors also appreciate clean simple interfaces on their Yearn.Finance wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need.
Data suggests there will be over 18 billion mobile devices in use around the world by the year 2025. Suffice to say, we live in a mobile world and that’s only going to increase. Hence, mobile Yearn.Finance wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors. For people ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Yearn.Finance wallets match this quality but YouHodler tries its best to.
As mentioned earlier, it’s a smart idea to buy a Yearn.Finance hardware wallet to use in cooperation with your mobile or web wallets. Yearn.Finance hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning.
Once again, this comes down to the idea of “not your keys, not your crypto.” The best Yearn.Finance wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds.
The best Yearn.Finance wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fireblocks for insurance and secure crypto transaction management solutions.
While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular Yearn.Finance wallets can be found on both Android and iOS operating systems.
Click here to download YouHodler for Android.
We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our Yearn.Finance wallet functionalities for your iPhone.