Blockchain and Cryptocurrency Beginner - Decentralized Finance: Characteristics of DeFi Wallet

• Non-Custodial – You are your own bank, which means you have full control of your funds. You decide when and how to transfer or send your funds.

• Private Key/Seed Phrase – Not your keys not your funds is one of the statements that has been in the crypto space for long. In DeFi, users have control of their funds and a wallet that provides users with their private keys or seed phrase, gives users full control of their funds and assets.

• Accessibility – One of the key aspects of DeFi is accessibility which means being able to access it anywhere anytime. A DeFi wallet like Myetherwallet is accessible to anyone at any time.

• Open Source – Being open source means that it is free and open for anyone to contribute and have access to the protocol which is great for DeFi. MyEtherWallet is a free, open-source, client-side tool for interacting with the Ethereum blockchain network in an easy and secure way.

• Compatible – This is key for DeFi because of the numerous projects that are springing up in the DeFi space. Myetherwallet is a highly compatible wallet when it comes to ethereum and eth based tokens. For DeFi, ethereum is king for now. Also, myetherwallet is compatible with a lot of DeFi DApps making it easy to connect and interact with other applications in the DeFi space.

Myetherwallet DeFi Wallet and How to Make Use of Myetherwallet

Mytherwallet is one of the easiest and straight forward web3 wallet heavily used in DeFi. In my opinion, Myetherwallet still remains one of the best web wallets for ethereum and ethereum based tokens and one of the most reliable as well. I’m going to be showing how to set up myetherwallet and some of the main features of the wallet that you will be making use of most of the time…

Creating a Myetherwallet Wallet

• To create a wallet on myetherwallet, first visit https://www.myetherwallet.com – It is always important to confirm that you are on the correct right URL before you proceed.

• On the homepage, click on create a new wallet

• Next, you will be provided three options to select how you want to be accessing your wallet… the three options are Mew wallet, keystore file and mnemonic phrase also known as seed phrase.

• For this setup, I will make use of the mnemonic or seed phrase method

• Select by mnemonic phrase and your 12 word seed phrase will be displayed.

• Ensure to keep this seed phrase safe. Write it down in their correct order. This phrase allows you access to your wallet and gives you have full control of your assets.

• After that, choose on I wrote down... Ensure that you have written it down before proceeding...

• The Next screen is the verification section
• Verify and input your mnemonic phrase in their correct order
• Once you have completed that, you can move to the next step

• You myetherwallet have been created successfully

Unlocking the myetherwallet

• To Unlock the myetherwallet, go to unlock wallet and click on it
• Since we selected mnemonic phrase at the setup stage, we will have to use the mnemonic phrase option to unlock the wallet.
• Click on the mnemonic phrase option and continue

• Fill in the phrases in their correct order and proceed

• After that, accept the terms so as to move to the next step
• Choose any of the wallet address from the listed options and click on access my wallet.

• Congrats, you have successfully unlocked your myetherwallet.
• Once your wallet is unlocked, you will see your dashboard that shows your token balances and ethereum based tokens in your wallet.

• The most used features is the send and swap features and the ability to add custom tokens

• The send feature allows you to transact with the blockchain network by sending transactions, either eth or eth based tokens to another ethereum address.

The Swap Feature

This is an amazing DeFi feature of the Myetherwallet because it allows you and provides the gateway to swap between different tokens and coins right inside of the Myetherwallet interface.

Adding custom is also another very cool feature of myetherwallet.
Myetherwallet comes with a huge list of pre-added tokens... However, there are times when you need to add a custom token, especially new DeFi tokens. To add a custom token, click on the add custom token on the side of the web wallet and type in the contract address of the token, the symbol and decimals as well.