In this tutorial, we’ll explore how you can complete a series of tasks in Orochi Network for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete Orochi Network tasks for Bybit Web3 Airdrop Arcade. 

Task 2: Quote Orochi Network's Post and Tag 3 Friends

: Navigate to Orochi Network’s pinned post on X.

: Quote the tweet with your thoughts, and tag 3 friends.

 button at the top right corner of the page.

: The Orochi ID window will pop up. You may choose to sign up for an Orochi ID using your Google account, GitHub or email address.

: Congratulations! You’ve successfully created your Orochi ID. 

Task 4: Join the Contribute to Earn Program

: Connect your Wallet, Google account and Discord to be eligible.

: Once you’ve successfully connected all accounts, you’ll have completed this task.

 all of the four tasks above for your chance to 

Beginner

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How to Complete Orochi Network Tasks for Bybit Web3 Airdrop Arcade

MegaETH is an EVM-compatible blockchain with real-time Web 2.0–level performance. Learn more about MegaETH.

 has long been a formidable challenge for the blockchain industry. Most established chains maintain decentralization and security, but struggle with limited scalability while high-performance 

 (L1) blockchains often compromise decentralization to achieve high throughput. 

What if we could push throughput to unprecedented levels without compromising security or decentralization? 

Enter MegaETH — a project backed by industry leaders such as Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin and Dragonfly Capital. With the first real-time 

 (EVM)–compatible chain —i.e., one that can process transactions as soon as they arrive, and then publish the resulting state changes — MegaETH aims to redefine blockchain performance. In this article, we delve into the scaling limitations of current blockchains and examine how MegaETH aims to solve them. Let's dive in!

The blockchain trilemma has posed a significant challenge for 

 developers for years. As Ethereum co-founder Vitalik Buterin explains, distributed ledger networks can only achieve two out of three critical qualities (security, decentralization and scalability) by using simple techniques. 

As a result, most high-performance chains, such as Solana, Avalanche and BNB Chain, often compromise on decentralization or security to achieve scalability.

To address the scalability challenges of L1 networks, developers have introduced 

 (L2) solutions, which operate on top of blockchains such as Ethereum. These L2 chains achieve 

 (TPS) while leveraging the security and decentralization of their underlying L1s. However, according to MegaETH, both high-performance L1 and L2 networks fall short of meeting the demands of Web 2.0–scale applications, particularly in terms of 

As shown in the table above, the blockchain with the highest scalability, opBNB, achieves a gas rate of 100 MGas/s, equivalent to 650 Uniswap swaps or 3,700 

 transfers per second. In comparison, modern databases can 

 over 1 million TPC-C TPS. While Arbitrum One, the fastest chain listed, offers a block time of 0.25 seconds, this remains insufficient for applications requiring rapid feedback or high update rates. 

These limitations in both scalability and speed make current high-performance L1s and L2s ill-suited for Web 2.0 applications with significant computational demands.

 is an EVM-compatible blockchain with real-time Web 2.0–level performance. With the goal of bridging the gap between distributed ledger networks and traditional cloud computing servers, the project aims to push the performance of Ethereum-based L2s to hardware limits. As the first real-time blockchain, MegaETH can stream transactions at 100,000 TPS with transaction fees under $0.01, and provide millisecond-level responsiveness without sacrificing security or decentralization.

MegaLabs, the organization behind MegaETH, was founded in early 2023 by Shuyao Kong and Yilong Li. Holding an MBA from Harvard Business School, Kong has a background in business development within the blockchain industry. Prior to co-founding MegaLabs, she was the global head of business development at ConsenSys, where she continues to serve as an advisor.

As the Chief Executive Officer (CEO) of MegaLabs, Li has a PhD in computer science from Stanford University. An experienced software developer, he previously worked at Runtime Verification Inc., a firm specializing in software analysis tools and the application of formal methods to improve computing systems.

Together, Kong and Li founded MegaLabs in early 2023 to leverage their business development and computer science expertise to build MegaETH as the first real-time blockchain.

 $20 million of funding in a single seed round at a 9-figure valuation. The round was led by Dragonfly Capital, with other notable venture capitalists including Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holdings, Tangent Ventures and Credibly Neutral. In addition to VCs, MegaETH is backed by high-profile angel investors, such as Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin and EigenLayer creator Sreeram Kannan.

 on crypto trader Cobie’s decentralized fundraising platform, Echo. The round was fully funded within minutes and oversubscribed, showing significant investor demand.

MegaETH achieves over 100,000 TPS with less than 1 ms latency and block time, as well as transaction fees under $0.01, via two core features: a heterogenous blockchain architecture and a hyper-optimized EVM execution environment.

MegaETH's heterogeneous blockchain architecture enables network nodes with different hardware configurations to specialize in specific tasks to boost performance.

There are three types of nodes: sequencers, full nodes and provers. With cutting-edge hardware, a small set of sequencers conduct performance-critical tasks such as transaction execution. Simultaneously, a massively decentralized network of full nodes performs security-critical duties such as block validation. Provers have the lowest hardware requirements, and focus on providing L2 proofs to full nodes.

Hyper-Optimized EVM Execution Environment

MegaETH provides a hyper-optimized EVM execution environment to push latency, throughput and resource efficiency to hardware limits. Consequently, the real-time blockchain can process large volumes of transactions as soon as they arrive, and publish the resulting state changes in a few milliseconds.

To enable real-time EVM execution, MegaETH co-designed a low-latency, streaming-based block-building algorithm with a concurrency control protocol supporting transaction prioritization.

MegaETH's real-time blockchain scales without sacrificing decentralization and security through the following key components and features.

 is an extension of the MegaETH core team. It consists of a group of 10x builders hand-picked by MegaETH developers. According to the project, MegaMafia participants have "an internal compass guiding them toward crypto's world domination."

MegaETH defines three common qualities for MegaMafia members:

MegaETH is setting a new standard for blockchain scalability, addressing long-standing limitations without compromising decentralization or security. By combining innovative architectural decisions with technologies like real-time EVM execution, in-memory computing and smart contract JIT compilation, this real-time L1 chain delivers unmatched performance tailored for Web 2.0–scale applications.

Supported by high-profile investors, such as Vitalik Buterin and Joseph Lubin, MegaETH is poised to bridge the gap between blockchain and traditional computing, unlocking new possibilities for decentralized applications. The project is on track to launch its testnet in early 2025, with the mainnet rollout soon thereafter.

Advanced

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MegaETH: A Real-Time Blockchain for Web 2.0–Scale DApps

Grayscale has launched the Horizen Trust, a fund that allows qualified investors to gain exposure to the cryptocurrency ZEN without the need to buy, store, or safeguard it.

Daily Top Performer — Convex Finance (CVX)

The S&P 500 rose 0.73%, driven by big tech and communication services, as investors anticipate a "Santa Claus Rally" to close the year. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.61%, with Bitcoin dropping by 2.58% and Ether rising by 4.32%, respectively in the past 24 hours.

Today's top performer is CVX, which surged 28.1% following Frax's consideration of BlackRock's BUIDL token as backing for the rebranded frxUSD stablecoin.

Convex Finance (CVX), launched in May 2021, is a DeFi protocol that boosts yields for Curve protocol users on Ethereum. It allows for staking to earn CRV and CVX tokens and provides voting rights on token allocations. Securitize has 

 adding BlackRock's BUIDL token as backing for Frax's rebranded Frax USD (frxUSD) stablecoin, which will feature a new mint-redeem system. Early feedback from Frax DAO members is positive. Competing proposals from Superstate also suggest backing frxUSD with their tokenized funds. The final backing structure is still undecided.

Check Out the Latest Prices, Charts, and Data of 

, a fund that allows qualified investors to gain exposure to the cryptocurrency ZEN without the need to buy, store, or safeguard it. The fund's shares track the market price of ZEN, net of fees. While the shares have been traded at both a premium and discount, the fund aims to provide a simpler way for investors to gain exposure to ZEN. Grayscale is also expanding its offerings, with plans for a Solana spot ETF.

Yesterday, BTC Spot ETFs recorded total outflows of $258.2 million, including $38.4 million from GBTC and $219.8 million from non-GBTC funds.

, distributing $SONIC tokens to those who participate. Over 2 million users have joined through an easy onboarding process, requiring no wallet setup or gas fees. To qualify for the airdrop, users must log in via TikTok, access SonicX, and wait for the $SONIC claim banner. SonicX, part of the Sonic SVM app layer, uses TikTok ads and creator partnerships to promote its gaming and blockchain education hub. The project aims to expand its TikTok Chain with new games and future token rewards.

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Grayscale Introduces Horizen Trust for ZEN Investment Access

Gems VIP (GEMS) is crypto launchpad uniting leaders to curate top projects, boost growth, and offer rewards via staking, revenue sharing, and exclusive access.

The cryptocurrency industry features over a hundred active launchpad platforms where new projects vie for the attention and funds of early investors. However, many of these launchpads have limited safeguards for investors and offer underwhelming support and growth opportunities for crypto projects launched through them. Investors often fall victim to scam launchpad projects and tokens, while crypto startups fail to raise enough funds from quality backers.

Gems VIP (GEMS) is a crypto launchpad that’s adopted a unique community-driven approach to dealing with both of these problems. It carefully curates projects listed on the platform to ensure that only high-potential, promising tokens are offered to investors. Additionally, Gems VIP has assembled a formidable community of crypto leaders who provide their input on the listed projects and gain access to early sale rounds for their tokens. Besides early access to high-potential tokens, the leaders enjoy additional benefits — 

 in the form of revenue sharing from the launchpad's projects, discounts on the platform's exchange solution, Gems Trade, and staking opportunities for GEMS, the platform's native cryptocurrency.

 (GEMS) is a launchpad supported by a community of leaders in the crypto space. 

The platform features a rigorous curation procedure for listed tokens and provides the community of leaders with access to early sale rounds for these tokens. Gems VIP's community leaders not only 

 via the platform, but also may provide support and expertise to drive their early growth and development.

Gems VIP was launched in late 2023. By December 2024, it had assembled a community of around 3,500 leaders, a number that may grow as the project continues to expand. Gems VIP's native cryptocurrency, GEMS, was launched in June 2024. Leaders can lock a certain minimum amount of GEMS to gain exclusive access to private sale rounds and receive significant discounts during sales.

Platform users, including leaders, who lock at least 5,555 GEMS ($694) become Golden Users, which qualifies them for a 20% discount on the presale round of private sales and a 7% discount on subsequent rounds. To become a Premium Leader and enjoy the full suite of benefits and discounts, leaders need to lock at least 18,000 GEMS (currently around $2,250).

However, you can't simply buy your way into the leader community by purchasing GEMS tokens. Each potential leader is carefully assessed by the project team for suitability. Only individuals deemed as bringing value to the project's potential and its vibrant community are accepted as leaders. Thus, a manipulative 

 who buys up a lot of GEMS tokens in the hope of monopolizing access to private sale rounds will be left disappointed.

The leaders often provide guidance and support to the launchpad's projects, as well as input during the project selection phase. This ensures that the Gems VIP team's expertise is complemented by the leaders' skills when evaluating prospective projects.

Projects selected and launched via Gems VIP enjoy the benefit of being supported by a vast network of leaders and the Gems VIP core team itself. Early investments from community leaders provide much-needed capital to spur the growth of these projects.

There are also certain benefits for other investors (not only the leaders) when buying the projects' tokens in later public rounds or via the secondary market. The curated selection procedure and early backing from astute leaders reduce the risk of investing in scam tokens on the secondary market.

Gems VIP supports promising, innovative crypto startups across a range of 

 (AI). Some of the projects successfully launched via Gems VIP include game development studio Leia Games and AI-powered 

As of late December 2024, the launchpad actively supports its newest key project — an AI-powered crypto trading platform, 

, which provides crypto traders with convenient Telegram access to investment calls and advice from a carefully curated list of key opinion leaders (KOLs).

Gems’ young platform is continuing to develop. Following the introduction of its launchpad service, the platform's next key goal is the launch of its own crypto exchange solution, 

. As of late 2024, Gems Trade is a work in progress. It will serve as a natural evolution of the overall Gems VIP platform by enabling a trade in tokens of the launchpad's projects.

, vault services with an off-chain Stake & Earn program, 

, fiat currency integration and over-the-counter (OTC) trading. Part of the revenue from transaction fees will be channeled to community leaders. In addition to the income from trading activity, the leaders will also earn referral rewards — every time a user referred by a leader transacts on Gems Trade, 50% of transaction fees from their trades will be directed to the referrer for life.

The platform's native cryptocurrency, GEMS, is primarily used to provide exclusive access to early sale rounds for tokens and discounts during the sales. Additionally, GEMS ownership may entitle holders to a share of the revenues generated by the Launchpad's projects.

 built into its tokenomics. All projects launched via Gems VIP are required to allocate 2% of proceeds from the sale of their tokens to purchase GEMS. This applies to each sale round conducted by the project. Fifty percent of the purchased GEMS tokens are locked for one year and then returned to the project, while the remaining 50% are burned to reduce the token's supply.

The GEMS token was launched in June 2024 with a total supply of 843.3 million. As of Dec 23, 2024, the token's total supply is slightly lower — 838.79 million — due to the burn mechanism described above. The token's current market capitalization is $55.45 million, making it the eighth-highest-capped cryptocurrency in the launchpad tokens category.

The initial total supply of 843.3 million GEMS was allocated as shown in the chart below.

 function. Users and leaders can earn competitive APY rates by staking their tokens on the platform. As of Dec 22, 2024, the Gems VIP staking program has an APY rate of around 29%.

There's a mandatory lockup period of 90 days from the date of deposit before you can receive or restake your staking rewards. You can unstake your principal tokens at any time, but will need to wait for seven days before your staked tokens are released back to you.

 as a Perpetual contract based on USDT. You can also join the 

 for the chance to win a share of the 20,000 USDT prize pool. The campaign is split into two events, running through Dec 25, 2024, 10AM UTC. For the first event, with a total prize pool of 5,000 USDT, users who accumulate a trading volume of just $100 via the GEMSUSDT Perpetual contract will have a chance to win a share of the prize pool. The second event is a GEMS PnL Trading Championship, in which the top 50 traders who accumulate a trading volume of at least $50,000 on the contract will qualify for a share of the 15,000 USDT prize pool.

As of Dec 24, 2024, GEMS is trading at $0.125, which is 61% lower than its ATH of $0.32 on Oct 18, 2024, and 350% higher than its ATL of $0.02765 on Aug 5, 2024. Since its launch six months ago, the token has experienced its ups and downs. However, GEMS is up by approximately 121% compared to its initial market price in mid-June 2024, outperforming Bitcoin (BTC) and the overall crypto market during this half-year period.

The Gems VIP team has developed an intriguing concept for running a launchpad. Mobilizing leaders of the crypto world to support new innovative projects is definitely a significant boost for aspiring web3 startups, which often struggle with initial momentum due to lack of both funding and external expertise. The community of leaders plays a vital role in helping early promising projects to overcome initial market resistance. 

For the leaders, the platform is also a viable source for sharing their industry insights, providing tangible help to new web3 initiatives and simultaneously accessing income opportunities through the projects' revenue-sharing commitments.The Gems Launchpad also offers an important benefit for the wider investor community: the platform's rigorous curation process and the support of its leader community ensure a significant reduction in the risk of investing in unsustainable or 

Intermediate

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Gems VIP (GEMS): Where Leaders Drive Projects and Success

Bybit Learn

web3

Web3 wallets store a user’s cryptocurrency, NFTs or other digital assets. Find out more about how it works and whether you should use one in this article.

Cryptocurrency and digital asset storage are quickly becoming hot topics among traders. As people continue to grow their portfolios, they need a reliable

 to keep their assets safe. Whether they choose an advanced cold wallet to safely store their assets offline, or a simple software wallet, a proper web3 wallet is a necessity. Use this brief guide to learn more about the importance of web3 wallets and some of the advantages of using them.

Web3 is an advanced version of the internet that utilizes decentralized 

. Web3 also emphasizes machine learning, privacy, security and artificial intelligence to deliver a more personalized experience.

A web3 wallet is mainly designed for interacting with web3 applications, integrating a user-friendly interface that can easily connect and interact with DApps on various blockchains. It’s also used to store a user’s cryptocurrency, NFTs or other digital assets.

Each web3 wallet is a little different, but they all have the same essential function. Users start by creating an account and receiving a

. A user’s account is only accessible with the private key or seed phrase, which cannot be changed. In some cases, users may be unable to retrieve their private keys, so it’s vital to write this information down and store it somewhere safe offline.

Once the user has signed in to their wallet, they can clearly see any assets they have stored in it. They can then send or receive digital assets from other 

. Some wallets allow users to connect directly to the blockchain or to a trading platform, enabling them to purchase cryptocurrency or other assets with ease.

Keep in mind that wallets value self-custody, the concept of handling your assets with little or no restrictions. While some platforms may have some use restrictions or limitations, the majority of web3 wallets allow users to make permanent, irreversible transactions as they see fit.

Custodial Wallets vs. Noncustodial Wallets

In the web3 space, custodial and noncustodial wallets differ in terms of control and ownership of users' assets. Following are the differences to note.

These wallets usually involve a third-party service, for instance a crypto exchange that can access users' private keys and manage their assets on their behalf. Users rely on wallet providers mainly for the convenience, support for new wallet functions, and to delegate the responsibility to keep their assets safe within custodian policies.

Noncustodial wallets give users full control and ownership over their private keys and digital assets. Wallet owners have full custody over their assets and autonomy to change their privacy settings. They also “own” safeguarding their private keys and the security of their assets.

What Are ‘Private Keys’ and ‘Public Keys’ in Web3 Wallets?

Private and public keys are cryptographic elements crucial in securing and accessing your digital assets. Fundamentally, there are subtle differences between the two, as follows.

: These keys are unique alphanumeric characters, generated randomly, that are used to prove ownership and control over your digital assets stored in a web3 wallet. Only wallet holders should have access to the keys, as anyone who gains access to these keys has the autonomy to control the activities of the wallet’s assets. Authorized transactions using these private keys are irreversible, and can result in permanent loss of your assets if they're abused.

 A public key is derived from your private key through a mathematical process known as 

. It uses a cryptographic key that’s openly shared with others, and is used to receive funds or verify your identity in the web3 ecosystem. Public keys are mainly used to verify a digital signature signed by the corresponding private key, and to encrypt or decrypt data before sending a message across networks.

Before you invest in digital assets, it’s imperative to learn the best way to store them. There are several other ways to keep your assets safe, offering various levels of privacy and security. The following are some examples of web3 wallets.

 store your digital assets offline when not in use. Even if you’re an active cryptocurrency trader, most decentralized finance (

 applications recommend a cold wallet for storing your long-term assets. By remaining offline except when in use, cold wallets are often less prone to scams. Older storage methods, such as 

, are often used because they’re considered hack-proof — unless you lose the piece of paper.

A hardware wallet stores your digital assets in an external device — typically a USB drive — that plugs into your computer when you’re ready to use it. Two of the most popular hardware wallet manufacturers are Ledger and Trezor, both of whom offer simple and advanced models catering to a wide range of cryptocurrency traders.

One of the benefits of using hardware wallets is that they’re small, often resembling typical flash drives. While you’ll need a PIN, private keys or seed phrase to access the data inside, its everyday appearance helps keep it safe.

The only downside is that their small size means they can easily be lost or stolen. While a thief won’t be able to access the data inside without your passphrase or PIN, you’re not likely to recover your device. If you choose a hardware wallet, don’t make the mistake of attaching it to your house or car keys. Instead, store the device in a secure location in your home, such as a fireproof safe, when not in use.

Paper wallets aren’t used as often as hardware wallets. While they offer a strong level of security, they can be unconventional to use. Paper wallets typically generate quick response (QR) codes or long strings of numbers and letters to represent a cryptocurrency. These papers are then stored somewhere safe offline until they’re ready to be traded.

In order to effectively use a paper wallet to store your cryptocurrency, you’ll need to find a trusted wallet generator to manually generate private keys. Most of these tools are open-source, so conduct thorough research before selecting which ones to use. Because of the extra steps involved in their use and due to their unconventional nature, paper wallets aren’t suitable for quick applications, such as receiving GameFi rewards.

Hot wallets are always connected to the internet. Most hot wallets cater to active traders and are hosted on exchange platforms, but there are several variations. 

New traders often have an easier time working with hot wallets, because funds don’t need to be transferred to an additional storage device. For example, with a hot wallet, a user only needs to deposit funds to purchase NFTs or cryptocurrency. The user can simply connect and receive GameFi rewards or stake their assets. Most hot wallets also have a lower learning curve, making them beginner-friendly.

These types of wallets also attract more users new to DeFi and trading. While you do get some support through most hot wallet providers, your activities are still irreversible. You won’t be able to recover funds if you send them to the wrong address, or if someone scams you. No matter what type of wallet you use, always be cautious, and review each transaction carefully.

A browser-based wallet is a type of crypto wallet that has the same look and feel as a web browser. It usually exists as a browser extension. Most web3 wallets connect to a single blockchain. A well-made wallet allows you to connect and interact easily with DApps.

Some browser-based wallets resemble a typical internet browser, such as

, are accessible by extensions built into your existing browser.

Sometimes called software wallets, a desktop wallet allows you to interact with blockchains via a computer program. A software wallet allows you to buy, sell, trade and earn digital assets. Most software wallets also make all the tools you need easily accessible and quick to use.

There are a wide variety of different software wallets available. Examples of popular software wallets include Bybit Wallet, Coinbase Wallet and Exodus Wallet.

You’ll find a large variety of software wallets available. Some of them are designed specifically for storing and viewing NFTs, while others are only compatible with certain blockchains, games or other digital assets. Software wallets focused on DeFi applications tend to have more advanced features, and often provide additional resources, such as live trading information.

Mobile wallets are becoming increasingly popular as more DeFi users are strictly using their smartphones for trading. These mobile apps are an excellent choice for anyone who routinely trades on the go, or receives small amounts of crypto at a time. For example, most mobile wallets offer 

 support. Simply load the app, enter your PIN or password, and you’re ready to send and receive crypto.

Some of the most popular mobile wallets available include 

, Rainbow Wallet, Trust Wallet and Coinbase Wallet. 

Web3 technology doesn’t just emphasize safety and security. It also strives to make life easier for everyday users. Web3 wallets are no exception, and there are several advantages to trusting them when it comes to storing your digital and crypto assets.

Low Learning Curves and User-Friendly Interfaces

Both hot and cold wallets are designed to be set up within minutes, quickly granting the user access to trading and storage features.

The best web3 wallets focus heavily on the user experience. Hot wallet providers don’t like overly complicated interfaces. They want you to be able to set up your wallet and start trading assets within minutes, with little or no technical knowledge. For example, you can

After your wallet has been created, you can proceed to explore the web3 ecosystem via the 

, where you can find information on all kinds of DApps, as well as guides and tips to help you navigate the web3 world.

Almost all hot and cold web3 wallet providers have strong communities behind them. Even if the wallet you’re using isn’t open-source, you’ll still be able to find the answers to any questions you may have. While you do need to be mindful of scams, you’ll learn a lot about new ways to use your web3 wallet just by exploring online forums and watching videos.

Even though many web3 wallets are made by custodial third parties, they’re designed to keep the user in complete control. There are rarely limitations imposed on how you can send or receive crypto assets, since the market is decentralized. While some platforms or software wallets may have various limitations, the user is generally given free rein over their portfolio.

One complaint many people have is that digital transactions often leave a strong paper trail. While most users aren’t engaged in mischievous activity, they don’t always want others to be able to track their online transactions. Part of the appeal of crypto assets is anonymity. When sending assets, you only need a wallet address, and you never need to enter your name or other personal information.

Security is crucial when it comes to DeFi. Web3 wallets emphasize security. Without your private keys or seed phrase, hackers can’t access your crypto assets. When you leave your funds with a highly reliable exchange such as Bybit, which is equipped with industry-grade security, you can rest assured your funds will be kept safe. 

While paper wallets offer the highest level of security, most users find that a well-made software wallet provides efficient, secure storage.

While there are plenty of advantages to using web3 wallets, this storage method isn’t for everyone. If you’re completely new to trading crypto or collecting digital assets, it may take hours or even days to set up a proper wallet. There are also a few other disadvantages to be mindful of when using a web3 wallet.

While many users enjoy having complete freedom over their crypto assets, others don’t like the absence of substantial support when things go wrong, especially when using cold web3 wallets. For example, if you lose your private keys to your hardware wallet, you won’t have any way to retrieve your funds. And if you accidentally send any of all of your assets to the wrong address, there’s no way to reverse the transaction. 

Of course, the alternative is to sacrifice some of your control and opt for a custodial wallet instead. If you happen to forget your seed phrase, or if you get hacked, you can still contact customer support to retrieve your account and get assistance. 

While most features can be accessed with little to no technical knowledge, most decentralized applications take time to fully understand. If your web3 wallet was made to interact with specific DApps, or requires additional steps to set up properly, you may have a hard time using it. This is especially true for hardware wallets that typically don’t have the friendliest user interfaces and require technical knowledge to use.

As mentioned above, the majority of web3 wallets emphasize safety, but most aren’t completely hack-proof. Utilizing a cold storage method that keeps your assets offline as much as possible will improve your security.

Inexperienced users may also be susceptible to scammers if they don’t know what to watch out for. Remember, if something doesn’t sound right, it’s okay to get a second opinion. 

 give your private keys or seed phrases to anyone.

The term “crypto wallet” is often used interchangeably with “web3 wallet,” but the two terms have very different meanings. A crypto wallet is specifically designed to hold cryptocurrency. A web3 wallet supports a wider range of digital assets, including NFTs and crypto.

Both web3 and crypto wallets are designed to store digital assets. There are both custodial and noncustodial options, and wallet owners are usually able to send, receive and store their assets with little to no restrictions.

It’s also important to note that most web3 and crypto wallets offer easy ways to view your assets. Simple interfaces allow you to quickly note what you have available in your account so that you can make faster decisions.

Web3 and crypto wallets may offer both hot and cold storage features, so users can easily find a wallet that suits their needs and provides them with their desired level of security.

The biggest difference between crypto wallets and web3 wallets is in what they store. Web3 wallets often interact with blockchains and DApps, making them much more versatile. For example, web3 wallets often house NFT collections. Crypto wallets are strictly for crypto assets, making them a bit more limited in how they can be used.

Because of the growth in the use of cryptocurrency and blockchain technology, it’s wise to learn how web3 wallets work. While it isn’t necessary to have an advanced hot or cold wallet, you should still have a basic understanding of how web3 wallets function if you plan on trading.

Choosing a web3 wallet can be difficult for beginners, but it can also save you a lot of headaches later. It’s okay to take your time and learn about the advantages and disadvantages of each wallet before trying it. The more active you become and the bigger your portfolio, the more concerns you’ll have regarding security and advanced management features. Having a reliable and secure wallet means less transferring, and gives you peace of mind from day one.

Experienced traders may also want to experiment with multiple web3 wallets to find one that complements their investment methods. It isn’t uncommon for traders to use a combination of hardware and software wallets. If you’re looking to get started with a custodial web3 wallet, consider 

Following are some of the best web3 wallets to consider for keeping your digital assets secured:

Web3 wallets are crucial if you want to get involved in trading cryptocurrency or other digital assets. They’re easy to use and secure, and they help you stay in control of your assets. There are several different hot and cold wallets available, and it’s easy to find something that matches your needs. Whether you’re an advanced crypto trader or just need something to store your GameFi rewards, now is a great time to start looking into a proper web3 wallet for your assets.

Web3 Wallet: What Is It and Should You Use One?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards