Your wallet is the application that lets you interact with the Ethereum blockchain and other "Layer 2" blockchains – much like a banking app, but without the bank. In DeFi, you are your own bank. This means unlike centralized crypto services, you have complete custody over your funds.
Popular wallets on Zerion include:
Metamask: Easy-to-use browser extension available on web and mobile
Fortmatic: Login using a Fortmatic-hosted wallet, available on web
Trust Wallet: Mobile-only, powered by WalletConnect
Custodial versus non-custodial wallets
Most centralized crypto services offer custodial wallets, where a third party such as an exchange stores your private keys for you. The exchange might link your wallet to login credentials, but know that if the company is attacked, your assets will be at risk.
Decentralized applications ("dapps"), on the other hand, are non-custodial: you have full ownership, possession and responsibility over your private keys and assets. Wallets come in different types, from browser extensions, to mobile apps, to a USB-like hardware device.
Types of wallets
Crypto wallets can be bucketed into three broad categories:
Web wallets: A self-custody wallet lets you interact with your Ethereum account via a web browser. For example, you can download MetaMask as a browser plugin and create a wallet to store Ether and other ERC-20 tokens.
Smart-contract wallets: These are wallets that live as a program on the blockchain instead of providing the user with a public and private key pair. These wallets are typically associated with a specific app. Examples include InstaDapp’s DeFi Smart Accounts, Argent, Dharma, Gnosis Safe, etc.